Forums / Property Investing / Help Needed! / YOU CAN DO IT!!!!!

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  • Profile photo of kasdkasd
    Member
    @kasd
    Join Date: 2011
    Post Count: 8

    hi all, great forum you have here & want to say thanks to all for the off tap info :)

    so here goes, I purchased a fibro shack (in habbitable, well for most anyway) on approc 1000m2 of land In the Hills district of Sydney about 6 months ago for pretty much on land value. The initial plan was to renovate the existing house with a goal of adding a bedroom, bathroom & additional living space to make it more salable down the track. I opted to all work my self as I am in the fitout trade to save money & as I am sure most of you would know its been a tough couple of months! but were almost there.
    As the months have progressed I find myself more & more drawn to building aduplex, living in one & renting the other out, simple in theory right?
    I have checked the zoning laws with coucil & I can build a dual occ but can not sub-divide, but my biggest hurdle is coming up with the cash to bowl the old place over & get things started.
    So following are a couple of quick questions of which I am sure there are no short answers for.

    #build with a builder of the likes of Masterton or Champion who have designs ready to go but you pay a slight premium for.

    #If I cant come up with the cash do I engage in a JV with someone who I can traust & is willing.

    # Is it harder to sell a duplex on one title rather than a duplex with separate titles.

    # has anyone built a dual occ on one title in Sydney & how has it worked out for you.

    #Is rental any different for a duplex on one title as opposed to separate titles.

    #Would I need to set up a trust to proceed with building the duplex on my own.

    #Is there anything I am missing?

    #Are there any good books to read on the above?

    Thats all I have for now & dont think I would be ready to start for a while but I want to have it all on paper 1st & do all the math.

    Thanks in advance 

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Do you need to bulldoze the house?  Could you keep it, renovate it, and build an extra dwelling or two in the backyard?

    Also, why sell?  Keep both!

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of BluegrassBluegrass
    Participant
    @bluegrass
    Join Date: 2009
    Post Count: 73

    Hi kasd
    Not knowing where the land is, you are on a hiding to nothing if you do not have the finance and you want to keep it.
    There is a great saying, ‘never plant a tree in another mans yard’!
    If you want a JV partner make sure they are family and family you want to be in business with.
    You have the upper hand in that you have the land, work out a way to move a house there, put a demountable there without you using anyone else’s money. It will be best for you.
    Finance I cannot advise on!
    Bluegrass

    Profile photo of kasdkasd
    Member
    @kasd
    Join Date: 2011
    Post Count: 8

    I guess I could jacM, the place that we have here is almost renovated & I would hate to see the cash & hard work go down but I don’t want it to look hotch botched. Been looking around today & I guess I could a small single level place but we would need to have a shared Drive way.
    @ bluegrass, I would much rather do it on my own, just looking at options I guess. It’s at Baulkham Hills BTW.

    Has anyone Ever put a kit home on to get the second dwelling? Seem very cheap

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    why would it look hotch bodged? do you mean because the rear house would look different?  a fence will fix that.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

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