Forums / Property Investing / Value Adding / 3 unit development in Epping VIC

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  • Profile photo of oc1oc1
    Participant
    @oc1
    Join Date: 2012
    Post Count: 148

    Well the bricks have been acid washed so they look nice and clean now. The stormwater is taking much longer than usual due to the boulders! I haven't seen so much come out of the ground before. It would usually take a day but Wednesday will be Day 3. Should be all finished though.

    The tilers are in tiling the laundry and bathrooms. I'll put some pics of the bathrooms when finished later in the week before the painter gets in there.

    Also the kitchens are in – less the stone. This is installed after the painter is finished.

    Cheers Oscar

    <img alt="" border="0" height="496" id="lightboximg8" src="http://somersoft.com/forums/attachment.php?attachmentid=10388&d=1370852982&quot; style="border:solid 4px black;border-bottom-width:0px;" title="kitchen.jpg;
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    720 x 540 (@92%)” width=”662″ />

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    Profile photo of alterego44alterego44
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    @alterego44
    Join Date: 2013
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    This is a very useful thread for me as I’m I’m hoping to start an identical development at the end of the year. Only as owner builder and I hope to be doing most of the work myself!

    Thanks for all all your info and updates!

    Naz

    Profile photo of oc1oc1
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    @oc1
    Join Date: 2012
    Post Count: 148

    No problems Naz.

    The worst of the rain seems to be over. It has pushed the outside work out by 2 weeks. The boulders were to blame for this too. The Stormwater and water taps are now finally in. What normally is a days work for my plumbers took 4 and a few grand extra!

    Downpipes are installed and external lock up is completed (eaves). The painter is nearly finished – only has a couple more days to go. The photo doesn't do it justice but so far the paint job is fantastic.

    Tiling is completed in the laundry and bathroom. Just waiting on the shower base to be tiled this weekend. On Saturday the shower screens and windows get installed and so do the stone bench tops. Nice

    The final rush will start next week. Fitoffs, carpet, kitchen splash back etc. I'll load more pics once everything comes together.

    Anyone want to lend a hand with the landscaping?? wink<img alt="" border="0" height="496" id="lightboximg0" src="http://somersoft.com/forums/attachment.php?attachmentid=10442&d=1371630634&quot; style="border:solid 4px black;border-bottom-width:0px;" title="timber door.jpg;
    1535 x 1151 (@44%)” width=”662″ />

    <img alt="" border="0" height="496" id="lightboximg1" src="http://somersoft.com/forums/attachment.php?attachmentid=10443&d=1371630657&quot; style="border:solid 4px black;border-bottom-width:0px;" title="downpipe.jpg;
    973 x 730 (@69%)” width=”662″ />

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    1603 x 1202 (@42%)” width=”662″ />

    <img alt="" border="0" height="496" id="lightboximg3" src="http://somersoft.com/forums/attachment.php?attachmentid=10445&d=1371630875&quot; style="border:solid 4px black;border-bottom-width:0px;" title="paint.jpg;
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    Profile photo of S RobertsS Roberts
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    @s-roberts
    Join Date: 2013
    Post Count: 6

    Oscar, Thanks for sharing the different stages of this development. As someone who is researching getting in to this it has been fantastic.

    Profile photo of oc1oc1
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    @oc1
    Join Date: 2012
    Post Count: 148

    You're welcome S Roberts. That's the beauty of forums.

    Cheers

    Oscar

    Profile photo of oc1oc1
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    @oc1
    Join Date: 2012
    Post Count: 148

    Other than the landscaping there's about 2 weeks to go before all is complete. Shower bases are in (minus the grout), the blinds have been installed and the kitchen splash back (tiles) have been laid. The sparky has done the fitoff as well as the plumber (toilets, sinks, laundry trough etc).

    My concrete guy started yesterday and we had the crossover inspection by council today. So tomorrow we start pouring the crossover and the footpaths, car spaces and backyard entertainment areas will get poured Monday/Tuesday. I always look forward to the driveway/carspaces getting poured as the site basically gets a makeover – all nice and neat.

    Subdivision wise all the relevant authorities (water, electricity etc) have given certification. Now i'm working towards obtaining compliance from each authority so that i can apply for 3 separate titles. The meters for gas and electricity will be installed next week too.

    Any questions please ask away.

    Cheers

    Oscar

    <img alt="" border="0" height="496" id="lightboximg4" src="http://somersoft.com/forums/attachment.php?attachmentid=10494&d=1372415540&quot; style="border:solid 4px black;border-bottom-width:0px;" title="driveway.jpg;
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    <img alt="" border="0" height="496" id="lightboximg6" src="http://somersoft.com/forums/attachment.php?attachmentid=10496&d=1372415592&quot; style="border:solid 4px black;border-bottom-width:0px;" title="kitchen with splashback.jpg;
    1348 x 1011 (@50%)” width=”662″ />

    <img alt="" border="0" height="496" id="lightboximg7" src="http://somersoft.com/forums/attachment.php?attachmentid=10497&d=1372415632&quot; style="border:solid 4px black;border-bottom-width:0px;" title="fence posts.jpg;
    807 x 605 (@83%)” width=”662″ />

    Profile photo of oc1oc1
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    @oc1
    Join Date: 2012
    Post Count: 148

    Crossovers and car spaces have been poured now. It cleans up the site tremendously! I had a massive clean inside the units so that the floorboards and carpet could be laid (lots of mud from all the wet weather). The carpets are in and the bamboo flooring goes in tomorrow. The brick piers have been rendered too – just waiting for a sunny day for the colour to be applied. The external fencing is nearly finished. I'll most likely stain the sections that look out to the street for better street appeal. Gas and electricity meters have also been installed.

    Bathrooms are complete with toilets, vanities and showers in. Just need the towel rails, toilet holders etc put in along with the internal caulking.

    What's left? Flooring from tomorrow, then paint touch ups and cleaning. Externally, the fencing, landscaping (tomorrow) and staining of the fence. Will then do the final clean.

    Subdivision wise I have received compliance from all relevant authorities (water, power etc) and now waiting for Statement of Compliance from the council. Once this is received I will have titles 2-3 weeks later.

    So this time next week this development should be knocked off which will allow me to turn my attention on other developments. Should start selling these soon

    Oscar

    <img alt="" border="0" height="496" id="lightboximg8" src="http://somersoft.com/forums/attachment.php?attachmentid=10556&d=1373188959&quot; style="border:solid 4px black;border-bottom-width:0px;" title="concrete prep.jpg;
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    <img alt="" border="0" height="496" id="lightboximg9" src="http://somersoft.com/forums/attachment.php?attachmentid=10557&d=1373188982&quot; style="border:solid 4px black;border-bottom-width:0px;" title="exterior after driveway.jpg;
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    <img alt="" border="0" height="496" id="lightboximg12" src="http://somersoft.com/forums/attachment.php?attachmentid=10560&d=1373189319&quot; style="border:solid 4px black;border-bottom-width:0px;" title="bathroom.jpg;
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    Profile photo of oc1oc1
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    @oc1
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    Floorboards will be completed today. I have attached a photo from yesterday. They are bamboo floors.

    Also, the landscaping has moved along. All coming together now. I'm now looking forward to having it cleaned over the weekend. smiley

    <img alt="" border="0" height="496" id="lightboximg13" src="http://somersoft.com/forums/attachment.php?attachmentid=10579&d=1373419634&quot; style="border:solid 4px black;border-bottom-width:0px;" title="landscaping 1.jpg;
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    <img alt="" border="0" height="496" id="lightboximg15" src="http://somersoft.com/forums/attachment.php?attachmentid=10581&d=1373419677&quot; style="border:solid 4px black;border-bottom-width:0px;" title="floorboards.jpg;
    1376 x 1032 (@49%)” width=”662″ />

    Profile photo of oc1oc1
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    @oc1
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    Well, the units are now completed. The last coat (colour) of the render gets applied today. Time to sell now. I'll put some pics up tomorrow.

    Subdivision wise, I received the Statement of Compliance from council on Monday and my surveyor has lodged all paperwork to the Land Registry Office. I'm waiting on mortgage consent to complete the process. So individual titles will be made available within a month.

    Cheers

    Oscar

    Melbourne planning permit
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    Good stuff Oscar. You are on a winner. Epping is the next HOT area in Melbourne with Council putting in place a Structure Plan to allow medium to high density. But yet to be approved by the Minister. We have got planning approval for 4 units on 428 sqm land all the units are 3 storey with roof garden and one car space.Now going to construction. We then did the same for the next block! Two other lot were approved- one last week s- 9 units on under 800 sqm and 4 units on about 600sqm. Very challenging Planning Permit Applications as neighbouring lots have detached single level houses causing all kinds of neighbourhood character issues and objections. One went to VCAT two went to full Council meeting! But happy ending. Will we try again hmmm…. Sorry cant put up pics.

    Melbourne planning permit
    http://subdivisionpermit.weebly.com/

    Planning, Architecture and Subdivision Permit experts. We stretch site boundaries!

    Profile photo of N@than[email protected]
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    Seen this has been dug up from last year care for an update Oscar? Did you end up selling two of them for what you were after and keep the third? Would be interesting to hear how it all ended up?

    Cheers,
    Nathan

    Profile photo of exposedexposed
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    @exposed
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    Seen this has been dug up from last year care for an update Oscar? Did you end up selling two of them for what you were after and keep the third? Would be interesting to hear how it all ended up?

    Cheers,
    Nathan

    LOL HE WONT POST ADDRESS… Because if he does you can cross check on RPdata once you check sale price you will see it sold for nowhere near the price in the feaso.haha

    <comments removed by Moderator>

    • This reply was modified 4 years, 9 months ago by Profile photo of Tracey B Tracey B.
    • This reply was modified 4 years, 9 months ago by Profile photo of Benny Benny. Reason: Removed obnoxious comments
    Profile photo of Tracey BTracey B
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    I would have thought the info shared by Oscar is accurate. It’s also very useful for people who are starting out to understand what’s involved in unit developments. Thank you Oscar.

    • This reply was modified 4 years, 9 months ago by Profile photo of Tracey B Tracey B.
    Profile photo of exposedexposed
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    I would have thought the info shared by Oscar is accurate. It’s also very useful for people who are starting out to understand what’s involved in unit developments. Thank you Oscar.

    Check on RPdata after checking talk.

    Profile photo of exposedexposed
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    @exposed
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    I would have thought the info shared by Oscar is accurate. It’s also very useful for people who are starting out to understand what’s involved in unit developments. Thank you Oscar.

    <moderator – delete personal comment and details> it sold for $238500 take agent fee and tax off ????? In the feas it says they are worth $840k combined. Do 3x 238500 and take off all agent fee and tax after doing that let me know how much you made. If you dont have access to Rpdata check on realestate.com.au

    Profile photo of BennyBenny
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    @benny
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    Hi exposed,
    Wow, you are one hard marker – and your choice of words in several places won’t do you any favours either. I’m with TraceyB and others who see a lot of value in what oc1 shares on here.

    On a quick look-around (assuming you have the correct address – it does look like oc1’s photos, so let’s say you are right), I don’t see a lot wrong in what oc1 has posted :-

    COMBINED TOTAL (LAND & CONSTRUCTION): $606,500

    The units would have a combined value of about $840,000 in today’s market. I reckon these will take about 4 months to knock up if all goes well. They are about 70m2 each in living space and single story. Rents would be around $850 pw. I’m sure the figures will vary as they normally do.

    From the realestate.com listing for 7 Edith, there are some useful facts – the first is the Median price for 2bd units in that area – it shows as $279k (times 3 is pretty close to $840k don’t you think???). It also says the median rent for same is 5.4% (which, on that median price, this comes to $290 a week (times 3 is $870 a week).

    The ONE thing you seem to be hitting on is the Sold Price. To me, it looks like Oscar has been using valid data to plan the whole operation. If indeed, ONE has been sold for $238k, then that doesn’t automatically mean the other two will go for the same price as well, does it??

    Perhaps there was “more to it” if it did sell for $238k – who knows just what happened for that one to sell $40k under median. Could it be a “quick sale price” that allowed Oscar to un-encumber another property completely for some reason? Or perhaps he sold it at a “special deal” price to a friend. Who knows !!

    Even in a worst case scenario, Oscar is likely to end up with an unencumbered asset and an income, even if sold lower than expected.

    Speaking of deals, it sounds to me like you are making a big deal out of a projection that is pretty much in line with the market. And denigrating one who is willingly sharing the ins and outs of his projects for others to learn from.

    What are you sharing, exposed? How about sharing some of your story, so we can learn a little about you?

    Benny

    Profile photo of exposedexposed
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    @exposed
    Join Date: 2014
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    Hi exposed,
    Wow, you are one hard marker – and your choice of words in several places won’t do you any favours either. I’m with TraceyB and others who see a lot of value in what oc1 shares on here.

    On a quick look-around (assuming you have the correct address – it does look like oc1′s photos, so let’s say you are right), I don’t see a lot wrong in what oc1 has posted :-

    COMBINED TOTAL (LAND & CONSTRUCTION): $606,500

    The units would have a combined value of about $840,000 in today’s market. I reckon these will take about 4 months to knock up if all goes well. They are about 70m2 each in living space and single story. Rents would be around $850 pw. I’m sure the figures will vary as they normally do.

    From the realestate.com listing for 7 Edith, there are some useful facts – the first is the Median price for 2bd units in that area – it shows as $279k (times 3 is pretty close to $840k don’t you think???). It also says the median rent for same is 5.4% (which, on that median price, this comes to $290 a week (times 3 is $870 a week).

    The ONE thing you seem to be hitting on is the Sold Price. To me, it looks like Oscar has been using valid data to plan the whole operation. If indeed, ONE has been sold for $238k, then that doesn’t automatically mean the other two will go for the same price as well, does it??

    Perhaps there was “more to it” if it did sell for $238k – who knows just what happened for that one to sell $40k under median. Could it be a “quick sale price” that allowed Oscar to un-encumber another property completely for some reason? Or perhaps he sold it at a “special deal” price to a friend. Who knows !!

    Even in a worst case scenario, Oscar is likely to end up with an unencumbered asset and an income, even if sold lower than expected.

    Speaking of deals, it sounds to me like you are making a big deal out of a projection that is pretty much in line with the market. And denigrating one who is willingly sharing the ins and outs of his projects for others to learn from.

    What are you sharing, exposed? How about sharing some of your story, so we can learn a little about you?

    Benny

    Hi CDC-Oscar

    It sold for $238k you going to argue about sale price? Quick sale price?????????????????? Might want to check with the real estate agent how long this thing was for sale over 6 months after completion holding costs????????????????????????????????????????????????????????????????????????????????? the reason why the other 2 are not sold maybe because you can buy a better built home for same price or cheaper!!!

    P.S CDC-OSCAR

    I like the excuses

    Quick sale
    Special deal to a friend
    Completely unencumbered
    Only 1 sold for that price

    ———————————————————————————————————————————–

    This project made $70k-80k profit you can argue until cows come home facts are facts and sale prices are real.

    Profile photo of BennyBenny
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    @benny
    Join Date: 2002
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    Hi exposed,
    FYI, I don’t know Oscar, or CDC. All I do know is that you seem to be acting like Oscar has taken your lunch money or something. What IS your point?

    And I, Benny, was just attempting to open the discussion on WHY Oscar might have chosen to sell for a lower price. And to show that his original projections don’t appear to be “off the planet” as you seem to be inferring. That’s all. Just trying to bring a bit of reason back into the thread.

    What’s YOUR agenda, exposed? Like I said, you appear to be marking Oscar pretty hard – over SOMETHING !!!

    Benny

    Profile photo of oc1oc1
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    @oc1
    Join Date: 2012
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    Guys ignore the troll. He’s my dedicated online hater :) He has been banned from the Somersoft forum and probably from here soon too, logs under different usernames.

    Anyway, I actually posted the end results on Somersoft but forgot to put it up here. All three sold, average price just under $250k. Was it one of my better deals? Of course not. Bought it with the permits in place so this was a fairly simple exercise for a 6 digit profit – just build and sell (selling took a while for the last one). Funny thing is my clients replicated the same project and are doing better than I did by selling into a stronger market.

    By the way, the other development, the 4 unit site in Ringwood, absolute cracker!

    Cheers
    Oscar

    Profile photo of waydo77waydo77
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    @waydo77
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    are you going to post that one (ringwood dev) in here oscar?

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