Hi all i have a situation and i would like it if someone could give me some advice…
Ok ive been looking at a property in mandurah wa i know the area quite well as i live here… The place that im looking at is 730 sqm it has a house on which needs to be demolished but is currently tenanted for 270 pw could possibly get 280 – 285 pw for it as similar places in area are renting for that, tenants would like to stay on for as long as possible… Land is zoned r30 so is good to be devoped with three units the block is 5 minute walk from town 10 min walk to major grossery chain and transport bus station just down road … Units have been built on same street and are being snaped up, area has a ten year growth rate of 9.2 %
My plan is to get da and ba on land and sell off a that stage… My problem is my finances are tied up atm as im building another investment but will be good in a year or so, wat i am wondering is if anybody has a stratergy or can suggest one which could help me get this property???
No money for deposit used paying for house im building and paying interest payments and progress payments building the property… finances arent tied up us such just have alot of payments atm
i will have my borrowing power back with the bank in a year or so once this house is rented out and paying for itself…TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190
Firstly your plan is good especially in that area. There are a couple of good places for develop in WA.
Back to your question – one answer says deposit and the other is servicing. You can somewhat get around servicing but not deposit. Only thing I can think of is to do a delayed settlement on the new purchase but you are saying that you are not going to be ready for another year and that is far too long for a delayed settlement.
ShahinalfrescodiningParticipant@alfrescodiningJoin Date: 2012Post Count: 161
Just out of interest Wilkie, what are you currently building?
Shahin i was thinking about getting in contact with the owner and asking if i can do a ba da approval on there land and go 50/50 with them on any extra that i make them, as i dont have the funds for a deposit but will beable to fund a da/ba and improve the value of the property… good idea or do you think its not even worth wastong my time ?
I have also found another good block with the same potential but thos block is 1500 sqm on a corner corner block oldhouse out front… Zoned r100 multi purpose use ideal for subdivision or da/ba
Alfresco dining im currently building a 4x2x2 in meadow springsfragarcolinMember@fragarcolinJoin Date: 2013Post Count: 16
To find someone to do the deal themselves would a good option.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
Alternatives could also include
1. Taking on Option on the site.
2. Taking out a 100% loan .
Yours in Finance