Hi all
After having my offer accepted on one of the properties, I rechecked a number of things including going back for a 2nd inspection. On closer look, it was obvious to me that I would need to spend a bit of money on it so I have retracted my offer and am leaning towards the other site which is a possible 6 unit site. It's a bigger chunk than I'v been used to but I'm ready to have a go!
A few more checks with council and then a 2nd inspection this weekend and I'll be ready to make an offer. Wish me luck! In the meantime check out my forst foray into the world of Youtube - http://www.youtube.com/watch?v=WQQkkAlc4Dg
Cheers
Fran
Tuesday, April 14, 2009
Wednesday, April 8, 2009
Hi all
Exciting stuff this week as I found two suitable properties and have made an offer on one of them which has been accepted! I am now doing more homework to make sure that I can proceed with a dual occupancy on the block.
When making an offer on a property, it is a good idea to offer lower than what you want to pay - you can always make a 2nd offer if you get a 'No'. This weeks tip: When you make your first offer try and end it in a 7. ie. Property is on the market at $300,000 so offer $287,000. 7 is the magic # whether you are selling something or buying something. If you get a 'No' on your 1st offer, leave it for a few days and then offer an odd amount such as $291, 470. Let the real estate agent know that you have scraped absolutely every penny together and this is your final offer! In my case, the vendor accepted my first offer.
I have chosen the house design for the 2nd dwelling and have done some more research with council. I will be physically checking the property again this week to take notes on what needs to be done to prepare the property for a quick makeover. As for the other property, it is a viable 6 unit site and after some valuable advice from a propety developer friend, I believe I can make a go of this opportunity as well.
Till next time,
Fran
Exciting stuff this week as I found two suitable properties and have made an offer on one of them which has been accepted! I am now doing more homework to make sure that I can proceed with a dual occupancy on the block.
When making an offer on a property, it is a good idea to offer lower than what you want to pay - you can always make a 2nd offer if you get a 'No'. This weeks tip: When you make your first offer try and end it in a 7. ie. Property is on the market at $300,000 so offer $287,000. 7 is the magic # whether you are selling something or buying something. If you get a 'No' on your 1st offer, leave it for a few days and then offer an odd amount such as $291, 470. Let the real estate agent know that you have scraped absolutely every penny together and this is your final offer! In my case, the vendor accepted my first offer.
I have chosen the house design for the 2nd dwelling and have done some more research with council. I will be physically checking the property again this week to take notes on what needs to be done to prepare the property for a quick makeover. As for the other property, it is a viable 6 unit site and after some valuable advice from a propety developer friend, I believe I can make a go of this opportunity as well.
Till next time,
Fran
Monday, March 23, 2009
Hi all
This week, I have been to see council and discussed each property with them. My big tip is: before investing in any area, visit the council and talk to the planning section about what you want to do. You want a really helpful attitude from the staff and if you don't live in the area and can't visit them in person, find out what you can from their website and then ring them.
Finding some local property developers to talk to as well or engineering or architect firms may give you more insight as well. The council I spoke with this week are just so helpful, it absolutely makes working with them a pleasure and I feel really confident about choosing the right property to get started with.
I have also had a prelimenary meeting with my builder and will talk with him next about each of the properties to get his choice and then it will be time to make some offers! Wish me luck!
Fran
This week, I have been to see council and discussed each property with them. My big tip is: before investing in any area, visit the council and talk to the planning section about what you want to do. You want a really helpful attitude from the staff and if you don't live in the area and can't visit them in person, find out what you can from their website and then ring them.
Finding some local property developers to talk to as well or engineering or architect firms may give you more insight as well. The council I spoke with this week are just so helpful, it absolutely makes working with them a pleasure and I feel really confident about choosing the right property to get started with.
I have also had a prelimenary meeting with my builder and will talk with him next about each of the properties to get his choice and then it will be time to make some offers! Wish me luck!
Fran
Wednesday, March 4, 2009
Hi all! It's been a while what with Christmas and then for me a wonderful motorcycle holiday in Tasmania. What an awesome place it is!. There's a lot of great real estate buying down there too.
I'm inspired to write of my current project so that you can learn and follow along as I go. Feel free to send me any questions you have. If you have some equity, I recommend this as an easy way to make a nice return in a year and there is no reason why you couldn't make a 6 figure sum on your first project.
Here's where I am at. I have refinanced and am ready to purchase a property on a minimum of 800sqm block up to a maximum of $300,000. Hint: Check with the local council as to the minimum size block you will need to be able to split it into 2. I have found one that is 2000m2 and 2 that are around 1000m2. The main criteria then is to be able to build a 2nd dwelling on the block, so the original house must be in a position to leave a 400m2 block for me to do that. By splitting the block into two I have now created a free block of land that might be worth $100,000 or more.
Next week, I'll let you know how I get on with council.
Cheers
Fran
I'm inspired to write of my current project so that you can learn and follow along as I go. Feel free to send me any questions you have. If you have some equity, I recommend this as an easy way to make a nice return in a year and there is no reason why you couldn't make a 6 figure sum on your first project.
Here's where I am at. I have refinanced and am ready to purchase a property on a minimum of 800sqm block up to a maximum of $300,000. Hint: Check with the local council as to the minimum size block you will need to be able to split it into 2. I have found one that is 2000m2 and 2 that are around 1000m2. The main criteria then is to be able to build a 2nd dwelling on the block, so the original house must be in a position to leave a 400m2 block for me to do that. By splitting the block into two I have now created a free block of land that might be worth $100,000 or more.
Next week, I'll let you know how I get on with council.
Cheers
Fran
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