Hello, the wise folk of Property Chat, I have a block of land (approximately 5,000m2) at the end of a quiet residential cul de sac, backing onto a state forest. The land is zoned as residential and is allowed to be subdivided into four allotments of 950-1,000m2. I've had real estate agents value the price range of what each house (3x bed, 2x toilet, 2x living area) would go for and the agents have estimated in the vicinity of $500-550k (rental return estimate at $400-450 a week). I'm new to the property game let alone development, but I like a challenge and never to young to start. So my question is, what is the best way to fund, develop and sell this investment and make a nice return. Mentors welcome
Hi Casey, i have written a reply on your other intro thread. I would ask any development questions in the development section, as not everyone looks at the intro section. I am happy to help. Im a land surveyor from melb. We can have a discussion about your place and what your trying to do. We do a bit of work in ballan/bacchus marsh/gordon doing similar jobs as what you are doing. Most of the time the owner sells the lots vacant, and the new owners do the build. This is a lot cheaper option for you, as you dont have to fund the build as well. These type of subdivisions/developments are quite fun. PM me if you want to discuss