Desktop Duplex Development

Discussion in 'Development' started by devank, 10th Sep, 2015.

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  1. Blacky

    Blacky Well-Known Member

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    Good to see some real numbers.
    Your property mgt cost seems pretty high even for Perth (15%) - any reason for this?

    Blacky
     
    Blacky, 15th Sep, 2017
    #241
  2. devank

    devank Well-Known Member

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    We don't have PPOR. That 20% came from our offset. I have extracted the equity to get back the deposit and that is sitting in an offset.
    Given we don't have any personal debts, that 20% is kind of irrelevant.
     
    devank, 15th Sep, 2017
    #242
  3. devank

    devank Well-Known Member

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    All PM costs inclusive. WA is already expensive. Given two tenants, I wanted to minimise my involvements.
     
    devank, 15th Sep, 2017
    #243
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    That means you are paying interest on it.

    Seek advice on the tax implications
     
    Terry_w, 15th Sep, 2017
    #244
  5. Sackie

    Sackie Well-Known Member

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    Send me a PM i may be able to help.
     
    Sackie, 17th Sep, 2017
    #245
  6. DoubleD

    DoubleD Well-Known Member

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    DoubleD, 5th Mar, 2018
    #246
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  7. devank

    devank Well-Known Member

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    devank, 6th Mar, 2018
    #247
  8. DoubleD

    DoubleD Well-Known Member

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    Both went for $430,000 each.
    First home buyers with $10,000 government bonus and no stampduty.
     
    DoubleD, 6th Mar, 2018
    #248
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  9. DoubleD

    DoubleD Well-Known Member

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    Changes in the deposit required by the bank took a big chunk of my buffer.

    The bank revalued the units a second time as the development got held up at council. They the bank would only lend 80% of $375,000 for each unit. Funny how they sell for $430,000 first home open.

    Had some competition with a similar development 200m away. Their 3X2 have been on market at $375,000-$450,000 for over 12 months.

    Lot 1-10 Pratt Lane Clarkson WA 6030 - Townhouse for Sale #122279414 - realestate.com.au

    Decided to sell now as I got a reno to complete.

    Once we get this reno under offer then another block to develop.
     
    DoubleD, 6th Mar, 2018
    #249
    Sackie, devank, Blacky and 3 others like this.
  10. devank

    devank Well-Known Member

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    That's a good sale. Ours were valued 410 or 420. I thought prices came down a little.
    Maybe because yours is a bit better quality and also strata titled.
     
    devank, 7th Mar, 2018
    #250
  11. devank

    devank Well-Known Member

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    Update on the cash flow from FY20 (after four years).
    upload_2021-5-31_21-57-24.png

    Interest is on 80% of the loan. I did extract the 20% but that is sitting in an offset.

    Slight drop in cash flow year on year, but still positive. I did give a 5% discount during COVID time. Rents are going up now.
    Prices are slowly coming back to the year 2017 prices. I have no plans to sell for the next 10-20 years.
     
    Last edited: 31st May, 2021
    devank, 31st May, 2021
    #251
    beertank23, Something_Wrong, craigc and 2 others like this.
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