Does anyone want to share a deal

Hi Michael
I just did, have a look further up.
My first development deal



Cheers
MTR

 

These are excellent yields/numbers.
You should be very happy

Some great deals from everyone, just shows how bullish our Australian property market has been

 

House purchased in St Clair, Sydney early 2013 for 360k, minor reno 5k, granny flat 120k. All up 485k. combined current rent $785 per week. Last val mid year came back 680k.

Please sir, may I have some more?

 

too late, none of these babies left, you would have been fighting the herd at the time nice

 

I've had some incredible returns and some not so great learning experiences over the years. I'll share the second best property deal I've had.
Purchased for 475k in 2006 after being out bid on every house we kept trying to buy. Market was hot in Essendon at the time.
Found this home that needed a quick sale without auction, had funds ready so I offered 475k take it or leave it even though they wanted 500k. Offer excepted. 700 square block.
Few years ago the Moonee valley council introduced changes to its residential/commercial and zoning rules. By awesome luck my house fell into the plan. Pure luck.
House which is right next to the one we purchased, went to auction today with development approval in place. Just got passed in at 1,350,000 as the highest bid. Find out soon what it sold for.

 

Purchased in Copacabana (NSW Central Coast) a 3 level (top level only a loft), 3 kitchen, 4 bath/8 toilet, 4/5 bedroom home in November 2014 for $805k returning $650 per week rent. The house was less than 100 metres from the local shops/cafes and directly opposite the entrance to the beach (filtered water views due to trees on the sand dunes)

I put $85k into reno's (new 110sqm deck in the back yard to replace the rotten one, new and paint flooring throughout and a new driveway among others). The house next door which was fully renovated (to a higher standard than mine), same land size but about half the floor space sold 3 months later for $1,06mil.

I split the house into 2 units and the rent return is currently $955 per week and I manage the property myself without too many dramas.


Unfortunately it might be my first and last IP as I can't seem to get over the serviceability hurdle to buy another! 4 kids under 10 and a self employed wife with less than a year's worth of trading have put the brakes on finance.

 

I have been using low doc loan RAMS for my 2 last deals.
I have my accountant sign off on my income. Give them a call

 

Thanks MTR, I generally avoided them in the past due to the higher interest rate but at 4.49% fixed for 2 years and a current variable at 5.75% that's pretty good value.

I've posted an intro now as well, looking forward to kick starting the portfolio!

Tim & Chrissy from Western Sydney

 

RAMS 5% construction loan which is cheap really as its to build 4 townhouses

I just figure I pay what I have to pay as it means I move on and continue doing the deal, otherwise I do nothing

 

(PPOR )2bd free standing terrace in wickham october 2013 for $385 a $120K worth of renos now a 3/2/1. I had a few agents come knocking decided to get one of them to give me an estimate 750-790k ( october 2014)

HOUSE OF THE WEEK: A painstaking labour of love

 

I know what you mean. The process for me has been dragging out since February across 3 mortgage brokers and 3 valuations on the Copa property. I finally re-financed it with Qantas CU but due to serviceability could only pull out $120k equity (LVR of around 75% on their value). Juggling that, a career and raising 4 children means that plans for property investing regularly move to the bottom of the priority list.

 

4 children, wow
good on you

 

That renovation is incredible Tom! Congratulations and well done,

 

Oh Wow! Beautiful. Just loved what you've done to the house. Cedar staircase with those intricate carvings and Blackbutt original wide flooboards -gorgeous. Even the convict pavers tell a story. How old is the house, @tomlemke ?

 

Beautiful home - amazing finishes.

Please can you share where you got those bar stools from? I have seen these before - but not sure where

 

Purchased land and built 2x3 bed villas @560k in a flat regional market, but an area we were familiar/comfortable with. Val on one title came in at 580k.
After subdivision, independent val 350k each
val by bank for split 325k and 330k - still a small profit
Good experience - value isn't always in the $$

 

Thank you it was awesome to bring back to life : )

 

They are from freedom, they made my eyes water when my fiancé showed me the receipt

 

Thank you beanie girl, the cedar staircase stripping it back was one of the hardest things i have had to do but the response from everyone has made it worth it.

The flooring is kauri pine, in the earth quake the chimney fell over and the old owner replaced a few broken boards with hard wood, we decided to keep it as we love character.

The owner that we purchased this place off showed up after the renovation was finished he had owned it since 1982. He said he purchased it off Albert toll's grand children who had held the property since 1904 he was the founder of toll transport company, so it has some amazing history.

There is a terrace house 1 block away that was a famous sea captains place, when it was sold recently they claimed it was built 1880, looking back on the history of wickham the first houses were built around 1860 so its hard to gauge exactly how old our place is.

 

wow, amazing