I got to say it's a good idea to start by introducing yourself before dive into posts, never see this before on other forums I have been following somersoft for long time, and shamely haven't post anything here, will try to catch up. I have being working in IT for quite a few years. Have bought a few investment properties in Melbourne and recently started my first development project with a partner. As always I found this forum (and its predecessor) is amazingly helpful. Learning from others and contributing to the community both sound awesome! Cheers, Elton
Welcome! You sound like you could teach some of us a thing or two. I'd love to hear about your development. We may head down that track and I've never developed anything before (except an extreme case of "what are we getting into?").
Sure thing! My project in Blackburn is still in pre-DA stage. Will start a thread and share the whole process in due course~ Thanks guys
Welcome @eltonsky. Indeed, I am sure you have a lot of valuable stuff to share, particularly some insights into the development as it progresses. What got you thinking development? Many investors who would, never pursue the idea.
@Steven Ryan I got a friend who did a few a projects he helped me out. And I really like to try something new as always. I know it seems more risky than buy n hold, but it's not as long as you manage the risk. However it's really more complicated.
They started looking at it seriously the day after the deadline (so I'm told). We don't care as we are in no great hurry. Now they want plans for what we will do with the existing houses. They are worried we will partially demolish, which we won't be doing. So this week they have been measured and we have plans being drawn to show how we will alter them (lift and shift). We are having two sets drawn, one just lifted, new stairs, battened in. The second is a full build under. When we know which way we will go we will choose which we do (whether we will hold or sell, build the townhouses or sell the block with the DA).
ohh ok... sucks they waited right till the last minute... Fun times ahead... But its great you have options with it.
