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Discussion in 'Introductions' started by eltonsky, 8th Feb, 2016.

  1. eltonsky

    eltonsky Member

    Joined:
    10th Nov, 2015
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    Location:
    Melbourne
    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
     
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  2. wylie

    wylie Moderator Staff Member

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    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?").
     
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  3. monalisa

    monalisa Well-Known Member Premium Member

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    Location:
    Sydney
    Welcome Elton!

    Looking forward to hearing about your investing journey!
     
  4. eltonsky

    eltonsky Member

    Joined:
    10th Nov, 2015
    Posts:
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    Location:
    Melbourne
    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
     
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  5. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Location:
    Sydney & Gold Coast
    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.
     
  6. eltonsky

    eltonsky Member

    Joined:
    10th Nov, 2015
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    Location:
    Melbourne
    @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.
     
  7. wylie

    wylie Moderator Staff Member

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    That was my plan too when we lodged our DA. Over twelve months later, we are still waiting...
     
  8. Leo2413

    Leo2413 Well-Known Member Premium Member

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    @wylie whats holding up the DA? My easement issue delayed my DA by an extra 6- 8 months.
     
  9. wylie

    wylie Moderator Staff Member

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    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).
     
  10. Leo2413

    Leo2413 Well-Known Member Premium Member

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    ohh ok... sucks they waited right till the last minute...

    Fun times ahead...:) But its great you have options with it.