Hi Everyone! This is first post and I am newbie. I cant describe the pleasure of finding this forum. Three Hours of straight reading so far. A Friend and I both have PPOR and an IP. now we are thinking to explore more avenues to earn $$ while continuing full time jobs. Our plan is to buy a run down house with large land block, subdivide, build two TH and sell in one of the SE suburb of Melbourne. We have decided on the suburb location and there are many such houses are available from $1m to $1.3m - which is also the list price of most of the townhouse There are few listing which already have plan and permits and are ready to go. a) What should be our strategy - to go with the property which already has permits or go with the raw one? I am looking for pros and cons for both b) How much planning and permit cost c) What are usual profit margins in doing so? We are thinking of Building premium and selling at a premium. Any pointers would be appreciated, pointer to an old would be great as well. PS: I tried searching older post but couldnt get the information i am looking for.
I would advise you to pay and get a professional feasibility study done. The report will answer most of your questions.
