Hi everyone! I've stalked the SS forums for a while and recently discovered PC... I thought that it would be a good chance to jump on board and see what knowledge I can take and (hopefully) share I've been playing with property since I was 20 years old and a poor uni student. Nine years later, I'm marginally less poor, with a nice enough PPOR, a few cash flow units and a site that I'm in the process of getting a DA for townhouses on. Also settling on a block of 2 units in a couple of weeks which should be good fun! Anyway... now that I've said hi, I look forward to getting to know some like-minded people!
Thanks DT The plans are for 2x3 townhouses on 650m2 in Dandenong (a dodgy area, but decent returns). The land is a bit irregular shaped, so I'm negotiating with council over carparking, easements etc. I'm in no rush, because the existing house rent covers the holding costs and leaves a little but in my pocket.
Sounds a lot like myself - rent covering expenses, developing in dodgy area, etc. Maybe do up a thread in Development section here when you're ready. Best of luck
Well it's only my first development - a small one, but I like to think of it as a practice run for bigger things I'll definitely start posting threads as things progress
Welcome! Would be interested to follow your first development too. Have you consulted others or going Lone Ranger on it?
Thanks guys. I've gotten input and ideas from friends that have been through the process, as well as Professor Google. As for the development itself, I'm doing it by my lonesome (obviously with the help of draftsman, etc). I'm fairly confident in handling most of the documentation by myself, so it's not too daunting.
The end goal is to LOR with a six figure income (adjusted for future inflation). It sounds greedy and will take a lot of work to achieve, but I like to enjoy having extra money to enjoy on lifestyle. I started with the intention to purchase purely cash flow units, but marriage meant that I needed to get a nice PPOR to keep the peace! This (compounded by APRA recently) has seen my serviceability take a bit of a hit, so before I face issues getting finance, I've moved from pure cash-flow investing to buying run-down properties and generating (hopefully significant) value through reno/development. Essentially my tactical approach is varying depending on market conditions, but come the end (late 40s?), I plan to sell down some properties and learn to play golf.