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Discussion in 'Introductions' started by Wall Street, 22nd Oct, 2015.

  1. Wall Street

    Wall Street Well-Known Member

    Joined:
    22nd Oct, 2015
    Posts:
    120
    Location:
    Melbourne
    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!
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    13th Jun, 2015
    Posts:
    5,571
    Location:
    Adelaide, SA
    Hi and welcome.

    Would especially be interested in hearing about the DA site.
     
  3. Wall Street

    Wall Street Well-Known Member

    Joined:
    22nd Oct, 2015
    Posts:
    120
    Location:
    Melbourne
    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.
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
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    Location:
    Adelaide, SA
    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 :)
     
  5. Wall Street

    Wall Street Well-Known Member

    Joined:
    22nd Oct, 2015
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    Location:
    Melbourne
    Well it's only my first development - a small one, but I like to think of it as a practice run for bigger things :p

    I'll definitely start posting threads as things progress
     
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  6. mrdobalina

    mrdobalina Well-Known Member

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    22nd Jun, 2015
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    Location:
    On the ski slopes
    Welcome to Property Chat!

    Nice starting portfolio.
     
  7. House

    House Well-Known Member Premium Member

    Joined:
    13th Sep, 2015
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    Location:
    Sydney
    Welcome!

    Would be interested to follow your first development too. Have you consulted others or going Lone Ranger on it?
     
  8. Wall Street

    Wall Street Well-Known Member

    Joined:
    22nd Oct, 2015
    Posts:
    120
    Location:
    Melbourne
    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.
     
  9. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Welcome @Wall Street. Sounds like you've built a very solid foundation.

    What's the end goal?
     
  10. Wall Street

    Wall Street Well-Known Member

    Joined:
    22nd Oct, 2015
    Posts:
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    Location:
    Melbourne
    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.
     
  11. DiligentPM

    DiligentPM Well-Known Member Business Member

    Joined:
    18th Jun, 2015
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    443
    Location:
    Brisbane
    Welcome to the Forum - the investment ride is full of twists and unexpected turns - welcome aboard!
     
    Wall Street likes this.