Highbury SA - Development

Discussion in 'Development' started by Brady, 3rd Sep, 2015.

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  1. Brady

    Brady Well-Known Member

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    This ended up selling for $710,000 - reckon it might have gone bit better if price started lower.
    But still is well above what I would have expected when I started this development.
    At the start would have said something like this would be ~$600-650k

    This ended up selling for $548,500


    Heading out to site now - might see if I can get some more photos to put up.
     
    Brady, 18th Oct, 2016
    #41
  2. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Photos yes please!!!
     
    Westminster, 18th Oct, 2016
    #42
  3. Brady

    Brady Well-Known Member

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    Few picks - place was locked up so will have to wait for inside photos :)

    RES1 Front.jpg RES1and2 Front.jpg RES2 Front.jpg RES3 Front.jpg
     
    Brady, 18th Oct, 2016
    #43
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  4. LCT

    LCT Member

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    Nice Brady! Which builder did you go with?
     
    LCT, 21st Oct, 2016
    #44
  5. Sackie

    Sackie Well-Known Member

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    @Brady very nice job. Also love that tree in front!
     
    Sackie, 26th Oct, 2016
    #45
  6. Brady

    Brady Well-Known Member

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    Thanks :) nearly there.

    Haha that tree cost me thousands! Was a battle with council, had to get aborist with hydrovac in to provide a report and needed permeable paving.
     
    Brady, 26th Oct, 2016
    #46
  7. Sackie

    Sackie Well-Known Member

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    Don't get me started on council and battles! But your almost there mate! :) Hey, I need to get a permeable paving for one of my new developments going thought DA process now due to trees. I was told it costs a little more than normal, any idea by how much..? Scared to even know...
     
    Sackie, 26th Oct, 2016
    #47
  8. Brady

    Brady Well-Known Member

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    Not sure of extra cost per sqm - from memory was around $2k extra per driveway.
     
    Brady, 26th Oct, 2016
    #48
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  9. Sackie

    Sackie Well-Known Member

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    When I see single digit numbers I stay happy lol!

    Thanks
     
    Sackie, 26th Oct, 2016
    #49
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  10. Brady

    Brady Well-Known Member

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    Practical Completion date from builder has been set 25/11 - hopefully everything is good to go and can have handover the following week.
    I'm optimistic that will all be completed to the right standard, but realistic that there is likely going to be something that pops up.
    I will still need to complete the fencing and window treatment before tenants go in - but will be advertising prior to this (photos are getting done Friday)
     
    Brady, 21st Nov, 2016
    #50
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  11. D.T.

    D.T. Specialist Property Manager Business Member

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    Nice one Brady, I'm currently leasing a nice house just around the corner from you (5 bed 3 bath) so will have a nosey next time i go past.
     
    D.T., 21st Nov, 2016
    #51
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  12. Brady

    Brady Well-Known Member

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    Hopefully I have a fence up by then so you can't nosey too much haha :D
     
    Brady, 21st Nov, 2016
    #52
  13. MTR

    MTR Well-Known Member

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    @Brady nice work, good on you and thanks for sharing the numbers.

    Looks like a good project, keeping/selling.... whats the end plan.


    MTR:)
     
    MTR, 21st Nov, 2016
    #53
  14. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Take a whole box of red dots to mark things.

    Top 5 things to check
    - paintwork: tops of doors, in wardrobes, underneath lintels, around door frames and skirtings. Get down on your knees and annoy the **** out of the painter who didn't.
    - plumbing: run lots of taps at once and for quite awhile. Tradies often 'accidently' dump rubble down pipes that aren't covered and can cause blockages.
    - appliances: if the hot water isn't working - most likely cos it's stolen :p
    - electrical switches and points: take your plans with you and count them off.

    Congrats!!
     
    Westminster, 21st Nov, 2016
    #54
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  15. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    And I've just realised that is 4 things. I guess #5 is don't forget the outside - after you have paint fatigue go outside and make sure all the gutters, downpipes and taps are where they should be and work. No joke I had an outside tap that was somehow connected to a HWS. Didn't realise it until the landscaper was using it and he was head scratching how on earth that happened.
     
    Westminster, 21st Nov, 2016
    #55
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  16. Brady

    Brady Well-Known Member

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    Great tips @Westminster I've already been pretty thorough outside and know there are heaps of little issues that they will be fixing.
    Paint knocked off different places from rainwater tank install, gaps... just too many gaps, hopefully they're sorted by Friday - no fan of gaps otherwise easy spot for pest.
    I'm going to have my partner, parents and property manager with me - so hopefully should have enough eyes to spot everything.
     
    Brady, 22nd Nov, 2016
    #56
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  17. Brady

    Brady Well-Known Member

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    Keeping all 3 - living in 1 renting out the other 2 out.
     
    Brady, 22nd Nov, 2016
    #57
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  18. MTR

    MTR Well-Known Member

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    that is great, cash flow positive? and no PM fees:)
    Get the formula right, rinse and repeat?
     
    MTR, 22nd Nov, 2016
    #58
  19. Brady

    Brady Well-Known Member

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    Interest on the investment loans will be ~$605p/w and gross rent will be ~$900p/w (looking for $450p/w each - but mindful that it's not best time of year)
    Even taking into account lower rent, PM fees, insurance, maintenance (hopefully minimal) should be well and truly cashflow positive.
    Once take into account tax deductions including depreciation should be very nice.

    I'll be getting a PM to manage - well definitely at least at the start.

    Will be keeping an eye out for further purchases and if they tick the boxes I'll proceed.
    Good properties don't last long you have to be so active.
    In the mean time will be smashing down the non-deductible PPOR debt.
     
    Brady, 22nd Nov, 2016
    #59
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  20. Brady

    Brady Well-Known Member

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    Brady, 2nd Dec, 2016
    #60
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