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Type: Posts; User: DaveW

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  1. I agree. For a first time a fixed contract will...

    I agree. For a first time a fixed contract will avoid costly lessons. You can learn a lot from this first project before doing your next project on materials and labour basis.

    Perhaps get some...
  2. Are you being billed on an hourly rate?

    Are you being billed on an hourly rate?
  3. Are you intending to profit in this transaction ?...

    Are you intending to profit in this transaction ? If so then offer what makes the numbers work for you.
  4. Thread: Net wealth

    by DaveW
    Replies
    9
    Views
    388

    Everyone is different. A lot of investors...

    Everyone is different.
    A lot of investors choose to retire to the beach but I think more prefer to keep active.
    I've met some investors who wanted to do commercial from the start but they start...
  5. If you are more "hands on" do more of your own ...

    If you are more "hands on" do more of your own DD first rather than putting the DD in someone else's hands. Knowledge is key when talking with the sub contractors and QSs.
    First approach local...
  6. Thread: Net wealth

    by DaveW
    Replies
    9
    Views
    388

    Not every developer is a failure. Not every...

    Not every developer is a failure.
    Not every commercial investor is a failure.
    Not every residential investor is a success.
  7. Replies
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    He wouldn't work for $50 /hr. But, and this is...

    He wouldn't work for $50 /hr.
    But, and this is what I was getting st before, if you hire a good builder with assistants then the average hourly comes lower than $50 and you get the job done quicker.
  8. Replies
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    Not at all its a new trend to cycle if you live...

    Not at all its a new trend to cycle if you live nearby. You know in the city with the difficulties finding a car-park.
  9. Replies
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    One of my builders cycles to work.

    One of my builders cycles to work.
  10. Replies
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    1,366

    No Bank will offer same commercial rate to all...

    No Bank will offer same commercial rate to all Commercial clients.
    The commercial rates are calculated based on the clients Risk/security/profitability profile so it varies always.
  11. Yes. By negotiating and by befriending agents and...

    Yes. By negotiating and by befriending agents and keeping your eyes and ears open.
  12. Replies
    11
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    602

    You can minimize that downside. The current...

    You can minimize that downside. The current occupants need to meet the new prospect. If any are not comfortable with the fit then it's not the right person.

    If anyone steps out of line then just...
  13. I'm not a gambling man, no matter the value of...

    I'm not a gambling man, no matter the value of the real estate I undertake the same vigilant due diligence, the same sourcing of finance, feasibility, costings, risk analysis, lawyers, accountants,...
  14. I agree with your last points about not over...

    I agree with your last points about not over exposing yourself.

    I think Dolf de Roos put it best about a $3M deal being as much work as a $300k deal.

    Renovating residentials was actually more...
  15. For me it's about going where the money is.

    For me it's about going where the money is.
  16. Yes that's right you need to allow for...

    Yes that's right you need to allow for contingency, material price hikes, labour absence, mishaps, the unexpected, etc. If you intend to sell it you should be able to afford to hold it.

    You...
  17. Development requires full-time focus. It's not...

    Development requires full-time focus.
    It's not a side thing like commercial seminars.
    Spread the risk and continue with buy and holds also.
    Yiu might just have to put some of the renovations on...
  18. In Auckland or in the provinces? The provinces...

    In Auckland or in the provinces?

    The provinces is often a good starting point, you get more bang for your buck.
    The land is cheaper and you can build a small 3 bed house with carport.
    You need...
  19. Replies
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    Both the above points are very valid. Keep...

    Both the above points are very valid.

    Keep your occupancy below 6 people - it makes for a happier household also.

    Only do it if you are making a decent (at least 50%) markup. Allow for...
  20. Good on you. I have been in the same boat with...

    Good on you. I have been in the same boat with the transition from renovating to development, although I do both.
    Like you I knew nothing about development so for my first project I hired a...
  21. Replies
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    602

    It's not hard manage if you include in the rent...

    It's not hard manage if you include in the rent by the room all the utility expenses.
    If you have a couple who wants to rent the room with an ensuite you could fetch more.

    Consider also you are...
  22. Replies
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    ok so its a home and income. It makes sense now...

    ok so its a home and income. It makes sense now why you want hourly rate because as a home you will no doubt have adjustments along the way which can't be quoted up front. And you don't want to...
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    Are you building for your own home, or for...

    Are you building for your own home, or for selling/renting?
  24. Replies
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    Yes trademe Jobs. And yes if you can offer...

    Yes trademe Jobs.
    And yes if you can offer incentives then it will get your hourly rate down. Vehicle, phone , accommodation? All tax write offs.
  25. Replies
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    3,736

    You will need to network and advertise to find...

    You will need to network and advertise to find out. Are you on TradeMe jobs?
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