在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m
Looking at the long term. My son has an opportunity to start developing. Question is does he sell fully reno 2bed apart value $650k to finance the development . He can't borrow any more money against as he has just purchased 2nd prop for IP. Option is to rent and move with GF and hubby and I help to finance development. Means that we are under the pump for 6months.
Kerryt said: ↑
He can't borrow any more money against as he has just purchased 2nd prop for IP.Click to expand...OK, so our budding developer son is maxed out?
Kerryt said: ↑
Option is to rent and move with GF and hubby and I help to finance development. Means that we are under the pump for 6months.Click to expand...This arrangement is fraught with difficulties:
1. Developers (even the very experienced) go broke with monotonous regularity. Your son seems from your post to be just starting out. Mmmmmm
2. GF may not be a permanent fixture
3. If you "help" finance the developent and it turns to something other than gold, you may be under the pump for more than 6 months. This can also sour the relationship with son.
If it were me, I'd let him fund his own business venture. Let him sell and scrape together cash. Renting won't hurt him & GF. You can always help him out if it fails buy giving him a roof over his head. If it succeeds, it was all due to his efforts not mum & dad's help.
Thanks Propertunity, at 5 am hubby and I were thinking the same, we have given him a start. After discussion today he will sell the unit, finance the first development himself, learn a lot I would expect, and then if all goes well we are happy to assist in buying a block for him to develop next year. He is very focused and I will keep you posted as to the progress, this forum may be able to help us all on our journey. thanks