Duplex
2 Semi-Detached Homes, 511 sqm, LMR2, Camp Hill, Brisbane City Council, Queensland
A wise man once said, "Just because you can do it doesn't mean you should do it!" and this project is a testimony to that statement.
In his previous two projects, one of Mo’s builders went bankrupt and another walked off the job! Aughhh! Fortunately, the builder on this project was accommodating and professional. The finished products looked amazing, efficient and are a tremendous achievement on only 511m2 of land!
Finding the deal online only the night before Auction, Mo took on a big risk and overcame a lot of challenges to get this project completed!
- approval hassles due to non-compliance issues, requiring a redesign during RFI stage,
- higher than expected build price due to overland flow and fire compliance issues,
- being a small & unique project, the drafting, engineering, & body corporate fees ate into the profit considerably!
- lower than expected sale price due to overland flow concerns and semi-detached design of product,
- valuation problems due to no comparable sales in the area, requiring more cash input,
- buyers unfamiliar with the type of product in that area, so were scared of overpaying and hesitant in making decent offers,
- Covid-19 restrictions when the build finished, lock-ups, cancelled open houses, & softening market.
Many developers dive into projects without fully understanding the intricacies involved, buyers' perception of their products and the small costs that can add up quickly, leading to costly mistakes and diminished profits. Don’t let this be YOU!
Come along to this Meetup to learn from Mo’s invaluable lessons and strategies to help you gain the knowledge and confidence to tackle your next project!