My property journey – Mackay Strata Titling
Mackay
It is celebration time as we have received from the council the sealed approval, so we are back on track to finalising the strata titling. One of the new rules is that we have to get valuations on the duplex, so a good opportunity to see what we have created:
Project Valuation
I believe fair market value for this property as a duplex would be between $475,000- $485,000.
If the units were strata titled the market value would be in the $$530,000 to $590,000 range.
So in the $55k to $100k range of additional capital created through this work. Overall costs will be in the $15k to $20k range so a return of 300% to 500%.
I keep learning as I go on this journey. There are some additional costs now that I am running a corporate body, which needs a sinking fund contribution and a separate tax return as it is run as a separate business.
Meanwhile when this is finished, in the best case scenario we have reduced the LVR to around 70%. My understanding is that I may be able to refinance up to 80% which would allow me to extract $50k, which would be enough to go again on another US property or 2 so I will be exploring this option….
About Mark Taylor….
Mark Taylor is the Founder and Director of Keys To Success Club. A property investor in his own right, Mark helps other people succeed in property investment by connecting them to property experts through Keys To Success Club.
My property journey – Mackay Strata Titling
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