Putting land into a project.

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Putting land into a project.

Postby JLAKIN3674 » Tue Sep 06, 2011 7:23 am

Hi all. This is my first post and all replies and info are greatly appreciated. I have been living in Rawai, Phuket for 8 1/2 years now and have been involved in various successful small projects but i have bought off plan through a long term friend. Now i have a plot of land 240sqm and valued at 1.2 million that another friend would like to build a house on. He has the money and we are looking at a house around the 4.9 - 5.2 million bracket. This is the first time i have come across this scenario and would be very interested to know the benefits/pitfalls should i enter into this project??

Kind Regards J Lakin
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Re: Putting land into a project.

Postby Roger Ramjet » Tue Sep 06, 2011 5:06 pm

J Lakin,
You don't say the dimensions to the land ie 20 X12 mts or whatever. It does help if you know the size of the land, length and breadth. For 1.2 million it's very small and raises serious problems.
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Re: Putting land into a project.

Postby geordie » Wed Sep 07, 2011 5:36 am

I would be inclined to steer clear of partnerships they tend to disintergrate faster than they form if the land has such a high value Either develop it yourself and take a profit or sell the land hoprfully at a profit I am in the same position uk i have a plot for 2 maybe 3 small houses and am sick of developers asking me to put up the land they will put up the houses the value of the land is equivalant to the cost of building one small house leaving two for them to sell =my proposal but unaceptable to them because they want the lions share however they will give me what they consider to be a reasonable price for the land when i point out that i could myself develop it and take all the profit so its really not in my interest to sell then the moody,s start
The point is your freind will have a set figure in mind for his profit if he does not realize the profit as he see,s it you can bet your life you will take the biggest hit with him claiming a lower price was because you overvalued the land or the location was not as good as he thought
Try and morgage the land to use the money for developing it but be aware if you build a 5 mil home on that plot and have a corugated shack either side of it and access off a dirt road
you will be hard pressed to sell so whatever you build build to fit in with the location and what,s around you
my comments may be wrong but never deliberately
If it aint broke, dont fix it
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