{"id":7544,"date":"2016-04-01T01:00:34","date_gmt":"2016-03-31T14:00:34","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7544"},"modified":"2016-04-01T01:00:34","modified_gmt":"2016-03-31T14:00:34","slug":"small-full-time-developer-graham-jarry","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/small-full-time-developer-graham-jarry\/","title":{"rendered":"[Success Story] Small, full-time developer – Graham Jarry"},"content":{"rendered":"

 
\nIn today’s show we talk to\u00a0Graham Jarry<\/strong>\u00a0who describes himself as a small full time developer. Graham has built a business out of splitting blocks and he tells us how and what to watch out for.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin<\/b>:\u00a0 Hot on the heels of my chat earlier in the show with Jo Chivers about splitter blocks, we\u2019re going to share a success story with you now. I\u2019m talking to Graham Jarry, who describes himself as a small, full-time developer.
\nGraham, thanks for your time, and thanks for sharing your story with us this morning.
\nGraham<\/b>:\u00a0 My pleasure, Kevin.
\nKevin<\/b>:\u00a0 Now, we\u2019re going to talk specifically about splitter blocks. Tell me your story. I believe you bought a block, split it, and then sold half off. Was it that simple?
\nGraham<\/b>:\u00a0 I sold both off, actually. It is pretty straightforward once you\u2019ve done a couple. I was in and out from settlement-to-settlement in two and a half months.
\nKevin<\/b>:\u00a0 Is that the secret as far as you\u2019re concerned \u2013 that you\u2019ve done a few, you know what to expect?
\nGraham<\/b>:\u00a0 I did educate myself, but once you\u2019ve done a couple, yes, your costs are pretty well the same each time unless there\u2019s some curve ball thrown up with choosing the wrong spot or something like that.
\nKevin<\/b>:\u00a0 We might talk about a few of those as we continue to talk, but I want to take you back to the first one you ever did. Do you remember what that was, and where was it?
\nGraham<\/b>:\u00a0 Yes, it was out in Wynnum West.
\nKevin<\/b>:\u00a0 Wynnum West. That\u2019s in Brisbane, of course.
\nGraham<\/b>:\u00a0 In Brisbane, yes.
\nKevin<\/b>:\u00a0 Tell me about that one. Was it a difficult one, or did you go in with your eyes pretty well wide open?
\nGraham<\/b>:\u00a0 I went in with my eyes pretty well open. I\u2019d had some education on how to do it originally.
\nKevin<\/b>:\u00a0 What sort of education did you put yourself through?
\nGraham<\/b>:\u00a0 I went through a mentoring with a developer who was active in the market.
\nKevin<\/b>:\u00a0 Tell me about the pros and cons of actually splitting a block from your perspective, Graham. You\u2019re obviously able to do this now full-time.
\nGraham<\/b>:\u00a0 Yes, that\u2019s correct.
\nKevin<\/b>:\u00a0 Obviously, the pros for you are that it\u2019s giving you the lifestyle that you want and the income that you want, but are there any downsides to it?
\nGraham<\/b>:\u00a0 Look. If you pay too much, obviously, you\u2019re not going to be able to make profit out of it. I don\u2019t see many downsides. They\u2019re quick to do. There\u2019s a lot of big blocks around, people wanting to downsize, and that sort of thing. People don\u2019t want large yards these days, and so predominantly, they\u2019re 10 x 40 when you split them. 10 meters wide, 40 meters depth.
\nKevin<\/b>:\u00a0 Tell me about some of the pitfalls that you\u2019ve come across that you think maybe we can learn from, Graham.
\nGraham<\/b>:\u00a0 One thing was I had to put a stormwater in one out in Wynnum I did. The stormwater was for the rear blocks. The council wanted me to do that in case they subdivided the back two blocks at any point. The reason for that is with the narrow blocks, it would have been difficult to put stormwater through those blocks with the narrow blocks with the houses over once they were installed, I suppose. That was one that I wasn\u2019t expecting. That cost me an extra $10,000 nearly for that one.
\nKevin<\/b>:\u00a0 What are some of the other additional costs that are associated with splitting a block?
\nGraham<\/b>:\u00a0 If they\u2019re already on two lots, which is what I call a splitter block, you\u2019ve just got your costs. Because it\u2019s a business, you pay your stamp duty, legals, and we have to pay GST on the other end because it\u2019s a business. If someone was just doing a one off every now and then, they probably wouldn\u2019t have to pay GST. But as it\u2019s a business, we have to pay GST.
\nThe other costs are normally sewer and water. Sometimes if you\u2019re doing DA for it, the councils may say they want street trees, they may say they want footpaths, things that you just don\u2019t know sometimes. You need to have a contingency in it of a certain percentage to allow for those things when you\u2019re doing your research.
\nKevin<\/b>:\u00a0 How much contingency do you put in normally, percentage-wise?
\nGraham<\/b>:\u00a0 For a property around $500,000, I put in a contingency of about $10,000.
\nKevin<\/b>:\u00a0 Let me take you in another direction. You mentioned splitters being basically a block that\u2019s in two lots already. Would you ever look at getting a block that\u2019s not split in two? In other words, you have to go through the subdivision process, or is that too lengthy?
\nGraham<\/b>:\u00a0 No. I still do that, as well, because the double lots people look on the Internet and see, \u201cOh, the 405 now is worth $300,000; we want $600,000.\u201d They\u2019re wanting in price a lot of the time, so it won\u2019t work. So, yes, I definitely do do subdivisions, one into twos, one into threes, one into fours.
\nKevin<\/b>:\u00a0 Good lesson there that if you\u2019ve got a block that is possibly able to be subdivided, it doesn\u2019t necessarily follow that you have two lots of land that are worth what two vacant blocks are worth, because by the time you go through the subdivision, then getting all the services on, there are substantial costs involved there, Graham, isn\u2019t there?
\nGraham<\/b>:\u00a0 Yes, there is, and knowing where to go to get that done and to be able to get it done quick, because obviously, holding cost is another pitfall of people getting held up. If they\u2019re not sure what they\u2019re doing, the cost of interest on money and stuff like that can eat into it. The other pitfall really is being able to sell it quick.
\nKevin<\/b>:\u00a0 Well, I suppose good people like you always make things look quite simple. But the message there is always do your homework and make sure you understand what you\u2019re getting into.
\nGraham, thank you for sharing your experience with us today.
\nGraham<\/b>:\u00a0 It\u2019s been my pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show we talk to\u00a0Graham Jarry\u00a0who describes himself as a small full time developer. Graham has built a business out of splitting blocks and he tells us how and what to watch out for.   Transcript: Kevin:\u00a0 Hot on the heels of my…<\/p>\n","protected":false},"author":176692471,"featured_media":5196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,35,17],"tags":[101],"class_list":["post-7544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-development-topic","category-property-investment","tag-podcast"],"yoast_head":"\n[Success Story] Small, full-time developer - Graham Jarry - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/small-full-time-developer-graham-jarry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"[Success Story] Small, full-time developer - Graham Jarry - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In today’s show we talk to\u00a0Graham Jarry\u00a0who describes himself as a small full time developer. 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