Hi Guys, Jacque asked me to post the details of my latest acquisition so here goes... Those of you who have been following my deliberations and aspirations would know that I've been in the market for a property for some time now. I originally set my sights quite low, aiming for a $550K odd reno in my local valley. These started ratcheting up to $600K for something that needed a lot of work and left virtually no post-reno margin in them. So I set my sights a little higher and started thinking duplex. I offered on a block for $640K that I could have put a duplex on and taken a nice little margin out of it but missed that one due to a dutch auction and a myopic vendor. So I moved on and set my sights a little higher again. Eureka! I am now the proud owner of a MUH zoned site in Mona Vale on 680m2 for the all in price of $680K. Only a touch up on the duplex site and not that much adrift from the bottom level renos on small blocks in this area. The median for Mona Vale for a house and land is $800K, and modern townhouses in the street I've bought in sell for that mark or more. Some up to $1.2M. My plan now is to go the whole hog and develop it. At 680m2 I can put three on it according to council's DP. My max site coverage is also 50% so that's 3 townhouses at 113m2 each max. They'll be two stories high as my max height is 8.5m. I've exchanged contracts and am now in my cooling off period. I pay the remainder of the 10% on Thursday, then its on a three month settlement (there suggestion not mine, but I'll take it). I've then got 12 months to do the whole due diligence thing and come up with an architect, plans, council approval and a builder. I can't start building for at least 12 months as I've given the vendor a 12 month lease back arrangement as a sweetener to seal the deal. They get a reduced rent on a 12 month lease and I get an $80K discount, not bad hey! Watch this space. I'll keep you posted as I progress the development. Cheers, Michael.