HI guys,
Really would like to get some words from anyone who has delt with "Ninety Four Feet" before.
They are a Melbourne based company and I am interested in one of there projects.
It is off the plan, I know, I know…off the plan, risky, risky.
I have done all the research I can and have spoken to them but would like to
get some words with someone who may have had first hand experience with these guys
or heard of someone who has.Packer
Hi Packer,
It's ok to go off the plan, just be aware that the developer is making their money from you. There are plenty of ligit developers out there just need to check them out thoroughly. Find out what else they have built and go see it, ask for clients you can call to talk to about previous developments.
Get a good solicitor to check out the contract, check exclusions as well as inclusions, you don't always get everything you think you should get. Check the directors on the ASIC site see who they are then google for court cases etc against them.
If it is a rising market people try to get in "off the plan" then sell when complete to make a profit. That is where a huge risk lies. If you are buying off the plan and doing buy and hold make sure the numbers work for you. You can't add any value once the property is finished so you need to be happy with all the numbers straight up.
Do you mind telling us where they are developing?
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeDWolfe wrote:Hi Packer,It's ok to go off the plan, just be aware that the developer is making their money from you. There are plenty of ligit developers out there just need to check them out thoroughly. Find out what else they have built and go see it, ask for clients you can call to talk to about previous developments.
Get a good solicitor to check out the contract, check exclusions as well as inclusions, you don't always get everything you think you should get. Check the directors on the ASIC site see who they are then google for court cases etc against them.
If it is a rising market people try to get in "off the plan" then sell when complete to make a profit. That is where a huge risk lies. If you are buying off the plan and doing buy and hold make sure the numbers work for you. You can't add any value once the property is finished so you need to be happy with all the numbers straight up.
Do you mind telling us where they are developing?
D
Thanks Dwolfe, It is the Brickworks Kilns in Brunswick, the contract seems a little on the developers side, but I am assuming they are all a little like that, it's like you said it's all on the developers.
What is the ASIC. This wont be a buy and sell on completion definately a restrategise after 5 years.Felipe
http://www.asic.gov.au/asic/asic.nsf
Banned list
http://www.search.asic.gov.au/cgi-bin/grb040c?FORMID=a
Find out about a company
http://www.asic.gov.au/asic/asic.nsf/byheadline/Registers?openDocument#companies
Go for it!
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeI went to AFS banned/disqualified persons and a few names came up. Is this something to be worried about???
I'd suss it out with your solicitor see if they can shed some light on what it actually means for you as investor, they can look at they why and how from a legal aspect as well as help you with the contract etc.
Good luck keep us posted.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHave you heard of the "Hoffmans Brickworks Apartments' in Brunswick, Melbourne?
They are re-developing the old kilns.Sorry don't do inner city areas. I've only seen you mention them quite a few times
. I also don't buy off the plan as I am selling instead.Good luck doing your homework, sometimes it is had to find out information when investing but the more information you have, the better a decision you can make.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHa ha, trying to get some others view maybe even someone who has also bought there,
no such luck. It is risky, quite a complex contract due to Heitage overlays but I believe the price is right
for a 2 by 2 loft apartment in this area, there is only 28 dwellings between the 2 Kilns, unique.
I don't mind risks, also bought in Brazil last year, now that gets your blood flowing, risks.
I think when I bought this apartmment I invested in Brunswick more than the property itself.
Atleast that's what I keep telling my self. Thanks mate.
. I also don't buy off the plan as I am selling instead.You must be logged in to reply to this topic. If you don't have an account, you can register here.
