Forum Replies Created
We are working in the construction industry in Rotorua NZ.
Icon : Innovative Construction
Project manager/Builder/CAD Drafting Service.Thanks
Hey Islandgirl
How far is this town from the nearest city? How have the values of the houses changed over the last couple of years (agents can tell you or research on the net)
What attracted you to consider buying in this town?
Good luck and good on you for looking!!Hi there
Sorry looking in NZ
Thanks for your thoughts
HI there
Im based in Nz, but I go into the council and look in the property file, sometimes there are names and contact details in there, it is free to look at the file, I wonder if it is the same where you are?Good luck[suave2]
Hi there
We have done a joint venture with family, it went off well, everyone made money…………though I must say that I am reluctant to try again, I would much rather go it alone, have total control over the project. In saying that though Im aware that I am limiting ourselves, I guess it just depends what you are willing to do at the end of the day.
Over the last few mths we have approached several family, friends with projects and initially they are keen, but for one reason or another it doesnt pan out, their funds are tied up, perhaps we discover that we are wanting to achieve different things.
Its all a part of the game I suppose.With the joint venture that we did, we were all agreed on what we were wanting to achieve, who would be in charge of what, what the profit split would be etc, so everything was clear from the start, and there was a high degree of trust between us all. Like I said, we all made money and our friendship is still intact. The only thing that I would do differently would be to have everything in writing in case the next project didnt go as smoothly.
Keen to hear others stories
Great to hear of these creative solutions!
Good stuff, thanks for sharing
Hey Kiwi
Interesting situation, all sorts of surprises pop up in this game aye?
All the best in finding a solution…..thanks for sharing.Thanks for clarifying the situation!
[biggrin]
Hi all
By saying ‘you ensure that you are able to reassign the option’ do you mean that you sign the contract ‘and or nominee’?
Thanks
Hi there
I am in the process of onselling some land that I bought using an option. I have not disclosed the onselling price to the original vendor, there doesnt seem to be any need to? He just wants the money that we agreed to initially. He understood that at the time that I took out the option that I would have exclusive rights to do what I like within the option period. We were tossing up whether to develop or onsell, and decided to the latter option. So we actually onsold the land, not the option. I personally dont see any problem with this transaction, we are all getting what we want……….arent we?Hi Elka
The original owner (as far as I am aware) had only tried selling the land privately, however I listed it with an agent. He was very happy to sell it for the 10k price.
Obviously it was competitively priced when I listed it with an agent as we had two offers within a short amount of time………….Im not sure why the original owner didnt do the same, all I can say is that he didnt??
I am looking to find vacant blocks inthe same area, and do the same again.Hi there,
I didnt onsell the option, I didnt even think of doing that. I put the land on the market, and onsold it, making sure that settlement date was the same for when I purchased and sold it. So yes the title went into my name for a brief time. All that my solicitor needed to do was shuffle paper, though he advised that I should have the funds to purchase the land in case my purchaser fell through.
In all it was a deal that cost me $500 up front, and around 20hrs work for $15k return, not bad….
Interested to know about your deal…..
All the best.Hey there
Regarding……
7. You do not have to factore in Stamps duty if you flip it or Lease Option or assign it….
I have been told the contrary, stamp duty will be payable if you flip the thing….
Some kool ideas, good to think outside the box huh??
Good work all
Hi guys, thanks for your thoughts.
Geoffbeck, it wasnt gambling for us, though there is always some kind of risk involved in investing huh? Calculated risk though.
Anyway it didnt seem risky to us because we had done the homework on developing the section, and the numbers worked that way, and the numbers also worked if we decided to onsell it…..so very little risk and huge opportunity!!
Anyway because we have decided to focus on another development we decided to onsell, take the cash and use it to fund the new project…..Ktmaes
I emailed the vendor, he was selling the land privately, and so I made initial inquiries about what he was wanting price wise, and how long he had been trying to sell the land, why he was selling etc. Then I just said to him that we were very keen, however wanted some time to think about what we would do with the section, and what did he think about accepting a deposit of $500 now and giving us 3 mths to sort ourselves out. He was puzzled I think about why we would do that, but we were confident that if we could control the property for a period of time we would work out how to use it to our advantage.
Anyway that was around Xmas time, and he seemed keen to get his hands on the $500 and he wasnt having much luck selling the thing so he agreed, and just like that it was done!! I think that you need to find out where the vendor is at, and how you can help them get what they want, and use a strategy that will suit the situation…..I have tried using other creative strategies and thus far havent had success with other strategies, but I will keep trying and asking and who knows, it might just work, however you never know until you ask!!!!!
I drew the purchase contract up myself with the help of someone experienced, and ran it past my lawyer, and it was done………cant believe how easy it was………must try again!!
Would love to hear others stories and experiences …
I am happy to answer any other enquiries…..Hi Terry, little town in NZ………I was surfing the internet late one night and came upon a guy who wanted to get rid of his land for cash, or was keen to exchange it for a ute or boat…….well I was fresh out of those, so I made a proposition and he liked the idea. We were planning to develop it, but decided to onsell. It was only on the market for under 2 weeks and we got two offers, so GREAT!!
Its kool to see that these creative strategies work!!!
ON to the next one huh!!HI there
Just wondering if that loan is available Nz wide?
Thanks
Hi there
I can verify what has been said regarding eligibility for FHOG even though you have an IP.. I know that this is a definite possiblity in Queensland. I have spoken to the relevant departments to verify this. Try ringing the relevant govt departments, they will set you straight.
All the best
Mai
Hi there
Cant answer all your questions, however I was wondering why did you buy the property? What was the purpose behind it?
I ask this because Im wondering if the property is achieving your purpose for having it?
Once you know the answer to that, it may be easier to make the necessary decisions, whether to sell or not?All the best
Hope this helpsHI Chris
Thanks for all of that, really helpful
We havent actually purchased the land as yet, we are setting up a contract to buy it on an option. Therefore your advise is much needed before we actually put the land into our private names. Under the contract we will have 3 mths exclusive rights to buy the land, which just gives us time to work out the details of the development and set up a trust!!
We are looking at selling the home in around 6 mths, so under the trust structure is it correct to think that we wont be up for any CGT but we will be liable for income tax???
We may have some money partners involved of whom we were going to pay out of the proceeds of the development, they are NZ based, what tax implications will this present to us?
Thanks again Chris
Look forward to hearing from you, if you think it better to have a chat, please forward your number and available time
Kind regards
MaiNice going guys!!
Im lovin it!!
Did you get an answer on your proposal Dr Y?
