wilko1 replied to the topic Researching a Developer in the forum Help Needed! 7 years, 6 months ago
Does anyone have any experience with this developer?
No, sorry.
How do you protect yourself from developer insolvency risk?
Not really any risk of that, There is actually greater risk with the builder (unless you are calling the developer the builder in this post). If you are buying a house and land package then you are settling and purchasing…[Read more]
wilko1 replied to the topic UK based Mentoring program-Worth the money? in the forum Help Needed! 7 years, 6 months ago
Hi Mitch, You don’t need to spend the 40K.
Its not any better in the UK then it is mastering Australian Property
They use various NLP techniques to persuade you to invest, I hope you did stay away.
You could of invested that 40k into paying consultants and specialists here in Australia for months and months and learnt off of them.wilko1 replied to the topic Finance for subdivision investment in the forum Finance 7 years, 7 months ago
Well I should say, fund it with your Line of credit so you can claim the interest and sit your savings in a offset against your PPOR until required (use last)
wilko1 replied to the topic Finance for subdivision investment in the forum Finance 7 years, 7 months ago
Set a line of credit or similar up with your current lender and then go to another lender that is interested in Construction loans. If you are just dividing the land and selling though as land only, Most banks will consent to the division unless value of the new security (new blocks of land) is less then the current property with improvements (if…[Read more]
wilko1 replied to the topic Developer help in the forum Value Adding 7 years, 8 months ago
Most likely, your family member contributed the land as equity or their “contribution” to the deal and the developer put forward the cash for the upfront costs.
What part of the construction finance are you not able to come up with, the equity (you might have it in your land you already own) or the servicing ?
wilko1 replied to the topic Retain 1 of 1 into 5 development in the forum Legal & Accounting 7 years, 9 months ago
Move into the highest net profit dwelling after apportionment done. Sell remaining 4.
wilko1 replied to the topic Retain 1 of 1 into 5 development in the forum Legal & Accounting 7 years, 9 months ago
Move into the highest net profit dwelling after apportionment done.
wilko1 replied to the topic Building a Meriton tower?? in the forum General Property 7 years, 9 months ago
Develop the building yourself ?
Invest in a fund, Joint venture, Crowd fund, Go it alone.wilko1 replied to the topic CGT liable? in the forum Legal & Accounting 7 years, 9 months ago
Did you rent it Immediately after owning it ?
Most likely yes there will be some but apportioned for the time rented vs PPOR. I am sure another one of the experts will give you further detailCheers
wilko1 replied to the topic Validation on Costing for Property Flip (QLD) in the forum Help Needed! 7 years, 9 months ago
Thanks Ethan!
Just had to amend that IRR. The feaso (feastudy) program did not like a value (less then 3 months, must be a glitch). Calculate using the feasibility program.
Estate Master will do it for you as well, and will also let you included a cost of capital as well, (as you say money invested is money not offset, which is a cost).
Plenty…[Read more]wilko1 replied to the topic Validation on Costing for Property Flip (QLD) in the forum Help Needed! 7 years, 9 months ago
Hi Greg
Where I would trim the fat in your fictitious flip is this.
– Holding costs, 6 Months to complete renovation, way to long (are you just working weekends?), Speed is the key. (If the renovation could take longer, get early access on a unconditional contract, finish the renovation before you even settlement, some risks here, You would…[Read more]wilko1 replied to the topic Validation on Costing for Property Flip (QLD) in the forum Help Needed! 7 years, 9 months ago
Hi Greg
Where I would trim the fat in your fictitious flip is this.
– Holding costs, 6 Months to complete renovation, way to long (are you just working weekends?), Speed is the key. (If the renovation could take longer, get early access on a unconditional contract, finish the renovation before you even settlement, some risks here, You would…[Read more]wilko1 replied to the topic Validation on Costing for Property Flip (QLD) in the forum Help Needed! 7 years, 9 months ago
Hi Greg
Where I would trim the fat in your fictitious flip is this.
– Holding costs, 6 Months to complete renovation, way to long (are you just working weekends?), Speed is the key. (If the renovation could take longer, get early access on a unconditional contract, finish the renovation before you even settlement, some risks here, You would…[Read more]wilko1 replied to the topic Validation on Costing for Property Flip (QLD) in the forum Help Needed! 7 years, 9 months ago
Hi Greg
Where I would trim the fat in your fictitious flip is this.
– Holding costs, 6 Months to complete renovation, way to long (are you just working weekends?), Speed is the key. (If the renovation could take longer, get early access on a unconditional contract, finish the renovation before you even settlement, some risks here, You would…[Read more]wilko1 replied to the topic Need help – which structure should pay my income in the forum Finance 7 years, 9 months ago
a) Hire yourself as property manager for 2 years.
b) only take out commercial loans, or deal with the commercial lenders so they can assess your loans as actual, not at 7.2% etc.wilko1 replied to the topic Inspections in the forum General Property 7 years, 10 months ago
Just request the agent ask the tenant to send you a photo, really a 1 minute activity
If the agent cannot do that. Get a new agent, bet you will have the photo within the hour.
Your paying the agent to manage your property not have them manage you.wilko1 replied to the topic Developer Woes in the forum General Property 7 years, 10 months ago
Hi Darren
A disappointing story to be sure when you just want to be heard and are treated indifferently.
One of the issues you are having here is you constantly approaching different builders.
Approach a building designer only, agree with that designer that you will own the copyright of the plans so that if you choose to tender with multiple…[Read more]wilko1 replied to the topic Seeking Help on First Development in the forum Help Needed! 7 years, 10 months ago
Good job on the buy and hold position. Now see if we can put some detail into your questions.
– I have read many posts containing horror stories about the time for DA approval, why is there so much uncertainty with the time for approval? How can it vary from 3 months to 2 years and What is it that is actually taking up this time? Is it purely b…[Read more]
wilko1 replied to the topic Seeking Help on First Development in the forum Help Needed! 7 years, 10 months ago
Good job on the buy and hold position. Now see if we can put some detail into your questions.
– I have read many posts containing horror stories about the time for DA approval, why is there so much uncertainty with the time for approval? How can it vary from 3 months to 2 years and What is it that is actually taking up this time? Is it purely b…[Read more]
wilko1 replied to the topic Seeking Help on First Development in the forum Help Needed! 7 years, 10 months ago
Good job on the buy and hold position. Now see if we can put some detail into your questions.
– I have read many posts containing horror stories about the time for DA approval, why is there so much uncertainty with the time for approval? How can it vary from 3 months to 2 years and What is it that is actually taking up this time? Is it purely b…[Read more]
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