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I gave it a good go but there is just too much to say... so after a few attempts and a few paragraphs I have deleted it all and would just say "steady as she goes, you are on your own and sometimes bad things just happen" the last part of that will become apparant when I lay out the details...

yes it was a hard knock but others were doing it harder - I know guys that had put together $20m+ and did the lot. And when the dust settles you wonder what you were trying to achieve anyway which is the strange thing?!

well, in hindsight I can't argue Dazz. Development can be great, I have made huge windfalls from it, however I should have eased off and protected my capital better.

thanks. you can only go onwards and upwards. I've followed the hot money and am into the next thing now - hence why I wasn;t posting on here for a long time, but I do enjoy property and think I will always be messign around with it in some form. next 6 months should be telling....

I actually have some stories to tell that have unravelled over the last few years - I plan on posting it all on here eventually. I think alot of people would find them incredulous... never been a dull moment that's for sure.

yeh not good. after sinking a couple of hundred thou into plans etc we had an awesome product ready to roll out. unfortunately we were financed with westpac (luckily not the st george part because they just liquidated all their developers on the spot). nonetheless westpac were brutal, lifted all...

yes it is a shame as it would be an awesome project for the resume. still, we have a hand in it and completing it will earn good credentials with the bank. KPH is a realist and accepts it for what it is. he has had a few other issues to contend with that are unrelated to this and hence we...

well not overly good! the valuation went up nicely when we got DA and things were ticking along beautifully. Then the GFC came knocking and the banks stopped lending. So in a nutshell, despite very large profits being obtainable (even in today's realistic crunched numbers) we can't get to the...

it was a forum tho nonetheless. since those days I think we have both moved patronage to SS. Actually I forgot about the other one - may click over there to see what's happening...

absolutely

well it took about a year and we learnt some lessons, but KPH and I can proudly announce that last night we finally had DA passed thru council! times have been fortuitous for us. since buying, rents have gone from $400sqm to just touching on $600sqm. the land value has gone from $3300sqm to...

sounds good... blocks of dirt in west perth arent too abundant, at the right price even more so!

thanks for the kind words guys.. "If the Council allows you to pop on ressy stuff on top, obviously the rents will be cr*p in comparison, but better than nothing. Are you looking at flogging that stuff off to pay down some of the debt incurred ?" I will do some more modelling on the...

Hi Dazz... yeh that history is pretty much it. Wish we had bought it at the auction. Rob was sayign tho that even if we had been there, the biddign would have kept going anyway. Our worst case scenario has development at the ratios you indicate, however there may be a twist. Keep you posted!

Well I have talked enough! On Wednesday KPH and I joined the club - went in 50/50 shares on a mixed use block of land to construct office space and apartments/penthouse above. I am surprised how excited I am about it, maybe because it's just a nice change from resi. Have worked all our best case...