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Hi Blacky, just! :) My wife is still suffering from the process, despite the outcome. It was tough and shows development is not for the feint hearted. Keep up the good work on your development! Thanks MTR, I think a few of us had that vision and awareness but it took a little longer to...

Thanks Pieman, Just noticed this post belatedly now... :o Yes, they've certainly looked after me. I'm now comfortably cash flow neutral on this development with over $1M equity in them. They're set and forget and low maintenance with good tenants. If sydney's recent 15% annual price...

Hi Guys, Time for a bit of a closing update on this thread... Well, they're all tenanted now. We got: Unit 1: 3 bed townhouse ($700pw) Unit 2: 3 bed + study downstairs unit ($850pw) Unit 3: 3 bed upstairs unit ($795pw) So, works out to be about $10K a month which is what I...

Thanks so much everyone. It has been a rough ride with lots of ups and downs but its good to be out the other end now. We're going to kick into building our new home in Brisbane this year then take a well deserved break from developing for a while. I still want to buy that Bavaria 42 yacht...

Hi Guys, Wow, what an amazing weekend! First, and foremost, I've got to tell you about these awesome neighbours I have down there next to my site in Mona Vale. Hope you're reading this Kevin and Julie! I got an email from my PM saying they wanted to get in touch just to say hi and...

So is anyone coming to the open tomorrow? :D If you are, I might see you there as I'm thinking about dropping in to see how it goes. Cheers, Michael

Thanks mate, And, in answer to your question, yes they are. They generate $125K or thereabouts in rent and it costs me about $95K in interest. Even allowing for other expenses I think they're CF+ at current interest rates. Of course, I still have deductions so it reports as negative geared...

Sorry for not posting for a while, I was working through the final phase of the project, but finally we made it. We've finished the development and have now listed them to rent! Anyone interested in having a look, they're open this Saturday as below: Unit 1 - 2 bed + study townhouse...

Hi Guys!! Yes Andreas, I do intend to have an open where everyone on Somsersoft is invited to stay back and share a beer and listen to me dribble on about the development. As soon as we get through the next two weeks I'll arrange a date and post it here. And, yes, those happy snaps...

Hi Peter, No, under my structure, all the property loans are actually loans to purchase units in the trust so the interest is deductible against my income. They haven't been capitalised into the development cost. But there's carried over losses so for the next 18 months I'm likely still...

Hi Everyone, Just a quick Friday afternoon update on how things are progressing... We're finally coming down to the wire. Just the usual last minute overuns that I expected from this builder. They'll also want to fight about the last milestone payment no doubt, but that's for next week...

Thanks Jacque! Yes, its been good posting on here and getting some of this off my chest. The support on SS has been great. Matto, I must admit that I personally selected this builder as I had a previous relationship with them. Would you believe I met them through Somersoft! :eek: In...

Thanks guys, I think I've played it pretty well and will sort out a successful completion shortly but it has been a very difficult process with this builder. To Wylie's point, I did appoint a third party builder on a fixed price contract with liquidated damages in place and a detailed...

Hi Guys, I don't normally link my own posts, but this was just too prescient. Its now mid-October and they're still not finished. I've been flying down fortnightly of late to try and keep things rolling but it hasn't helped too much. I documented the remaining four weeks work at the...

Good plan Peter! Keep it short, but might be interesting for those budding developer types out there. I've learnt heaps through this little build and would be more than happy to share the good and bad with my Somersoftian buddies. Cheers, Michael

Hi Andreas, Yes, we're definately getting close now. The fitout is almost finished with just little things like the balustrading, shower screens, external privacy screens etc remaining. We've moved onto external landscaping now with the hard landscaping well underway. Should have the paths...

Thanks MIZBUF! Still costing me sleep at night, but at least we're coming down to the wire now. Looking forward to having tennants in. Cheers, Michael

Hi mate, congrats on your completion! Great work!! We're almost there, and just working with the builder now on the final landscaping piece and anticipate we're still a month or two away unfortunately. But its close. If they throw resources at it it could be 3-4 weeks, but will likely be two...

Hi Philip, Many thanks! We're not quite home yet but we're getting close. I understand from talking to all my professional friends in this space that one of the hardest things to do when developing is "finish" the job. I'm still struggling to get the builder to approriately resource the...

Hi Ace, Is your build complete? Yes, I just fired off the approval to my surveyor to kick off all the Strata Certification work. There's a fair bit involved, but we're close enough now that we can kick it off. Still moving along slowly but getting closer every day now. We've got all...