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"Success comes to those who keep trying" What a ride Michael. And to sell one "off the bat" must be a thrill and welcome change of luck. I must commend Michael for baring his soul here with a "warts and all" account of the trial and stress of developing. As someone who has done the same for...

More like homes than apartments. Look great! As for your reply re financials: sounds seriously complex and hence effective:D Well done! Peter

Great Outcome Michael and I note the CF+ aspect but can how are you treating the interest paid so far. I know you have aCompany so have you simply capitalised that debt into the entire loan? IF so, then a CF+ outcome is very very very good. Regards Peter

Hi All and Michael Inspection Day would be great. A short presentation on the project like: the five things that went right, went wrong, and 5 lessons learnt for say 30minutes would be welcome. Might even drag the "princess" up. Regards Peter 14.7

Michael deserves big Kudos for being so honest and open about his project. Developing is NOT for the faint heartened and it is frustrating to see PI mags giving glib one page review on someones project, at the end, when all is good. We never see one where they lost the lot? What we read here...

AWESOME! Ok, I said it first and expect a 10% finders fee. Here is my idea to save you even more Money! Write a book on the project, warts and all, do and don;ts and then do the morning shows, etc... Make say $100k I think so I expect $10k in small bills. Peter like cash;)...

Well done. MW. Price chasing is worth it and really: who looks at turntables to see where they are made it is only three cars so it not gong to work hard very likely with modern cars they will be able to turn without the turntable anyhow (back in my design days turning circles are...

Well done Michael. The saving you have gained in chasing quoting and sourcing shows what time and brains can achieve. Sadly, it also shows the building industry is in decline when it comes to paperwork and attention to detail and duty of care. The builder should have time to do this for...

In simple terms I understand it as: Michael is developer as a Company then company tax 30% applies. CGT does not apply and there is no tax free threshold and no neg gearing. Simple profit or loss. It is essentially this: a pty ltd business that spent capital (land and building) $$$ to...

Ditto, "development be a harsh mistress". Thanks for keeping us in the loop. Regards Peter 14.7

Must be great to start Michael! Will watch with interest the wins and losses as that is the development game. Peter

Actually you are right which is stupid. Why cannot someone sell thier home in the North Shore for say $2.5M and downsize to a $900k apartment. The objective is to keep local in the areabut free up 99% empty houses. Disappointing. The amount of those over 65 buying over $600k would be minimal so...

http://www.smh.com.au/business/zero-stamp-duty-lure-as-nsw-posts-surplus-20100608-xs4u.html May interest you Michael. Tweak the apartments to target over 65 in the area? Peter:)

Well done. :) Your thread should be linked to all the newbies on SS who coming with " I want to be developer" to illustrate the stress, costs, time and risk involved in even a small 3 apartment development, albeit on the North Shore. In a year or so when you have $1M in the bank and...

Giday Michael Only just noticed this thread. What the latest? All sounds good! And are you affected by the new/ proposed up to 4% levy (read tax) on developments approved for Council by the State Gov. or is that for only old approvals. I tried to find info on web so perhaps it died. Was...