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update It is booked for settlement tomorrow. The financing is going down to the wire! Managed to get finance for the Melbourne project build (already started but not quite at the base stage yet) with the lender of our choice about a week ago. This allows a bit more $$ being at my disposal...

Update From early Jan we engaged the company that did the DA to proceed with working drawings, structural and hydraulics. They are competitive in their pricing and threw in landscaping for nothing for this project. Things are progressing on track and I expect those finalised by the end of the...

Maybe NSW developers are too busy making money :D

Yes QLD is very high...

Hi Shahin, No working drawings or engineering plans at this stage. I have no background in building but I guess it will be combination block work and light weight framing. The numbers came from talking to builders as mentioned earlier and 210k-220k was the narrow range (which was a bit...

Thanks Westminster. Just a burning question that I was gonna ask the accountant when he comes back. But now you have clarified it.

Hi Brendon, Been following your Sunshine thread for a while now. Congratulations the units look great. I got a 4 pack in Melbourne on the go currently. Hoping to wrap it up second half of this year. Just a question on your decision keeping all three units. What is the effect of that on...

Indeed very similar. Good on you for getting back on to your feet. I know the stress that comes with a bad financial decision, the depression, the reality check. Hopefully these experiences make us stronger and wiser. It is always to better have a go then die, than die wondering. All...

Hi Caferacer, Thank you for clarifying that up. I would very much love to hold the units but the fact is that the high debt taken on would be prohibitive to future ventures. Would love to hear about your development soon.

Hi cafe racer, Thanks for the explanation. Will consider. 65% of the end value will be unlikely that high as my understanding is that valuer tend to value 15-20% under.

Gst My accountant is away on holidays currently. So any help from accountants will be much appreciated on this one. If I was claiming GST input credits along the way with the intention to sell on completion (Margin Scheme) but end up changing my mind and hold the units. What happens to the...

Plans attached for those who are interested. Slightly slopy site with some cut along the south-east boundary. High side of the street facing city. We were not involved in the designing process up to this point but the GFA was impressive and both height and building envelope were pushed...

With the percentages that you have just outlined, does it depend on the deal, the borrower or neither or both? What is a GST companion account?

Hi Caferacer, It is interesting. You said that from a finance perspective. We have been looking and actually finding it very difficult to achieve 20%. And competing against builders doesn't help. But I guess they should be near 30% if they actually have the luxury to wait and buy well. So...

Hmm, where to start? Did not see the looming over-supply but in hindsight it was blindingly obvious Overcome by greed and detached from fundamentals Locality chosen more volatile as it is outside capital cities DA and On-Sell is not a viable exit strategy (my plan B at the time) in most...

A company whose director also post in this forum, although infrequently. They have a track record of helping clients complete project this size. I will send you a PM if you need to use a project manager.

The first development set me back a lot. But I just had to get back up and keep going. 750K is 30% of TDC. Alternatively I calculated End Value minus 20% in one line discount valuation and it is also 30%. So that is my 'skin' in the deal when I reach peak debt in December or thereabouts...

Hi Gradeng, Thanks The site is LMR 2 (2/3 storey mix). The site cover is 54% and GFA is 87%.

I have been an avid reader of this forum for 5 years now and I have learned an incredible amount of knowledge from this wonderful community. It has played a large part in my short investment life and there are many well known forum members who helped me out/shaped my decisions along the way. Big...