DA Approved - Now Stuck and looking for options

[westminster]

In the past few years I haven't heard a bad word about Danmar.

In fact they were one of the first builders I noticed tackling low rise apartments on R40 etc.

From everything I hear through the industry they are doing quite well for themselves indeed.

I have heard good things. The only bad thing I've heard is that they aren't the cheapest but like most things you have to pay not to get monkeys

 

[Daveh]

So were definitely going down the road of a triplex. Looking at builders now. Got pre-approval for the loan. Feeling like it's the right thing to do. Looking at it calmly without emotion.

Thanks everyone for your input. It's been a hard slog but could have been a lot harder.

Dave

 

[thydzik]

no harm going down the pre-sale route on your initial 6 unit plans, you will need to fund 30% of the loan with presale. Just requires a bit more work (and cash) from your side, completed working drawings and then advertising. Probably the same amount as if you went down the triplex plans.

what I am hearing about Danmar is they have way too much on their plate atm. Doing a lot of construction for a single developer (http://www.cedarpropertygroup.com)

 

[Daveh]

no harm going down the pre-sale route on your initial 6 unit plans, you will need to fund 30% of the loan with presale. Just requires a bit more work (and cash) from your side, completed working drawings and then advertising. Probably the same amount as if you went down the triplex plans.

what I am hearing about Danmar is they have way too much on their plate atm. Doing a lot of construction for a single developer (http://www.cedarpropertygroup.com)

Yeah its the cash from us that's stopping us. Its OK, we're happy with what we're doing now, the multi dwellings were just too expensive, risky and time consuming.

PS we are keeping the triplex units, we're in this for cash flow.

 

[westminster]

So were definitely going down the road of a triplex. Looking at builders now. Got pre-approval for the loan. Feeling like it's the right thing to do. Looking at it calmly without emotion.

Thanks everyone for your input. It's been a hard slog but could have been a lot harder.

Dave

Good to see you could take a step back and work out a way forward.

 

[Daveh]

Good to see you could take a step back and work out a way forward.

Thanks Westminster, it was a hard choice. But a very valuable lesson learnt. Something I could never have learnt in a seminar, course or any book.

 

[MTR]

Hi Dave
I would start looking at comparable sales over last 3 months in the area for 3x2, this will help when it comes to sourcing finance.
Make sure you have a good broker, I know my broker has sourced 95% for some of his clients.

All the best
MTR

 

[Daveh]

Hi Dave
I would start looking at comparable sales over last 3 months in the area for 3x2, this will help when it comes to sourcing finance.
Make sure you have a good broker, I know my broker has sourced 95% for some of his clients.

All the best
MTR

I'm using Shahin from Elite Finance. Seems very good so far.