Help - local goss on Canberra Office

so crazy question GR but I assume you actually get some people to say yes to your terms? Your strike rate must be minimal (but awesome when it does?)
 
hi AUSPROP
my problem is not getting vendors to accept my terms
my problem is getting lenders to lend money
even to a syndicate.
they still want 65% of purchase price or valuation which ever is the lesser
so if you buy a property worth 10 mil for 65% they lend 4.225 mil
so from day one its a 42.25% lvr and can you get them to budge simply no
so that were alot of my current time is working on.
I am not doing anything that others are not doing low balling
I am just doing it with comm
and distressed comm.
our strike rate was about 1 in ten
we are a bit better now as we only get stuff that real estate think will fall into our requirements.
I do get banks laughing when I give them numbers but when we show the numbers the laugh becomes a smile and then we are at 1 in 5
but no we are not at 1 on 1
and we spend alot of time organising deals and even then they can still fall over due to time
the funder, the valuers or the vendors just can't wait.
but that this market.
also we drink alot of coffee.
because all our deals have to be done in coffee shops where there is no prying ears.
we are very much under the radar especially with funds as they do not wish alot of information out into the fin review so we hve to work slow and easy and then just buy and leave them to explain.
we have group of merry men that when a deal comes up and people wish to invest we invest not to hard in that
and we have different people for different markets
if you did 2 a year similar to this post but at 14 mil not 24.9 mil then you are doing ok and you can just keep pluggung away until it comes up
 
hi TPFKAD
no problem
tell you what
give me a call you have my email and you stump up the 2.49 mil
and I will give you 24.9 mil worth of property that we can buy at 65% of todays val at 10% or above net net return.
and you won't even be quarantor of the loan I have investors that will do that.
but you have to put up the deposit so 2.45 mil and also I take a position so.

oh and before you call that bluff I will buy you that bottle of scotch.
because I have it on my desk.
if you wish if you want proof thats fine just agree to put up the cash and send thru your legals and by all means I will send thru the details if you don't wish to go with it thats fine by me
I have alot more to look at.
as I said my problem is not product its funding and capacity to fund and they are very different things
for me its not mine is bigger then yours
its a case of this is the product who want to invest.
and if you think or wish to invest for me thats fine the more the merrier.
but as I have said before and I think you already know my email is open.
all and anybody that goes into my groups come thru me as I am the major investor.
and this is not any form of advertising per the 2 page disclaimer
 
Hey ??


I ask for proof to back up your claim that you are able to purchase off any sane minded organisation 49.8 worth of property for a purchase price of 24.9.......and you come back with ;

"no problem, I stump up the cash and then we can buy it".


Sorry GR.....that doesn't constitute a shred of proof in my book. Next.
 
hi TPFKAD
sorry some things wrong here
where did the 49.8 mil come from as a value I never had that as my value
and I only work on my value.
just because some one paid to much doesn't mean so do I
( read my post on value) this is an amount that does not have any form of reference and is a figure dreamt up by some person on a day when the sun was shining
well its no longer shining and now we have a true val and thats what someone will pay
and thats 24.9 mil
and what I would pay is 40% less then them
so on valuation they paid full price and I offer 60% of val
which in my numbers is right
just because some one has a val of 49.8 mil does not mean I use it.
why
because I don't
I put my val
which was 22 mil
to low thats fine you pay what you wish.
that my val
( and value is what some one will pay for it)
and at 24.9 they paid for me over val.

oh and you stump up the cash we buy it
never said that at all.
have a re read
I said all come thru me and then and only then do we decide if we buy it
and if I don't wish to buy for what ever reason and thats upto me thats fine we just don't invest or others do without me.
and last but not least
shread of proof in your book
that did make me laugh as it is very funny
I have never nor do i think I would have to prove a shread in anybody books
why
because I have never had to prove myself to anyone.
you wish to or you don't wish to invest is not any form of control by me
and for that matter I did and I do post if you take any info as any form of investment read the 2 page disclaimer.
so proof for me does make me laugh and after a very long day it does give me a good chuckle
oh and if you want to have a chat with vendor that have vals and have to take a hair cut try this one because is in the same group as this posts
fund
they had a val of 27 mil
I offered 7 mil
they paid 28k to value it
the val came in at 11mil
they wipe 16 mil and they want to sell
now I say the val was to high
try that
oh and yes they are in liquidation and yes they are in the fin review
and yes the fund owes more the 600mil.
oh and last yes most people super fund is paying for the loss.
for got one last thing
sane organisation
can you post one
as I have not yet found one
most organisation are a cancer that builds on itself very similar to yeast
and if you can show me a sane one I will give you some insane things they have done.
they only sane one is me so you can't use that card
 
am I a REA
no

ohh... I thought you were.
No wonder I'm liking your posts :)

The commercial market is very volatile and brutal.
That's why banks get nervous when they hear the comm word.
A few years ago there was an 8 story retail/office building almost finished exept 1 floor. Est 500k to finish.
Building cost to date was $8.5mil current rent was $560K
My (syndicate)offer $3mil, sold for $3.2mil
Now which sane person would sell a building that cost them $8.5m to build for $3.2m?
No one!
Only a bankrupt, near bankrupt or a Bank.
And of course after a couple years it could've been sold at a $1mil+ profit.

The Sydney market now seems rife with these as banks ask for lower LVRs, and interest only borrowers who bought a few yrs ago cant make repayments.
And of course other cities may be different.

Ausprop, is it no different than offering 20% of asking price on 100 houses for sale? The process is the same, you are just looking for motivated sellers.
When the motivations comes, it's much stronger for commercial properties.

GR can I buy you lunch or dinner one of these days?
Are you in the CBD?
Galileo's, Altitude, Aria, Take away Pizza or your choice.
 
grossreal;535159 because I have never had to prove myself to anyone. you wish to or you don't wish to invest is not any form of control by me and for that matter I did and I do post if you take any info as any form of investment read the 2 page disclaimer. so proof for me does make me laugh and after a very long day it does give me a good chuckle oh and if you want to have a chat with vendor that have vals and have to take a hair cut try this one because is in the same group as this posts fund they had a val of 27 mil I offered 7 mil they paid 28k to value it the val came in at 11mil they wipe 16 mil and they want to sell now I say the val was to high try that oh and yes they are in liquidation and yes they are in the fin review and yes the fund owes more the 600mil. oh and last yes most people super fund is paying for the loss. for got one last thing sane organisation can you post one as I have not yet found one most organisation are a cancer that builds on itself very similar to yeast and if you can show me a sane one I will give you some insane things they have done. they only sane one is me so you can't use that card[/quote said:
G-R just wondering,can you post the name of the fund,if you can't it's no problem just interested as from what i read there are several Australian funds in the same boat and the number that are hidden would be the same, i like your style you only have to crack one of those deal;s once a year and you would be laughing well done.willair..
 
hi willair
not really this is a open board and for that reason I don't think it would be the best place to name them
I can understand your wish to know
but its the same reason that we can go under the radar.
you to could do the same they say you are 7 hand shakes to any one on this rock you just have to know the 7 hand shakers and thats where alot of work goes in.
oh and alot of people here would also know these funds
as alot here would be share holder in them
so the last thing they would like to here is that I am working on my info and there info is alot different to theirs. alot of these deal go off my table and then have a funny way of comming back
and my price goes down not up
I read today that walkers are looking at canberra in a big way and if you read the article the only buyers are privates( and that syndicates) in the 3 to 30 mil mark.
and if you read the syd heralds comm section this week it will explain the reasons why and who is buying and why funds have to sell
so they are just saying what I have been looking at for some time its good to be infront of the local news.
I would like to give info from a passed deal but I think alot of the information these groups would like off a board so have not posted them.
and I am not sure that they other members of each group which are not somersoft members may well not be as happy.
if there is a somersoft person in the group and they agree then I will post it.
I think that fare for me I find that when you post a deal people always like to pick it to bits and try to make out it not a good deal for what ever reason and then if it is a good deal try to pick the poster apart or get behind the deal and that part I don't like
as we do wish to have to many spot lights on our projects as don't mind people getting involved but like to have our little merry men working away at what we do best.
in the case of this post
I have posted why I don't think it was a great deal for me and the returns are very low for whats in the market at the moment
and if it was a great deal
simple question why didn't walker group buy it
they are cashed up
they are buildingin the area for the gov tennants
and they are aiming at alot of money into that market
they could buy hold refirb and release
why the returns not high enough
1 thing I will say
make your plans
make your spread sheets and then add the numbers of the property if the numbers don't add up on your spread sheet walk away and find one that does
 
they still want 65% of purchase price or valuation which ever is the lesser
so if you buy a property worth 10 mil for 65% they lend 4.225 mil
so from day one its a 42.25% lvr and can you get them to budge simply no
so that were alot of my current time is working on.

I'm being offered 70% of purchase price @ ~5.8 fixed interst only, 3 yrs. 5.45 var.
 
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