Hmmm....don't know what to make of that to tell you the truth. Thanks Mooze for highlighting it, certainly nothing in the available literature about that.
Help - local goss on Canberra Office
- Thread starter Dazz
- Start date
Hmmm....don't know what to make of that to tell you the truth. Thanks Mooze for highlighting it, certainly nothing in the available literature about that.
I find that they are WiilG. In a word - pleasant. The REA's do a brilliant job informing the prospective purchaser's about each opportunity when they know you are serious.
I'm guessing that would be Google street view? That's really cool stuff available for many streets and towns in many parts of Australia.
Hi Geoff,
See my PM to you mate. I'm sorry if you took my reply the wrong way. I'm absolutely hopeless at all of that emotional stuff and clearly stuffed up again. You'll have to get in line, cos 3/4 of the forum thinks I'm a total plonker. That's what the P stands for. I have no excuse.
You'll be glad to know however, that as of about 2 hours ago, after some serious negotiations with the Bank, I was unsuccessful in my attempts at releasing sufficient security to act as a deposit for this opportunity.....so, it died a quick and painless death. Some other poor sod will need to carry the risk.
However, 3 very large locks were removed from our X-coll straight jacket today that the Bank has us in, so we have quite a bit of room to manouvre. Opportunities like this will come again soon, and perhaps we will be in a position to pounce.
If people are interested to see what deals like this are like, I am quite happy to post up some rough figures. They are happening all the time, it's just that we never discuss them here on this forum.
Although, better still, if people think I am dodgy enough, perhaps they might wish to jump on the bandwagon and we could have a crack at slaying this dragon in a tag-team type of way. Not that I could ever endorse doing business with myself. Very dodgy stuff indeed.
See my PM to you mate. I'm sorry if you took my reply the wrong way. I'm absolutely hopeless at all of that emotional stuff and clearly stuffed up again. You'll have to get in line, cos 3/4 of the forum thinks I'm a total plonker. That's what the P stands for. I have no excuse.
You'll be glad to know however, that as of about 2 hours ago, after some serious negotiations with the Bank, I was unsuccessful in my attempts at releasing sufficient security to act as a deposit for this opportunity.....so, it died a quick and painless death. Some other poor sod will need to carry the risk.
However, 3 very large locks were removed from our X-coll straight jacket today that the Bank has us in, so we have quite a bit of room to manouvre. Opportunities like this will come again soon, and perhaps we will be in a position to pounce.
If people are interested to see what deals like this are like, I am quite happy to post up some rough figures. They are happening all the time, it's just that we never discuss them here on this forum.
Although, better still, if people think I am dodgy enough, perhaps they might wish to jump on the bandwagon and we could have a crack at slaying this dragon in a tag-team type of way. Not that I could ever endorse doing business with myself. Very dodgy stuff indeed.
OK Dazz. Since this deal is dead and burried hows about posting some figures and strategies that you were gonna utilise to get this deal through. Would be beneficial to work through a real life, real time case study that will not have any affect/bearing on your investment direction or standing.
Wow, this thing must really be top level secret, sent you the PM but nothing came of it.
What you have written in BOLD is a very definitive statement. Not many things in life are that black or white, especially when it comes to purchasing property. Are you an authority on this types of buildings ?? cos I'm a complete novice.
The last 6 properties we've purchased have all been ones that people wouldn't touch with a barge pole, so I'm quite used to people saying that.
It's OK - I'll ask the CEO's of the three Tenants, I'm sure if there is anything drastically wrong with the property, they'll soon let me know.....or failing that, the disclosure forms necessarily completed by the Vendor.
Good to see ya making headway
Always interested in good deals, just PM. And have no problems negotiating from low offers. I agree with grossreal on this one.
It seems there are few buyers for RE @ 5-20Mil, so maybe some good deals can be made.
Nothing to do with this, but the top end of town got a bit of a discount on this one.
Half Price Skyscraper
Dave
Half Price Skyscraper
Dave
Dazz would love to see your rough figures as it would be a great way to learn about commercial property.
Thanks in advance
Sheryn
hi
so my 50% of val here is about the money.
and thats 660 mil and I'm talking 3 to 10mil
but the numbers are the same.
interesting that they say it was a foreclosure deal
would love to be there in 5.5 months because it will then go back to market val and they can then refinance and get all their cash back that would be a great feeling
so my 50% of val here is about the money.
and thats 660 mil and I'm talking 3 to 10mil
but the numbers are the same.
interesting that they say it was a foreclosure deal
would love to be there in 5.5 months because it will then go back to market val and they can then refinance and get all their cash back that would be a great feeling
Dunno Grossy - haven't submitted an offer to the Vendor and had it agreed and signed off by them as yet....so no-one has a clue. Canberra is a long way from Boston, and the Vendors aren't going bankrupt in a hurry either.
TPFKAD,
I have left you a PM with my contact details, but I can answer your questions here.
I do have some insight on the commercial real estate market in Canberra as I work for Government Services in sorting real estate matters out. However I did make a mistake on the mentioned property,I thought you were looking at a different property on northbourne avenue and the reason I said DO NOT BUY THIS PROPERTY is because the property I thought you were looking at has a 10 year lease attached to it with a Government tenant in place and seems like they are not happy ( there is a problem with the lease and there is a chance the tenant may walk away from the building). The building you have been talking about has been in Due Diligence for a about 1 week now and the sale looks to be going ahead at 9% yeid.
I have left you a PM with my contact details, but I can answer your questions here.
I do have some insight on the commercial real estate market in Canberra as I work for Government Services in sorting real estate matters out. However I did make a mistake on the mentioned property,I thought you were looking at a different property on northbourne avenue and the reason I said DO NOT BUY THIS PROPERTY is because the property I thought you were looking at has a 10 year lease attached to it with a Government tenant in place and seems like they are not happy ( there is a problem with the lease and there is a chance the tenant may walk away from the building). The building you have been talking about has been in Due Diligence for a about 1 week now and the sale looks to be going ahead at 9% yeid.
hi
never say a fund or group is never going into trouble
b&b were never going to have issues
cp1 was going to be one of the best funds around
capital finance was the shining light for bankwest
storm was a group that hell of alot of people looked at and said that its great they are making money.
twiggy was think that there was no end to the commodity market.
and gerry would never have thought he would drop 1 b in about a year.
and there is a guy that change his whole business model to go into casino's and now may well be changeing his view of it will never happen and things are secure
simple thing is nothing is secure.
the only security anyone can have is they are alive
everything else is only secure at the time you are looking at it
think of twin towers
I have learnt to look at alot of things with a different eye.
and with the view that what you see is not whats really their.
and alot of things in the business world is just a skin
like a snake it can and does shed that skin as and when it needs.
you need to get three layers down and look at the body of the entity before you understand where a vendor sits.
but that me
and this site I would not have a clue but I would do alot more work on the vendor and the leases before I even thought of putting in the offer.
I get asked alot of time well whats your offer as was the case yesterday
and my answer is very simple
a deal or cloth as I call it can be cut in lots of ways. for me as long as I am happy
the vendor in unhappy but not totally unhappy and the lender is also unhappy but again not totally unhappy teh deal is fine for me.
the vendor want their money and the bank wants their money
trouble is alot of the time their is just not enough money
so some one has to be unhappy.
and for me I need to get down and dirty as they say and find out who, why and what the problem and from their get out the knife to cut that cloth and with out that information you are not going to do the cloth justice or get the right deal.
anyone that says that a deal over 5 mil there is not issue.
should not be buying 5 mil properties
in this market if you are selling you have to sell
we are not in a climbing market (look out the window) so if you are sellimg you want out
my question would be not where or whats around the property but why are they selling
need to sell
reason for need
current lenders position
whats the problem.
and last is are they selling soup down stairs.
now am I harsh
no I ask this straight up first call to the real estate or agent doing the deal
I do this within about 20mins
and throw it in the bin if no answers or answers that are no where near the mark.
but thats me
never say a fund or group is never going into trouble
b&b were never going to have issues
cp1 was going to be one of the best funds around
capital finance was the shining light for bankwest
storm was a group that hell of alot of people looked at and said that its great they are making money.
twiggy was think that there was no end to the commodity market.
and gerry would never have thought he would drop 1 b in about a year.
and there is a guy that change his whole business model to go into casino's and now may well be changeing his view of it will never happen and things are secure
simple thing is nothing is secure.
the only security anyone can have is they are alive
everything else is only secure at the time you are looking at it
think of twin towers
I have learnt to look at alot of things with a different eye.
and with the view that what you see is not whats really their.
and alot of things in the business world is just a skin
like a snake it can and does shed that skin as and when it needs.
you need to get three layers down and look at the body of the entity before you understand where a vendor sits.
but that me
and this site I would not have a clue but I would do alot more work on the vendor and the leases before I even thought of putting in the offer.
I get asked alot of time well whats your offer as was the case yesterday
and my answer is very simple
a deal or cloth as I call it can be cut in lots of ways. for me as long as I am happy
the vendor in unhappy but not totally unhappy and the lender is also unhappy but again not totally unhappy teh deal is fine for me.
the vendor want their money and the bank wants their money
trouble is alot of the time their is just not enough money
so some one has to be unhappy.
and for me I need to get down and dirty as they say and find out who, why and what the problem and from their get out the knife to cut that cloth and with out that information you are not going to do the cloth justice or get the right deal.
anyone that says that a deal over 5 mil there is not issue.
should not be buying 5 mil properties
in this market if you are selling you have to sell
we are not in a climbing market (look out the window) so if you are sellimg you want out
my question would be not where or whats around the property but why are they selling
need to sell
reason for need
current lenders position
whats the problem.
and last is are they selling soup down stairs.
now am I harsh
no I ask this straight up first call to the real estate or agent doing the deal
I do this within about 20mins
and throw it in the bin if no answers or answers that are no where near the mark.
but thats me
.....you might be a tougher negotiator than me grossy but you're a tad off the pace. I've found most ball breaking DD comes to nothing if you are way off the mark.
Agent called today to say sorry Dazz, but it had gone unconditional - sold for 24.9M. Overseas buyer apparently. There goes our Fed Govt's rent money out of the country. I don't like that.
Gross rent was 2.6, so after all outgoings and 106% interest payments, there was a good dollop of free cashflow there for the taking, about $ 8,000 p.w. Not bad for sleeping.
Gross rent was likely to be 3.9 during the last year of the Lease...free cashflow after all costs of $ 30,000 p.w...good enough for me grossy.
I'll let you carry on with your "soups".....and I'll nibble away at the edges with my cr@p negotiation techniques. I could swan off on a world cruise while you deal with the L&E court.
hi
the os guys are working on a lot different numbers
but at 2.4 mil gross on 24.9mil thats 10.4% gross
now yes you have increses but thats not what I look for
at 1.4 gross net will come back to about 1.3 to 1.4 net and thats back to about 6 or 7% net net and thats why its not my cup of tea.
as for the 8k per week thats true in today rates but I remember and think we will go there again at 8 and 9% rates and thats when these type of property give you a bit of a problem yes its make hay while the sun shines but I factor in those rates
the os guys don't they are on very different interest rates and we could not nor would I think to try to compete with those guys
where we have an advantage is to get to the deal before them and neg a deal that suits
and yes its not easy
but they are there.
if you did the numbers my 14 mil is the money
now some one wants to pay more
thats fine but for there 24.9 mil i could have bought more twice as much to be real.
as I said it was not a deal I would look at
as I did not think it would be in the money and maybe when they do thereval it might come back to market as I put the val on the gross at 20 mil so they would either need no val
which is unusual or they are just not bothered and wanted the property.
I have seen funnier things
as for being off the mark and and ball breaking dd well for me its simple
i run my cal across a deal if the vendor wishs to play ball we play.
and then I look more into it
if not the calc goes away and I'm off.
no use worrying about a property its either in your numbers or walk
the os guys are working on a lot different numbers
but at 2.4 mil gross on 24.9mil thats 10.4% gross
now yes you have increses but thats not what I look for
at 1.4 gross net will come back to about 1.3 to 1.4 net and thats back to about 6 or 7% net net and thats why its not my cup of tea.
as for the 8k per week thats true in today rates but I remember and think we will go there again at 8 and 9% rates and thats when these type of property give you a bit of a problem yes its make hay while the sun shines but I factor in those rates
the os guys don't they are on very different interest rates and we could not nor would I think to try to compete with those guys
where we have an advantage is to get to the deal before them and neg a deal that suits
and yes its not easy
but they are there.
if you did the numbers my 14 mil is the money
now some one wants to pay more
thats fine but for there 24.9 mil i could have bought more twice as much to be real.
as I said it was not a deal I would look at
as I did not think it would be in the money and maybe when they do thereval it might come back to market as I put the val on the gross at 20 mil so they would either need no val
which is unusual or they are just not bothered and wanted the property.
I have seen funnier things
as for being off the mark and and ball breaking dd well for me its simple
i run my cal across a deal if the vendor wishs to play ball we play.
and then I look more into it
if not the calc goes away and I'm off.
no use worrying about a property its either in your numbers or walk
