Lethbridge Park, 3 Bed Subdividable Corner Lot

Nowhere near as slummy as I expected skaters IP's to be :D

Also I note you chose everyones most hated agent to deal with? :p
 
nice block. The house seems to be well placed too assist subdivision. Not sure how much money in that though :D.

Btw, skater, I've read a few times you purchased in trusts etc. Was that an intentional decision or something you wouldn't do?

Good luck!!
 
Nowhere near as slummy as I expected skaters IP's to be :D

Also I note you chose everyones most hated agent to deal with? :p
Awe, come on now! I've always said I keep well maintained properties.:eek:

I do, however have a couple that are still in original condition. No point kicking the long term tenant out at this point. When they leave, the properties will get a good spruce up.
 
nice block. The house seems to be well placed too assist subdivision. Not sure how much money in that though :D.

Btw, skater, I've read a few times you purchased in trusts etc. Was that an intentional decision or something you wouldn't do?

Good luck!!
Let me be VERY clear about this!

DO NOT EVER GO NEAR TRUSTS, UNLESS YOU'VE DONE YOUR HOMEWORK & IT WILL WORK IN YOUR SITUATION.

This is one of the reasons that this particular property is being sold. It was bought in a Trust, along with a heap of others. We already sold some out of the Trust, but the Trust is carrying a heap of losses. Close to $300k now, and still climbing each year. This will stop the losses, pay us back some of what is owed, and there will be no CGT to be paid.
 
Good luck with the sale. I'd love to hear how it goes. I have one nearby. Not a corner though.

So you're undecided as to whether trusts are a good idea? :p
 
Can i ask how come you don't subdivide it or get it to a point where subdivision is approved?
Did you see the post on Trusts?

After sitting down & discussing which ones to offload, this was the most logical one at this point in time. Would prefer to sell in spring, so it's going as is.
 
Did you see the post on Trusts?

After sitting down & discussing which ones to offload, this was the most logical one at this point in time. Would prefer to sell in spring, so it's going as is.
Which trust post are you referring to?

The last trust thread I could see you commented on was back in Dec 2013.
 
Did you see the post on Trusts?

After sitting down & discussing which ones to offload, this was the most logical one at this point in time. Would prefer to sell in spring, so it's going as is.
Pardon my ignorance, but from what I gathered from the post 5 is that this property was purchased in a trust and the trust is carrying a heap of losses.

How getting the property to an approval stage of subdivision or even actually subdivided and selling each one off individually change anything even if its in a trust?
 
Pardon my ignorance, but from what I gathered from the post 5 is that this property was purchased in a trust and the trust is carrying a heap of losses.

How getting the property to an approval stage of subdivision or even actually subdivided and selling each one off individually change anything even if its in a trust?
OK, when we sat down & looked at which properties were going to be sold, we took into consideration the structures that they were in as well.

This one ticked all the boxes, as it will not only pay us back a heap of $$, it will also stop the accrual of further losses, which makes it a very attractive property to sell.

Once we made the decision, there really wasn't any time to get DA's approved if we wanted to offload in Spring.

I fully understand that we could make more profit by holding off & doing some work, but I'm also wary that the process could take a while & that there is risk that the market may cool down. I do think there is quite a bit more steam in the market, but we'd rather take our profit now as you never know what is around the corner.

We've got another that will hit the market in the new year, and if the market is still hot, there will be another next year, again in Spring.
 
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