My little Mona Vale development update - Phase 3
- Thread starter MichaelW
- Start date
More like homes than apartments.
Look great!
As for your reply re financials: sounds seriously complex and hence effective
Well done! Peter
Look great!
As for your reply re financials: sounds seriously complex and hence effective
Well done! Peter
Indeed, a fantastic journey you've shared with all of us. Thanks for providing a window into your experience.
Strewth! What a ride you've had MichaelW.
Stumbled onto your thread http://somersoft.com/forums/showthread.php?t=26183 (june 2006) and it has kept me awake for hours reading every post. Drove past last night and the lights were out. Wow.
Stumbled onto your thread http://somersoft.com/forums/showthread.php?t=26183 (june 2006) and it has kept me awake for hours reading every post. Drove past last night and the lights were out. Wow.
Sorry for not posting for a while, I was working through the final phase of the project, but finally we made it. We've finished the development and have now listed them to rent!
Anyone interested in having a look, they're open this Saturday as below:
Unit 1 - 2 bed + study townhouse $775pw
Unit 2 - 3 bed + study ground floor unit $850pw
Unit 3 - 3 bed + balcony first floor unit $850pw
Those asking rents are down on some of the optimistic early appraisals but we've had good internet interest already at this level.
I'm now progressing with my Strata Certification and that should be ready to be submitted this week. The survey and plan was all done before we had OCs. Then, once strata'd I will move on to refinancing as individual residential properties to get the LVR hopefully up to 80% to free some equity and also interest rates down to mid 5% levels from the current 7% rate. Then its just a case of sitting tight and using my significantly improved cash flow position to build up my cash reserves again in an offset account. Renting these three out puts an extra $10K a month in my bank account.
Finally coming together nicely. Took a lot longer and cost a lot more than hoped but still working out in the end.
Cheers,
Michael
Attachments
Thanks mate,
And, in answer to your question, yes they are. They generate $125K or thereabouts in rent and it costs me about $95K in interest. Even allowing for other expenses I think they're CF+ at current interest rates. Of course, I still have deductions so it reports as negative geared significantly.
Cheers,
Michael
Hi Guys,
Wow, what an amazing weekend!
First, and foremost, I've got to tell you about these awesome neighbours I have down there next to my site in Mona Vale. Hope you're reading this Kevin and Julie!
I got an email from my PM saying they wanted to get in touch just to say hi and catch up. I called Kevin on Friday and we lined up to meet while I was there. He called me back on Friday because he knew I was moving my stuff out of my house in Narrabeen and told me to cancel my trailer booking and offered to lend me both his ute and his trailer. How good is that! I've never met Kevin before and he's volunteered to lend me his car and trailer!!
I took them up on the offer and busted a gut with my wife and father helping to move everything out of our house in Narrabeen into the basement storage at Mona Vale. We decided to move out the furniture as the house hadn't sold and put it back on the rental market. We had the last open to sell it at 12noon and the first open to let it at 1pm Saturday. There were 14 groups through the "to let" open and 4 offers received the next day... But... There was a group through the last open to sell who wanted to buy it on the spot. We met them at the house at 5pm and hit it off. We chatted for a half hour or so then exchanged signed contracts. The deposit is in the agents account this morning and we look like exchanging shortly after Easter! Wow!!
So, we down tools and call up Kevin and Julie and invite them over to Narrabeen for some champagne and dinner. They even bring a nice bottle of Chandon and some Heinekens. To be completely honest, these guys have restored my faith in humanity after the rotten run that I've had in 2012. I haven't put all my woes on this forum but lets just say its been a sh*tty year!!
So, we spend Saturday night in great company enjoying some great wine and food in a beautiful house overlooking Narrabeen valley. After the Chandon, my wife ducked out and got a bottle of Veuve Clicquot and some more bottles of other wines. Just perfect!! A great way to say goodbye to our former home which we invested so much soul and energy into. Its bitter sweet, but we think the new honours really appreciated just how special a house it was.
We then spend all day Sunday finishing the move. We finally got the last bits in to the basement at 5:45pm and had to leave for the airport at 6pm so we quickly dropped the car and trailer back next door at Kevin and Julie's and had a last glass of wine with them before running out the door and racing to the airport. Made it in time to head home late.
Wow!
And on a final upbeat note. It looks like we've let two of the three units in Mona Vale. Two groups of tenants have signed up to move in mid-April. Just finalising some minor works on site at the moment then they will be good to go.
What a weekend. And, if Sim can fix MrKeb's account on Somersoft then Kevin might even be able to post on here. Kevin, you might need to create a new account, there's no sign of yours in the member lists that I could find. If he does post, then do me a favour and lavish him with Kudos. He deserves it!!
Thanks mate!!
Michael
Wow, what an amazing weekend!
First, and foremost, I've got to tell you about these awesome neighbours I have down there next to my site in Mona Vale. Hope you're reading this Kevin and Julie!
I got an email from my PM saying they wanted to get in touch just to say hi and catch up. I called Kevin on Friday and we lined up to meet while I was there. He called me back on Friday because he knew I was moving my stuff out of my house in Narrabeen and told me to cancel my trailer booking and offered to lend me both his ute and his trailer. How good is that! I've never met Kevin before and he's volunteered to lend me his car and trailer!!
I took them up on the offer and busted a gut with my wife and father helping to move everything out of our house in Narrabeen into the basement storage at Mona Vale. We decided to move out the furniture as the house hadn't sold and put it back on the rental market. We had the last open to sell it at 12noon and the first open to let it at 1pm Saturday. There were 14 groups through the "to let" open and 4 offers received the next day... But... There was a group through the last open to sell who wanted to buy it on the spot. We met them at the house at 5pm and hit it off. We chatted for a half hour or so then exchanged signed contracts. The deposit is in the agents account this morning and we look like exchanging shortly after Easter! Wow!!
So, we down tools and call up Kevin and Julie and invite them over to Narrabeen for some champagne and dinner. They even bring a nice bottle of Chandon and some Heinekens. To be completely honest, these guys have restored my faith in humanity after the rotten run that I've had in 2012. I haven't put all my woes on this forum but lets just say its been a sh*tty year!!
So, we spend Saturday night in great company enjoying some great wine and food in a beautiful house overlooking Narrabeen valley. After the Chandon, my wife ducked out and got a bottle of Veuve Clicquot and some more bottles of other wines. Just perfect!! A great way to say goodbye to our former home which we invested so much soul and energy into. Its bitter sweet, but we think the new honours really appreciated just how special a house it was.
We then spend all day Sunday finishing the move. We finally got the last bits in to the basement at 5:45pm and had to leave for the airport at 6pm so we quickly dropped the car and trailer back next door at Kevin and Julie's and had a last glass of wine with them before running out the door and racing to the airport. Made it in time to head home late.
Wow!
And on a final upbeat note. It looks like we've let two of the three units in Mona Vale. Two groups of tenants have signed up to move in mid-April. Just finalising some minor works on site at the moment then they will be good to go.
What a weekend. And, if Sim can fix MrKeb's account on Somersoft then Kevin might even be able to post on here. Kevin, you might need to create a new account, there's no sign of yours in the member lists that I could find. If he does post, then do me a favour and lavish him with Kudos. He deserves it!!
Thanks mate!!
Michael
"Success comes to those who keep trying"
What a ride Michael. And to sell one "off the bat" must be a thrill and welcome change of luck.
I must commend Michael for baring his soul here with a "warts and all" account of the trial and stress of developing. As someone who has done the same for career it is a "all or nothing" bet and rarely do developers talk about the pain, risk, stress that this so called easy path to wealth brings. I get shivers just thinking about the near misses we had.
To quote an ex boss who knew the game better than anyone:
"Peter, if it was easy, everyone would be doing it"
So KUDOs to Mr and Mrs W. Bravo!!!!
Regards Peter & Wife A.
What a ride Michael. And to sell one "off the bat" must be a thrill and welcome change of luck.
I must commend Michael for baring his soul here with a "warts and all" account of the trial and stress of developing. As someone who has done the same for career it is a "all or nothing" bet and rarely do developers talk about the pain, risk, stress that this so called easy path to wealth brings. I get shivers just thinking about the near misses we had.
To quote an ex boss who knew the game better than anyone:
"Peter, if it was easy, everyone would be doing it"
So KUDOs to Mr and Mrs W. Bravo!!!!
Regards Peter & Wife A.
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Thanks so much everyone. It has been a rough ride with lots of ups and downs but its good to be out the other end now.
We're going to kick into building our new home in Brisbane this year then take a well deserved break from developing for a while. I still want to buy that Bavaria 42 yacht in the Med and take a year off altogether in 2-3 years time...
Thanks!!
Michael
We're going to kick into building our new home in Brisbane this year then take a well deserved break from developing for a while. I still want to buy that Bavaria 42 yacht in the Med and take a year off altogether in 2-3 years time...
Thanks!!
Michael
Thanks so much everyone. It has been a rough journey but its good to be out the other end now.
We're going to kick into building our new home in Brisbane this year now then take a well deserved break from developing for a while. I sitll want to buy that Bavaria 42 yacht in the Med and take a year off altogether in 2-3 years time...
Thanks!!
Michael
I am sure you will soon.
Amen!
