Opinions on my situation
- Thread starter china
- Start date
Sure have learnt a lot.
I find it ironical that I have been participating in a property forum but failed to recognise that my business hinged precariously on a long expired commercial lease.
Also ironical that after so much paralysis/analysis and procrastination about property investment, that I immediately have to purchase a commercial property, do development and set up funding structure (SMSF) with no lead up at all. At least from participating in this forum, I had some basic grasp of the lingo used by conveyancers, builders, etc.
I was also relieved that I had some cash saved up as I suspect that the whole exercise would have been even more painful if I had to involve bank loans.
But I guess life does throw curve balls and we all have to deal with the unexpected at any time. As long as I do not make the same mistakes again, I will be happy. Only hope that the builders do what they say they will and it will keep going smoothly.
And it certainly put an end to the analysis paralysis.
You might not have made some of the best decisions but they are not forever decisions and can be improved on as time goes by.
You might not have made some of the best decisions but they are not forever decisions and can be improved on as time goes by.
Hi Geoff,
Its been a sharp learning curve, the most sticking impression is that when one is renovating / building, one needs to have a ready supply of cash available.
Almost every person I have met on this process e.g. builder, conveyancer, accountant, etc have demanded four, usually five figure sums from me.
I think I have been ripped off by the cabling/communications/phone person.
I got four quotes for the installation of cables and phone systems - all I need is five handsets for my office, internet and communication cables in my office to run data between five computers.
Two quotes I discarded because they wanted me to lock in continuing phone plans with their company. I would rather go with Telstra direct.
Then one small sole trader did not get back to me with their quote until one week after I contacted them. I thought that they had forgotten me and hence I had already approved a large company to go ahead at the cost of 8k. When the sole trader contacted me, they quoted 4k. So I suspect that I have parted with an extra 4k.
Other than that, the builders have been pretty good as far as I can tell. They insist on weekly site meetings with me and keep me updated as to the progress of their work. They tell me that we are still on track for completion at the end of November. I have paid their first progress claim.
Other than that, I need to ask conveyancers to get by settlement, keys to the post office, the security code for the building, the key to the storage room and the key to the car space.
So situation normal.
I guess with the urgency you've had to bypass several controls. If you've communicated urgency the chance is that you will be taken advantage of.
But at least you've set yourself up in a situation where that can't happen again. Whatever the costs or pain now, that's going to be worth it.
Good luck, keep us posted.
I guess with the urgency you've had to bypass several controls. If you've communicated urgency the chance is that you will be taken advantage of.
But at least you've set yourself up in a situation where that can't happen again. Whatever the costs or pain now, that's going to be worth it.
Good luck, keep us posted.
China, just make sure the right person is paying the right bills - you as tenant or the SMSF. If you are paying SMSF bills instead of the SMSF this could be counted as a contribution.
buy from current landlord. problem solved.
Have you read any of this thread?
Read my mind
Reading threads before replying is optional these days
At the moment, the SMSF,like any landlord, is paying purchase price of property, the conveyancer, stamp duty.
Me as the tenant am paying for the fitout - builders, electricity, insurance of contents, etc.
I hope this is correct as I just imagine the SMSF as the landlord of an empty shell and myself as the tenant.
I am getting a lawyer to draw up a commercial lease between myself as tenant and the smsf as landlord.
I will also get a lawyer to draft a loan repayment schedule between smsf and myself as I have loaned 100% of all costs to the smsf. This should mean that my cash should not be tied up in the smsf or the building.
I have hit the first real snag in the process.
I had organised for IT professional to install computers and databases / working programs in my new premises next Friday 29th november.
I then rang Telstra yesterday to arrange for them to install ADSL on a phone line. Much to my horror, they told me that they cannot do that until 5th december.
Is there anyway around this? Are there other service providers that can provide ADSL in my office much faster?
I had organised for IT professional to install computers and databases / working programs in my new premises next Friday 29th november.
I then rang Telstra yesterday to arrange for them to install ADSL on a phone line. Much to my horror, they told me that they cannot do that until 5th december.
Is there anyway around this? Are there other service providers that can provide ADSL in my office much faster?
Try Dodo or TPG (better)
tsk tsk China you should have done this weeks ago - it's bloody Telstra.
I'm assuming you just need internet and it doesn't HAVE to be adsl so look at mobile broadband options . Go get a vivid wireless 4G for internet - they are pretty fast and you will probably have it in time.
Telstra don't seem to be able to provide any form of internet access any sooner.. I spoke to two different reps.
