Hi James. Yes he is a partner in his firm (also a relative ) and very familiar with property trading. His projections forward were for 5 years on the spreadsheets he prepared but he isn't finished yet.
He was quite clear that the 3 month turnaround from settlement to sale was too optimistic and it would be easy to end up in the negative if we go over budget on a house or sell under expectation. Thats why we've had to review so many things such as the capital we invest and how many projects we take on.
I'm glad we have our accountant as it would have been so easy to launch in to this without accounting advice and come unstuck later.
Hi Count, when we talked about additional capital, lost earning was part of the calculation. I take your point though (you are saying some of the same things our accountant warned us about) and we don't want to do renos for fun and no money. I should know more next week.
He was quite clear that the 3 month turnaround from settlement to sale was too optimistic and it would be easy to end up in the negative if we go over budget on a house or sell under expectation. Thats why we've had to review so many things such as the capital we invest and how many projects we take on.
I'm glad we have our accountant as it would have been so easy to launch in to this without accounting advice and come unstuck later.
Hi Count, when we talked about additional capital, lost earning was part of the calculation. I take your point though (you are saying some of the same things our accountant warned us about) and we don't want to do renos for fun and no money. I should know more next week.