"REAL WORLD" Real Estate Workshop

I went 2 years ago and thought it was totally worth the money. I also took up the offer to bring my partner for half-price.

Personally there wasn't much in the first day for me, because they spent it going over the basics and didn't get into the guts (development) until the 3rd day. However I've heard (don't know where) that they're going to get into the more advanced stuff more quickly this time around, as most attendees have probably already been to Michael's basic seminar already.

p.s. It turned out to be free for me anyway because I went on to use their project management service so the seminar fee was refunded.
 
Only, i believe, suitable for beginners. Even then you are better to find a mate/mates mate that develops and ask heaps of questions.
 
I attended in 2006 and thoroughly enjoyed it, plus met some great people.

As a result I also went on to do a Melbourne development.

No regrets from my perspective.:cool:
 
Hey Joe and Ian,

How did your developments go? If you've already posted about them can you please link to the thread? I had a search but couldn't find them.

I would say it would be a good experience, although many have done quite well just from reading a handful of $30 books (MY's 2 probably cover most of this knowledge).

Depends on how much help you need.


David.
 
I just got MY's two books:

1) Thriving Not Just Surviving in Changing Times
2) How to Grow a Multi-Million dollar Property Portfolio in your spare time.

Think I'll start with reading these and if I still need more info I'll have a think about atteding the workshop.

Thx for sharing your experiences.
 
Hey Joe and Ian,

How did your developments go? If you've already posted about them can you please link to the thread? I had a search but couldn't find them.

Hi David,

There are various posts about my site throughout the forum, but no specific thread.

What I've done so far is use Metropole buyers agent to help me find and negotiate a site (about 18 months ago). Then I've used their project management to do the whole development application to council. Last December I got approval for 5 townhouses.

Basically where I'm at now is trying to find finance for the construction, which has been really tough. Being a 'no-doc' customer I haven't had any luck yet in getting finance to build it, but when I do Metropole will be taking care of that stage too.

MTR (from this forum) recently recommended I ask resi.com.au about finance and I'm currently in a dialogue with them about the deal, so we'll see how that goes.

-Ian
 
Hey Joe and Ian,

How did your developments go? If you've already posted about them can you please link to the thread? I had a search but couldn't find them.

I would say it would be a good experience, although many have done quite well just from reading a handful of $30 books (MY's 2 probably cover most of this knowledge).

Depends on how much help you need.


David.


David

I previously commented in a couple of posts in the thread below.

http://www.somersoft.com/forums/showthread.php?t=39697&page=3

The units in Bentleigh East are now leased, so the previous links to the realestate.com will no longer work. Units are rented at $685 and $695pw (ie. approx 5.1% gross rental yield on cost).

Overall I am happy with the end result, although if starting again I would probably do things differently. However, but I don't tend to look in the rear vision mirror.

Whilst this was my first development, I was well aware of the process, however, living in Perth with the property being in Melbourne it made good sense to outsource the project management and day to day stuff.

Given the timing of my purchase (settled Feb 2007) I would probably never have commenced if I knew what was in store in terms of GFC, but I'm glad I did and have no regrets.

I now have two IPs in Melbourne, purchased at wholesale, which are returning fair yields. Hopefully, these will realise some serious CG in the next cycle.:)

Send me a PM if you have any specific queries.
 
Overall I am happy with the end result, although if starting again I would probably do things differently. However, but I don't tend to look in the rear vision mirror.

Whilst this was my first development, I was well aware of the process, however, living in Perth with the property being in Melbourne it made good sense to outsource the project management and day to day stuff.


.

Always interested in what you would do differently next time around- please share:)
 
Doing things differently

Always interested in what you would do differently next time around- please share:)

Without writing a book on the subject, here are a few points that come to mind…….


I used a BA to source the property. I would definitely do this again.

I would self manage the process myself, even if this meant regular trips from Perth to Melbourne (or wherever). For most this would depend upon ones existing work commitments, but this would not be an issue in my case.

I would engage an experienced building inspector to attend site at specific times and be available to report back to me.

I had a lot of input into the layout and ensured a number a number of changes to the initial architects layouts which I thought were pretty poor at the time.

Never rely on feasibility reports prepared by others unless you agree with all the input data. The assumptions they make can be quite different to yours. For example, you can create any result you want in the outcome if you change the percentage of injected equity. In parallel I ran my own feasibility study using no injected equity and my own assumptions and on this basis I proceeded.

The build specification was very high and the builder did a great job. However, I believe in hindsight this could have been pruned back, thus reducing cost and improving overall outcome of the project. eg: The builder commented that the common wall between units was specified differently to anything he had done before and added a few extra weeks to the build time. Also, whilst ducted ac was specified, the design did not cater for this so each unit ended up with seven(7) split systems! The Hills Hub and phone/data points to every room was also a little unnecessary IMO.

I have no problem paying professionals for their time and expertise. I also believe that in doing so, the extra money spent on paying professionals for their services should result in overall savings. (ie. their costs should effectively be recouped). In my particular development I am not sure this objective was met.

Nonetheless, I am still happy with the outcome.:cool:
 
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I dragged my wife along in 2006.

Worst mistake ever, that one.

It was completely out of her league (she really doesn't have any interest in property) and she took very little away from it. If you are beginning from scratch, and have an interest in property, then it's a great seminar. :)

I personally thought the seminar was brilliant. Lots of information, lots of interesting speakers and I took away a boatload of information. I still have the 10 cds and bible-thick training notes and listen/read them from time-to-time.
 
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