welcome to my world
- Thread starter grossreal
- Start date
hi JoannaK
current position is that they have not finished with there internal wrangling. and as they have a very large amount of money in losses currently,we have put in place a sunset clause, this project has got alot still to run and unless they wish not to go slipping down the liquidators path they need to move very quickly.
we have removed our deposit and have put in place the second drop in price to take effect at the sunset clause time.
in this market currently you do need to be very carefull that you have all your finances covered which we do currently
but as a seller, make sure that you have a buyer
to be throwing 2 mil into the sydney market place in a development site is not done with any great ease and vendors need to understand this.
This site is an example of the sites available and what needs to happen to get them across the line.
currently I have three sites that have deposits on them all very similar to this in that they are all soups, this one, a 109 unit in marrickville and 21 unit in auburn and two I am just trying to organise for them so the are not un common.
if a soup owner wishes to get out of there problems then they do need to understand that its not just the money they have lost but the potential loss by not doing what needs to be done.
to give you all an idea with out going it to at this stage
the final numbers, total cash loss on this site is over half the value of the land so we are talking over 4 mil thats money that is not comming back and has been spent or lost and is currently being held by two bank against no security as the lvr are over 100%.
you can advertise this site to find out what people are interested to pay for it but at the end of the day who ever buys this site will need to have the finances, the know how and the backing to fend off a couple of legal eagles.
hense we are in no hurry to rush in and get involved in that little battle
we have told them in no uncertain terms what we require and that if thats not going to happen this will.
this post is to explain what a soup is and how they work
as I said some come off some don't
you are looking at a soup that is going to cost someone alot of money (not me) and if there was some one that runs head long into this site( again not me)( and I don't think there would be and I have told them that) they will need to check there figures and costs very well.
I will keep you posted as it becomes closer to the time and as it progresses.
hense the reason I didn't post before as I am leaving them to clarify there position I am in no hurry for it in this market
I can give you a list of sites if people wish to get into large developing but I wouldn't recommend it.
the hardest part of a development is
one finding and negioating the right price at the start
and two getting the finance to do the project.
the building part you can leave to a project manager and builder.
I will post the out come but if this does go down that slide and into administrators then I will tell you the current position and for those in the same position a couple of ideas of what should have been done to keep the wolf away from the door and then it will be a case as usual that the terms of the agreement are not disclosed thats the norm for administrators.
current position is that they have not finished with there internal wrangling. and as they have a very large amount of money in losses currently,we have put in place a sunset clause, this project has got alot still to run and unless they wish not to go slipping down the liquidators path they need to move very quickly.
we have removed our deposit and have put in place the second drop in price to take effect at the sunset clause time.
in this market currently you do need to be very carefull that you have all your finances covered which we do currently
but as a seller, make sure that you have a buyer
to be throwing 2 mil into the sydney market place in a development site is not done with any great ease and vendors need to understand this.
This site is an example of the sites available and what needs to happen to get them across the line.
currently I have three sites that have deposits on them all very similar to this in that they are all soups, this one, a 109 unit in marrickville and 21 unit in auburn and two I am just trying to organise for them so the are not un common.
if a soup owner wishes to get out of there problems then they do need to understand that its not just the money they have lost but the potential loss by not doing what needs to be done.
to give you all an idea with out going it to at this stage
the final numbers, total cash loss on this site is over half the value of the land so we are talking over 4 mil thats money that is not comming back and has been spent or lost and is currently being held by two bank against no security as the lvr are over 100%.
you can advertise this site to find out what people are interested to pay for it but at the end of the day who ever buys this site will need to have the finances, the know how and the backing to fend off a couple of legal eagles.
hense we are in no hurry to rush in and get involved in that little battle
we have told them in no uncertain terms what we require and that if thats not going to happen this will.
this post is to explain what a soup is and how they work
as I said some come off some don't
you are looking at a soup that is going to cost someone alot of money (not me) and if there was some one that runs head long into this site( again not me)( and I don't think there would be and I have told them that) they will need to check there figures and costs very well.
I will keep you posted as it becomes closer to the time and as it progresses.
hense the reason I didn't post before as I am leaving them to clarify there position I am in no hurry for it in this market
I can give you a list of sites if people wish to get into large developing but I wouldn't recommend it.
the hardest part of a development is
one finding and negioating the right price at the start
and two getting the finance to do the project.
the building part you can leave to a project manager and builder.
I will post the out come but if this does go down that slide and into administrators then I will tell you the current position and for those in the same position a couple of ideas of what should have been done to keep the wolf away from the door and then it will be a case as usual that the terms of the agreement are not disclosed thats the norm for administrators.
hi all
with regards to this post I will run thru the numbers at a later date as you can see from the time of the last post there has been alot of time spent and yet its a case of two steps forward and one back plus in the same time I have sealed two deals so I have given all concerned a very close time line.
I think by friday this comming week I will post all the detail if people are interested.
the next cab off the rank is the juye project and if those have been to the presentation,
they will know about it,
at one time there was a discussion about putting a page in some where on china and what is going on.
well for those interested not from an investing directly point of view.
I have two people there currently and will have an office very shortly.
I am equity lending into china not real money (as it stays here) as such and that is done out of bank of china here in sydney.
the chinese goverment has changed the rules with regards to investing in china but as we are jv'ing the rules stay the same.
this equity investing structure is to be used for both china and wa and is being well received
the following is not any form of advertising but is for information only.
with regards to this post I will run thru the numbers at a later date as you can see from the time of the last post there has been alot of time spent and yet its a case of two steps forward and one back plus in the same time I have sealed two deals so I have given all concerned a very close time line.
I think by friday this comming week I will post all the detail if people are interested.
the next cab off the rank is the juye project and if those have been to the presentation,
they will know about it,
at one time there was a discussion about putting a page in some where on china and what is going on.
well for those interested not from an investing directly point of view.
I have two people there currently and will have an office very shortly.
I am equity lending into china not real money (as it stays here) as such and that is done out of bank of china here in sydney.
the chinese goverment has changed the rules with regards to investing in china but as we are jv'ing the rules stay the same.
this equity investing structure is to be used for both china and wa and is being well received
the following is not any form of advertising but is for information only.
BUMP...Negotiation
Hi,
Just read this thread, quite easy to read the posts here actually. Great insight into the skilful art of negotiation when purchasing a problem site (`soup`) at this level! It seems so central and important to the whole investment process here. Certainly smaller residential investors could benefit by applying this to their deals.
I love the idea of dropping your price with each offer.
GSJ
Hi,
Just read this thread, quite easy to read the posts here actually. Great insight into the skilful art of negotiation when purchasing a problem site (`soup`) at this level! It seems so central and important to the whole investment process here. Certainly smaller residential investors could benefit by applying this to their deals.
I love the idea of dropping your price with each offer.
GSJ
Last edited by a moderator:
Hi all
With regards to this project I will now post the detail of this project as we have exchanged and are moving forward.
the detail of this post is for information only and the numbers have been rounded up to make it clearer understanding of the complexity of this project
The value of the site in 2003 was 10mil
An option holder paid 800k for an option on the land to purchase the land at 8mil
And proceeded to spend in excess of 800k in added option fees from that date today.
The land owners had to hold there sites from then to today and has been paying holding cost in excess of 1.5 mil.
And
I purchased at 6,840,000 how did I get to the 6,840,000 easy 8,000,000 less the 800k deposit that’s 7,200,000 and les 5% as that’s the market movement down so 6,840,000 the site was purchased as a raw site with a da that is purchased each site separately.
To negotiate this I used a real estate agent as my purchasing agent.
Once the price was agreed we then had to reduce the deposit.
The deposit was at 684k so we got it to 5% 342k then we reduced this to 100k and exchanged on 100k so in reality that’s a 100k deposit/exchange (with limited liability to the new lusty street development company only) on a potential 43mil end product site and a 34% return.
Once we had a deal I also had to get the da and this was a job in its self.
I did a deal with copyright owner of the da plans and got those assigned to the owner of the land and in return I get the cc plans done via an associated company.
To get this thru I had also to negotiate a very sticky group of a legal mined field and to do that I negotiated that if you don’t sue him I will organise this, and then if you don’t get sued, then you will not sue him and around it goes.
These are very difficult to achieve and are very protracted we went thru 5 sets on contracts as we changed this and then changed that,
on top of that we have a vendor that has been told that someone was going to buy this property and all he sees if the moving of chess pieces on a commercial business table and its all to much to comprehend.
After getting thru the legal mined field it was a case of get the deposit down which was achieved and then the deal was done.
So I got 100k exchange on a 43mil site end value, with a fixed price contract and full lend for the major part of the construction and know have the da as well.
And a happy vendor a happy real estate as they have followed this deal with great interest (the owner of the real estate was surprised that the accepted the 5% and then 1.4%) the time to get the reduction of 3.6% was about three weeks of negotiating but I am not paying anything put my time and it doesn’t tie up another 256k cash.
Even the loan the broker that has organised the loan I negotiated the brokerage fee and brought it down to a rate that I was happy with and is under ½ % of the total loan.
At 6,840,000 that’s 75k per site and the norm is 95k that’s a value of 8,645,000
So for me it’s a good deal,
The land mark white valuation is 7,200,000
I organised a full Gross realisation loan valuation by landmark white is 39,900,000
With a total construction Inc land of 29,000,000.
now its onto presales and equity inputs
For those interested why I do these deal I think that you may get that from reading a very good article Sydney morning herald good weekend 0ctober 7 2006 page 31 titled harder faster richer and why Mr Moses stays at macqarie, is very similar to why I do these deals.
With regards to this project I will now post the detail of this project as we have exchanged and are moving forward.
the detail of this post is for information only and the numbers have been rounded up to make it clearer understanding of the complexity of this project
The value of the site in 2003 was 10mil
An option holder paid 800k for an option on the land to purchase the land at 8mil
And proceeded to spend in excess of 800k in added option fees from that date today.
The land owners had to hold there sites from then to today and has been paying holding cost in excess of 1.5 mil.
And
I purchased at 6,840,000 how did I get to the 6,840,000 easy 8,000,000 less the 800k deposit that’s 7,200,000 and les 5% as that’s the market movement down so 6,840,000 the site was purchased as a raw site with a da that is purchased each site separately.
To negotiate this I used a real estate agent as my purchasing agent.
Once the price was agreed we then had to reduce the deposit.
The deposit was at 684k so we got it to 5% 342k then we reduced this to 100k and exchanged on 100k so in reality that’s a 100k deposit/exchange (with limited liability to the new lusty street development company only) on a potential 43mil end product site and a 34% return.
Once we had a deal I also had to get the da and this was a job in its self.
I did a deal with copyright owner of the da plans and got those assigned to the owner of the land and in return I get the cc plans done via an associated company.
To get this thru I had also to negotiate a very sticky group of a legal mined field and to do that I negotiated that if you don’t sue him I will organise this, and then if you don’t get sued, then you will not sue him and around it goes.
These are very difficult to achieve and are very protracted we went thru 5 sets on contracts as we changed this and then changed that,
on top of that we have a vendor that has been told that someone was going to buy this property and all he sees if the moving of chess pieces on a commercial business table and its all to much to comprehend.
After getting thru the legal mined field it was a case of get the deposit down which was achieved and then the deal was done.
So I got 100k exchange on a 43mil site end value, with a fixed price contract and full lend for the major part of the construction and know have the da as well.
And a happy vendor a happy real estate as they have followed this deal with great interest (the owner of the real estate was surprised that the accepted the 5% and then 1.4%) the time to get the reduction of 3.6% was about three weeks of negotiating but I am not paying anything put my time and it doesn’t tie up another 256k cash.
Even the loan the broker that has organised the loan I negotiated the brokerage fee and brought it down to a rate that I was happy with and is under ½ % of the total loan.
At 6,840,000 that’s 75k per site and the norm is 95k that’s a value of 8,645,000
So for me it’s a good deal,
The land mark white valuation is 7,200,000
I organised a full Gross realisation loan valuation by landmark white is 39,900,000
With a total construction Inc land of 29,000,000.
now its onto presales and equity inputs
For those interested why I do these deal I think that you may get that from reading a very good article Sydney morning herald good weekend 0ctober 7 2006 page 31 titled harder faster richer and why Mr Moses stays at macqarie, is very similar to why I do these deals.
Lawrence,
From the above, can I assume you intend to actually develop the site yourself and attempt to realise that $11M in profit between the $29M total development cost and the potential $40M gross realisation?
Well done on securing the site at such a great discount to market.
Cheers,
Michael (Another one of your protegee's
)PS I hope you don't mind me paraphrasing your quoted lines a little bit to make it clearer to me.
hi michael
yes michael I will be constructing the project
got a fixed price contract turn key and lend in place.
this one there is only me ( funny that )
its 39.9 lowest and 43 highest valuation and thats at todays prices this will take 30 months to complete from settelment. cc starts tomorrow and into council before settlement.
we will have the building down and excavated by december this year.
no ferrari here but this is my retirement nest egg not bad semi retire at 48.
I don't think I will fully retire.
yes michael I will be constructing the project
got a fixed price contract turn key and lend in place.
this one there is only me ( funny that )
its 39.9 lowest and 43 highest valuation and thats at todays prices this will take 30 months to complete from settelment. cc starts tomorrow and into council before settlement.
we will have the building down and excavated by december this year.
no ferrari here but this is my retirement nest egg not bad semi retire at 48.
I don't think I will fully retire.
Hi GrossRealisation..
Enjoyed these posts.
What would you say your major risks are now?
I would have thought sales in this market.
Wat level of pre-sales are required for funding of this project?
Or have you already answered this...and i am being lazy?!!
Whos the builder?
I was surprised you said the building part was the easiest part of this.
I have never this to be the case in med/high density res - when using an external builder.
However, at least in this market you will be able to pick and chose a builder - not like 5 years ago.
Many congrats.
Regards
Enjoyed these posts.
What would you say your major risks are now?
I would have thought sales in this market.
Wat level of pre-sales are required for funding of this project?
Or have you already answered this...and i am being lazy?!!
Whos the builder?
I was surprised you said the building part was the easiest part of this.
I have never this to be the case in med/high density res - when using an external builder.
However, at least in this market you will be able to pick and chose a builder - not like 5 years ago.
Many congrats.
Regards
hi washington brown
Enjoyed these posts.
What would you say your major risks are now I don't have any I just have to get my equity and others equity and the lenders lined up to come in at the same time and thats fun?
I would have thought sales in this market sales are sales I have already got 7 mil in presales lined up and need to get 14 mil within the 42 days to settlement and asap after that to go into construct the area that ths site is in
is a new near enough suburb.
Wat level of pre-sales are required for funding of this project 14 mil?
Or have you already answered this...and i am being lazy?!!
Whos the builder bridge construction with sears management as managing agents/project managers( plus I will have a few of my other builders going to site I have four running with me currently?
I was surprised you said the building part was the easiest part of this for me it is the easiest as I don't do anything in theat bit of the project I rely on my builders to a great degree and the payments come thru our accounts dept so for me thats the easy bit the hardest part is my part ( but thats me)
and thats to get the deal to a format that we can get the lend and get the deal done once thats done the rest is relatively easy but thats only because I have done it before .
I have never this to be the case in med/high density res - when using an external builder not sure about others but I always use external builders and fixed priced .
However, at least in this market you will be able to pick and chose a builder - not like 5 years ago all ready organised the builder.
Many congrats.
Enjoyed these posts.
What would you say your major risks are now I don't have any I just have to get my equity and others equity and the lenders lined up to come in at the same time and thats fun?
I would have thought sales in this market sales are sales I have already got 7 mil in presales lined up and need to get 14 mil within the 42 days to settlement and asap after that to go into construct the area that ths site is in
is a new near enough suburb.
Wat level of pre-sales are required for funding of this project 14 mil?
Or have you already answered this...and i am being lazy?!!
Whos the builder bridge construction with sears management as managing agents/project managers( plus I will have a few of my other builders going to site I have four running with me currently?
I was surprised you said the building part was the easiest part of this for me it is the easiest as I don't do anything in theat bit of the project I rely on my builders to a great degree and the payments come thru our accounts dept so for me thats the easy bit the hardest part is my part ( but thats me)
and thats to get the deal to a format that we can get the lend and get the deal done once thats done the rest is relatively easy but thats only because I have done it before .
I have never this to be the case in med/high density res - when using an external builder not sure about others but I always use external builders and fixed priced .
However, at least in this market you will be able to pick and chose a builder - not like 5 years ago all ready organised the builder.
Many congrats.
Jeez your more confident than me in this sydney market!!
You dont have any risks. Really?
Surley rates over that period are A risk (I dont think they are going anywhere fast...but they are A risk - never known a construction loan that can be fixed.)
Just because your in is $100k doesnt mean thats your exposure? If so - can i have a piece of that action!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Further getting $7m in pre-sales in 42 days is B risk.
I am sure you have spoken to prject marketers at the moment and aware of how many people/investors are trying to rescind let alone getting into to new stock.
I cant go throught the details of the property investment data i have from clients...suffice to say....sales aint wat they used to be!!!
As for a fixed priced contract. No such thing in my opinion. Have never ever documentation 100% on this size proj. at this stage.
As for relying on builders to a great degree.
Eek fraught with danger!!!
Thats just the cynic in me! - I truly wish you all the best.
Regards
You dont have any risks. Really?
Surley rates over that period are A risk (I dont think they are going anywhere fast...but they are A risk - never known a construction loan that can be fixed.)
Just because your in is $100k doesnt mean thats your exposure? If so - can i have a piece of that action!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Further getting $7m in pre-sales in 42 days is B risk.
I am sure you have spoken to prject marketers at the moment and aware of how many people/investors are trying to rescind let alone getting into to new stock.
I cant go throught the details of the property investment data i have from clients...suffice to say....sales aint wat they used to be!!!
As for a fixed priced contract. No such thing in my opinion. Have never ever documentation 100% on this size proj. at this stage.
As for relying on builders to a great degree.
Eek fraught with danger!!!
Thats just the cynic in me! - I truly wish you all the best.
Regards
hi washington
Jeez your more confident than me in this sydney market that maybe so but you are looking at the curreent market and we are looking at a 30 month time frame and what you expect the market to be at that time and yes I maybe more confident then some people in htis market!!
You dont have any risks. Really yes I have have looked at this project as I do with all my projects and evaluated the project and how this project will be done interest rate rises and costs changes are risks that you factor in so other then the ones that I have already factored in I don't see any risk at this astage but that may change?
Surley rates over that period are A risk (I dont think they are going anywhere fast...but they are A risk - never known a construction loan that can be fixed no they are not fixed they are capitalised and when rates move on a capitalised loan they have changes in equity requirements from the lenders a lender gives you an amount of interest and a term of the loan it is very similar to a fixed loan it doesn't fluctuate its a set figure.)
Just because your in is $100k doesnt mean thats your exposure? If so - can i have a piece of that action!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! my exposure is my exposure and sorry you can't
Further getting $7m in pre-sales in 42 days is B risk not if you have already organised to get to these levels of presales this is and has been a long process and the structure for presales is in place.
I am sure you have spoken to prject marketers at the moment and aware of how many people/investors are trying to rescind let alone getting into to new stock depending the stock and depend what they are trying to sell there is alot of stock out there but there is a couple of things that make this development a better investment then the others
1.the body corporate fees for the 2br unit in this development will be around 450 per qrt int he one across the road it is 1800 per qrt and next door is 1200 per qrt.
2. because these are two towers, the number of units together after the first floor is 4 per floor so less people crowded together.
on return alone the rental will be the same but these units are looking at about an extra 2% return which for the sydney market is very good going if the ones across the road are at 4% these are at 6%
we are looking at 30 units as per sales and I don't see it as being an issue at this stage
I cant go throught the details of the property investment data i have from clients...suffice to say....sales aint wat they used to be again it depends what they are looking at!!!
As for a fixed priced contract. No such thing in my opinion. Have never ever documentation 100% on this size proj. at this stage well again not sure of your fixed price contracts this fixed price contract which was drawn up mby bridge construction,sears project management and ours selves is a very large contract and there is very little thats not fixed in it.
As for relying on builders to a great degree.
Eek fraught with danger I deal with alot of builders and in all the projects that I have done I haven't as yet had a problem and this will be our multiunit development!!!
Thats just the cynic in me! - I truly wish you all the best thanks you can only control what you know you can control the others as with everything come and go
Jeez your more confident than me in this sydney market that maybe so but you are looking at the curreent market and we are looking at a 30 month time frame and what you expect the market to be at that time and yes I maybe more confident then some people in htis market!!
You dont have any risks. Really yes I have have looked at this project as I do with all my projects and evaluated the project and how this project will be done interest rate rises and costs changes are risks that you factor in so other then the ones that I have already factored in I don't see any risk at this astage but that may change?
Surley rates over that period are A risk (I dont think they are going anywhere fast...but they are A risk - never known a construction loan that can be fixed no they are not fixed they are capitalised and when rates move on a capitalised loan they have changes in equity requirements from the lenders a lender gives you an amount of interest and a term of the loan it is very similar to a fixed loan it doesn't fluctuate its a set figure.)
Just because your in is $100k doesnt mean thats your exposure? If so - can i have a piece of that action!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! my exposure is my exposure and sorry you can't
Further getting $7m in pre-sales in 42 days is B risk not if you have already organised to get to these levels of presales this is and has been a long process and the structure for presales is in place.
I am sure you have spoken to prject marketers at the moment and aware of how many people/investors are trying to rescind let alone getting into to new stock depending the stock and depend what they are trying to sell there is alot of stock out there but there is a couple of things that make this development a better investment then the others
1.the body corporate fees for the 2br unit in this development will be around 450 per qrt int he one across the road it is 1800 per qrt and next door is 1200 per qrt.
2. because these are two towers, the number of units together after the first floor is 4 per floor so less people crowded together.
on return alone the rental will be the same but these units are looking at about an extra 2% return which for the sydney market is very good going if the ones across the road are at 4% these are at 6%
we are looking at 30 units as per sales and I don't see it as being an issue at this stage
I cant go throught the details of the property investment data i have from clients...suffice to say....sales aint wat they used to be again it depends what they are looking at!!!
As for a fixed priced contract. No such thing in my opinion. Have never ever documentation 100% on this size proj. at this stage well again not sure of your fixed price contracts this fixed price contract which was drawn up mby bridge construction,sears project management and ours selves is a very large contract and there is very little thats not fixed in it.
As for relying on builders to a great degree.
Eek fraught with danger I deal with alot of builders and in all the projects that I have done I haven't as yet had a problem and this will be our multiunit development!!!
Thats just the cynic in me! - I truly wish you all the best thanks you can only control what you know you can control the others as with everything come and go
You worry me......
$17m for 91 units in two towers...where you will lose lots of construction effiency?
I know its a fixed priced contract...Again - no such thing.
They always are at the beginning of the project.
15 months to build 91 units in two towers?
Joanna - what do you think of these numbers?
25% presales...without a CC? How does that work? What are people buying?
Do you have a draft strata yet you can post here?
Why dont either the builder or pm show anywhere on google?
Seeing as your posts end with an invitation to join your projects...what are the websites of your team so the forum can do some research?
Who is funding this...let me guess...not any of the majors?
I guess my concern is your posts invite novices to join you - you say all risk have been equated.
And simply - i guess i disagree.
Regards
$17m for 91 units in two towers...where you will lose lots of construction effiency?
I know its a fixed priced contract...Again - no such thing.
They always are at the beginning of the project.
15 months to build 91 units in two towers?
Joanna - what do you think of these numbers?
25% presales...without a CC? How does that work? What are people buying?
Do you have a draft strata yet you can post here?
Why dont either the builder or pm show anywhere on google?
Seeing as your posts end with an invitation to join your projects...what are the websites of your team so the forum can do some research?
Who is funding this...let me guess...not any of the majors?
I guess my concern is your posts invite novices to join you - you say all risk have been equated.
And simply - i guess i disagree.
Regards
Gross,
What concerns me is that when I go to Jaffasoft's website
'Lawrence Hogan released news today of his group providing investors with a chance to be part of an 91-unit development. The units have already secured a tenant and will be consumed with the tourist dollar as they fly in for the convenience of the serviced apartments. Located right next to the Sydney Airport. How charming I wish we could all fly around like this. Now as an Investor the return is around 8%. This gives you a chance to buy into a unit(s) where you otherwise would not be able to, assuming
that you don't have the funds to invest in 91 units straight off the bat. "
and even your signature seems to be encouraging investors to join this project. Without approval from ASIC I really believe that you will be breaching the class orders regarding management investment schemes as you are clearing over the thresholds. I know you say that people can't invest in this project but Jaffasoft seems to indicate that people can. either they can or can't. It concerns me that if you are in fact offering public investors to invest in this project then you could be facing imprisonment if you don't comply with the rules regarding managed investment schemes.
What concerns me is that when I go to Jaffasoft's website
'Lawrence Hogan released news today of his group providing investors with a chance to be part of an 91-unit development. The units have already secured a tenant and will be consumed with the tourist dollar as they fly in for the convenience of the serviced apartments. Located right next to the Sydney Airport. How charming I wish we could all fly around like this. Now as an Investor the return is around 8%. This gives you a chance to buy into a unit(s) where you otherwise would not be able to, assuming
that you don't have the funds to invest in 91 units straight off the bat. "
and even your signature seems to be encouraging investors to join this project. Without approval from ASIC I really believe that you will be breaching the class orders regarding management investment schemes as you are clearing over the thresholds. I know you say that people can't invest in this project but Jaffasoft seems to indicate that people can. either they can or can't. It concerns me that if you are in fact offering public investors to invest in this project then you could be facing imprisonment if you don't comply with the rules regarding managed investment schemes.
Lawrence , I suppose the most striking thing for me at the moment is the recognisable expertise of the members who are raising concerns about your development and techniques over the last couple of weeks.
I too would be interested to know what ASICs feel about your approach. Don't you have to release a prospectus is more than a certain number of people are involved in what appears to be an investment scheme. I thought it was 20 .
See Change
I too would be interested to know what ASICs feel about your approach. Don't you have to release a prospectus is more than a certain number of people are involved in what appears to be an investment scheme. I thought it was 20 .
See Change
I can't understand why Bridge Constructions Pty Ltd hasn't been registered for GST since 2004. Does that mean they have't been active in that time?
http://www.abr.business.gov.au/(pb1...2c0%252cTypical%252cTypical%252c0%26start%3d0
And Sear Management has only been around since 2004.
http://www.abr.business.gov.au/(pb1...2c0%252cTypical%252cTypical%252c0%26start%3d0
http://www.abr.business.gov.au/(pb1...2c0%252cTypical%252cTypical%252c0%26start%3d0
And Sear Management has only been around since 2004.
http://www.abr.business.gov.au/(pb1...2c0%252cTypical%252cTypical%252c0%26start%3d0
And your signature might have to be revised over at PI.com Lawrence....surely that isn't legal?????
http://www.propertyinvesting.com/forum/topic/24317/5.html?sortfield=&sortorder=&SearchTerms=soup
"here to help
If you want to get involved in some of the projects I'm involved in email to [email protected]
currently looking for up front money at 15% p/a pm me if you wish"
http://www.propertyinvesting.com/forum/topic/24317/5.html?sortfield=&sortorder=&SearchTerms=soup
"here to help
If you want to get involved in some of the projects I'm involved in email to [email protected]
currently looking for up front money at 15% p/a pm me if you wish"
Bruce
Is his current signature any better?
If you wish to get involved in any of my projects email me at [email protected]
M
Is his current signature any better?
If you wish to get involved in any of my projects email me at [email protected]
M
