4 Townhouses development - Melbourne

Just low life loser scum. No hopers.

 

Congratulations MTR - you are very inspirational and I'm sure your kids must be proud.

 

I am getting builders to hold off on appliances, hot water etc until day tenants move in otherwise they disappear.

 

This can backfire though as I recall @dt doing this then builder went on Christmas break and didn't want to install for 3 wks and tenants wanted to move in earlier.
But it's more a time of year issue.

 

Volume builders don't go on holiday. They just need a weeks heads up.

 

Similar thing happened to my old PPOR in Melbourne when we were building. A week before handover someone broke in and stole the cisterns of all things but just to be extra ********s they turned all the taps on in the house and blocked the drains which flooded the house. Builder had to rip out the carpets, skirting and half the walls due to water damage and have industrial fans running for a few days to try and dry the slab as it was in the mode of winter. I don't understand people sometimes,just bring destructive for the sake of it.

Not fun.

 

The tenants disappear?

 

Sometimes but less often than the plants in the front garden. Oh the joys of Growth areas like Pakenham Officer Cranbourne.

 

That sux.
I've heard of people going to freshly planted council median strips and taking off with some stuff.

 

On an estate in deer park the landscapers where planting out garden beds and they turned to see 100m down the road someone pulling them out and putting them in their car. These would have been residents. What's that saying about ******** where you sleep. Oh don't worry the developer will put them back in.

 

I think this can happen anywhere though.

 

Thanks for sharing what you can @MTR - it's really been an inspiring 14page read. Great to read about your progressive journey from investor to developer, and am pleased it's worked out well for you.

Just in relation to your team, are your accountants and lawyers both Melbourne based? Does it even matter?

 

Cheese n rice.
What lovely people there are around.

 

Thanks, happy you enjoyed the thread

my lawyer is in Melb and I hav changed accountant in QLD

 

That sounds like a big deal.
What happened?

 

I was prompted to revisit this thread after reading a post by @leicachamp regarding the sale of plans and permits/DA versus building/developing a project.

This project today would have achieved same gross profits above by on selling the DA without building. Less time, headaches, no finance required etc etc.



MTR

 

G'day MTR.
Congrats on your success and thanks for sharing.
I've just read through 14 pages, great stuff.
I'm at imminent permit application stage for 4 townhouse subdivision in croydon - fingers x'd.
Hoping to get a better picture on my numbers soon to decide wether i'm better to proceed with build and hopefully hold all 4 or if I'm better to sell with DA.... Ahhh decisions
But hope to go ahead as get enjoyment out seeing it through and increasing my knowledge as I go

 

Great stuff.

I just sold my 3 townhouse DA/permits to a builder (Croydon), unfortunately this Council are tree huggers had a few struggles with this one but eventually got it over the line.

All the best

MTR

 

@MTR Congratulations and interesting.

What % of the overall end-value is your original purchase and what % of the overall end-value is your profit?

Capital growth in the last 12-months appeared strong ( 15.25% ) and days on market at 45 ( corelogic figures ). If not mistaken, I recall you were concerned in earlier posts about the market tapering off before the project finishing?

 

Love it. Well done @MTR!!!!