My "Armchair Developer" Experience (cont. from Somersoft)

Love it, great sense of fun, humour... Really out there

 

Giving Mr T a run with all that Bling

 

Just read this thread from start ( on somersoft) to current, thanks for sharing your experience.

In terms of value of the finished product, is the outdoor space on title or will it be an exclusive/special use right? May impact your bank valuation.

 

Good on ya Jono.

Mate, the courtyard is mine - on title.

Cheers,
Crido

 

hello Crido,
mine is the apartment in the front (2 bedder) i was hoping the project will finish by Aug, but now it appears that a likely completion date to be around October 2015.

Sanj : since you are familiar with this location in perth as a investor is this location a keeper ? do you see capital growth here for a unit in 5 year or 10 year span ?

thanks in advance ...

 

Personally I have always felt this little pocket was undiscovered in a way and undervalued. A few years ago I built a couple of homes on Chapman st too.

There us currently a lot of activity in the area as you probably know, the 3 larger apartment developments on lord st and the other one that recently got a DA will be good for the area. There is currently a PIA for a deli wines store kinda like a small re store and a few cafes too. This is all good news

It is of course also only 800m or so to the beaufort st strip and very close to the train station as well as being very close to GFF entrance /exit. I think this area will remain in good demand in the future. We're not selling any of the 4 just built in the area and I'm traditionally not big on buy and holds

 

Update: We recently had a "webinar" hosted by one of the EOS staff where he discussed rather exciting (yes, exciting ... because we can finally see the light at the end of the tunnel!) details around property management, strata management, landlord insurance, depreciation schedules, finance, etc. He was unable to share with us a firm Practical Completion date for construction or a vesting date (where we take ownership), so we're still awaiting further timeline clarification - it will be this year though!

So ... apparently the joint venture has to initially appoint just the ONE agent for property management or sales prior to vesting, "due to the fact that, until vesting, the registered proprietor of the properties is still the trustee company (xyz Holdings Pty Ltd). By law, only the registered proprietor is able to enter into an agreement to sell or lease a property and give directions in relation to the agreement. Once vesting occurs, all JV members are free to choose whoever they like to manage/sell etc."

Our development manager and one of his partners (funnily enough) has just started a property management and strata management company, so we are being encouraged - but certainly not forced - to go with them (at least to start with).

As I'm acting as a bit of a spokesperson for several of the (12) investors, I have been researching other options and quite like the look of De Freitas & Ryan Perth as PM and i.fresh strata as strata managers.

Does anyone have any experience using either of these? Or does anyone have others they could highly recommend?

I've also approached a couple of Perth brokers (that I found out about from these and the SS forums) and will go with the one I feel most comfortable with (after reading a thread on here about how to pick a broker).

Thanks for any advice you can provide.

Cheers,
Crido

 

Very exciting!!!

 

Got this today, so they finally finished the Charles Street project for anyone interested in the figures.
https://gallery.mailchimp.com/3ed58eca368eacb75dfa76953/files/Charles_St_profile.pdf

 

Interesting price point for what is a very large one bedder. I think that would be the cheapest new one bedder in North Perth. I've been watching it closely as it's just down the road from mine at #562.

 

Hmmm ... yes, I saw this release also.

So, 46 squares inside and 12 outside vs ours in Windsor St with 40 squares in and 50 out.

I know they'll be selling the only other one bedder in Windsor St as soon as it's completed, so I wonder what they'll put on it price-wise?

I'll be looking for a tenant and I'm thinking ours would get slightly more rent than Charles St because we have the larger courtyard ... maybe $420/wk? Or am I dreaming?

At the end of the day, I just want a good tenant in there ASAP!

I'm still umming and arring about whether to allow pets in an effort to attract that niche market - and I've got to get it passed at a body corp level yet anyway.

 

General Update:

Still no practical completion date for the construction.

As a joint venture we have made some progress by deciding upon a property manager (for rentals) and a strata manager. We had to choose just the one PM (see my last update for an explanation).

We have gone with De Freitas & Ryan's Perth branch for PM and i.fresh for strata.

Sales will be done separately and we're still waiting on clarification from EOS about what that actually means for those wanting to sell, which at this stage is half the investors (6 x two bedders).

On the finance front ... it seems that instead of using a Title of Sale (which we don't have with this type of deal), each joint venture investor will use their Vesting Statement (prepared 3-4 weeks prior to getting the keys) to apply for formal loan approval. I'm new to all this (first IP) but that seems like an awfully tight timeline to arrange the finance - your thoughts/advice?

Cheers,
Crido

 

Ahhhhhh..... I've been noticing this complex coming up every time I drive past.

 

The drafting of the advert could be improved, a few typos and grammatical errors !

 

Yes I know, first impressions right

 

How many projects have you actually completed?

 

Do you have an issue with me? You've made 2 quite negative posts about me today.

I have completed 3 projects. I also have 2 projects with DA approval, 1 project in Appeal process, 2 projects in DA process and 1 waiting for rezoning.

That does not include the clients I have for mentoring or site finding.

 

Do you hold a buyers agent license?

 

No I do not. I am not required to hold one as my services are different to what a BA does.

 

Agree with @Westminster

Site selection for property development doesn't require BA licence.

From memory, in WA, one doesn't even require BA licence. More expirenced BA can correct this, if it is wrong.

What we found that, we ended up entering in to negotiation and acting for our client in sales process. Rather then risking blurr lines, we ended up getting 6 different licences and required insurance in different states.

We wouldn't be classified as buyers agent but was venturing in that terrrotory and felt having a licence would be ideal situation.