My second post peak development site purchase

Discussion in 'Investment Strategy' started by Car tart, 18th Dec, 2018.

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  1. Car tart

    Car tart Well-Known Member

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    10 Alan st Box Hill
    Valued at $5 million in 2017 but not listed until July this year.
    4 month option signed 18 August 18 $3.6m
    Exchanged by me today at $2.88 mil
    Allows for 38 small lot subdivision
     
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  2. Lindsay_W

    Lindsay_W Well-Known Member

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    Very nice, may I ask what you do for a living?
    Must have great cash flow or savings or both or
     
    Last edited: 18th Dec, 2018
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Did you let the option lapse to get another $700k off?
     
    Car tart likes this.
  4. Car tart

    Car tart Well-Known Member

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    Very funny. No it was a Chinese national who pulled out.
     
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  5. Car tart

    Car tart Well-Known Member

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    90% of my wealth has come what you guys all do, buy real estate and sell short-medium term. I buy for growth and not for rental. I buy what others don’t like.
    I do have a strata business and a few other interests, but they are minor compared to my buying and selling over the last 38 years. I’m 58.
     
  6. Lindsay_W

    Lindsay_W Well-Known Member

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    Thanks for sharing!
    Strata business is a good business to be in, used to work for one :)
     
  7. willair

    willair Well-Known Member Premium Member

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    If you don't mind me asking,what was your first investment 38 years ago..It always good to see how and what people started with and the bumps along the road..
     
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  8. Car tart

    Car tart Well-Known Member

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    1979 bought unit Harris park 36,500 sold 1981 49,000
    1981 bought house marayong 51,000
    1983 bought unit auburn 36,00
    1985 bought house prospect 58,000
    1986 sold prospect 72,000
    1987 bought duplex parramatta 93,000
    1989 sold auburn 90,000
    1990 sold marayong 110,000
    1991 bought acres kenthurst $350,000
    1993 bought 8 units St Marys $240,000
    1995 sold parramatta duplex $235,000
    1996 bought larger acres kenthurst $350k
    1998sold 1st kenthurst home $650k
    1998 sold 8 units st Marys $400k
    1998-2004 as I was cashed up I bought dozens of units for $90-$110 I renovated each and resold within 2 years at a profit of $30 to $40k
    2005-2006 sold all and bought 5 industrial properties, next to properties where the neighbour would acquire within 2 years.
    factory in parramatta bought for $2.4 sold to neighbour for $4 million in 18 months
    Castle hill bought restaurant premises for $835k sold within 2 years to Castle Towers for $2.35m
    2006-2010 bought 6 and 8 Nelson rd and 20 hynds road box hill for $5.5 million, resumed by local council for $22 million
    Bought cudgegong road for $1,500,00 sold 2 years later for $4.2 million.
    Bought 3050 old northern road for $2.4 sold for $4.2 million
    Bought many other broad acre properties.
    2012 divorce cost me $23.5 million being half my net worth
    2012-2018 bought many land banking developments and a small house in West Pennant Hills to live in.
    Currently have a net worth in excess of my pre divorce amount, but just enjoy playing real estate games.
     
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  9. willair

    willair Well-Known Member Premium Member

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    Thanks for your time to post those property deals..I don't think a change of Government would will worry you..
     
  10. Car tart

    Car tart Well-Known Member

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    I find that most of the overacheivers have one thing in common.

    Quick to change plans or formulate new paths to success when something goes wrong or is in their way.

    Underacheivers are quick to whinge how they dont get any breaks, didnt get the education or how x, y and z stopped them from acheiving.

    I have a motto that there are no excuses just better plans to be worked on. To those managers out there listen to your staff and hear the difference between those that proffer excuses and those that let you know whats going on and how they plan to overcome that problem.

    In my company no one is allowed to bring me a problem, unless they can think of at least one way to overcome it. I then consider that one first and build up their reply in a way that builds up their self asteem and teaches them to acheive more.
     
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  11. YourPD

    YourPD Member

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    Thank you for posting your previous projects...

    For the larger sites over $800k that you did in the last 15 years did you add value to any of them before selling them onto the next buyer and if so do you mind sharing what you did?
     
  12. Lindsay_W

    Lindsay_W Well-Known Member

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    Yikes, getting divorced can be very expensive :eek:
     
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  13. Lindsay_W

    Lindsay_W Well-Known Member

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    Mindset makes all the difference, thanks for sharing your info, inspiring stuff
     
    Car tart likes this.
  14. Car tart

    Car tart Well-Known Member

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    No I did nothing to any property other than the homes and units I bought.
    I have built two pairs of duplexes in my life and didnt break even with either, So I stick to what I know best, land.
    The reason why the profits are larger than normal is in the buying. Buy where you know who wants to buy the land off you.
    IE Development sites
    Next to private schools
    Next to shopping centres
    Where one person is buying up parcels of land to create a super lot.
    Land that is to be rezoned in the future
     
    Last edited: 20th Dec, 2018
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  15. abbyfresh

    abbyfresh Well-Known Member

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    And no doubt turning up to your deals in this slick green mean machine is the real deal breaker. :D
     
  16. Jamesaurus

    Jamesaurus Well-Known Member

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    In your experience does being right next to a school or shopping centre affect the value prior to a potential buy out? I.e. are you content with those locations if the big fish doesn't buy you out?
     
  17. Lacrim

    Lacrim Well-Known Member

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    OK now I feel inadequate.

    And useless.

    Maybe a little lazy as well.
     
    Last edited: 20th Dec, 2018
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  18. Lacrim

    Lacrim Well-Known Member

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    Do you think you would be a lot less wealthy if you held on to what you bought vs buying and selling?
     
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  19. Car tart

    Car tart Well-Known Member

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    yes cheaper to buy get more when they knock on your door. But you have to know the market. It cant be a small shopping centre with empty shops. It cant be a school in an area with no growth.

    Substantially poorer as you then only benefit from the regular increases in the market and not from the extra increases because you bought a hot property at a great price. Also the power of negative gearing and CG discounts works better on many more properties, than on owning only a few long term.

    I actually dont drive the "luxury cars" very often, more often than not Im in my 2004 Ford Explorer 4.6 V8 4WD that cost me $1200, 2 years ago from Graysonline.

    I have three daughters who are 30,30 and 32 who do the same thing and are all self made millionaires. I have a son 34 (poor) who has the greatest life of anyone on the planet. Some call it lazy, or useless. But I envy his lifestyle.

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  20. ADLO Projects

    ADLO Projects Active Member

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    Great insights Car tart, congratulations on your success.

    What's the strategy for your latest purchase?

    Cheers
     

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