Quickest transaction I ever made.

Ok makes sense. Did not know this


He was our local sleaze bag re agent, well known in this area. But he really came up with the goods. The buyer paid around $130,000 too much, was not even a booming market

I no complain

 

Haha!

 

Trust.

I'm pretty lucky that my partner in crime is an expert in this area. She sets up all kinds of crazy complicated tax structures for high net worth clients all over the world. She's a nerd when it comes to this stuff

But you should still get 50% CGT after 12 months even in trust @MTR .

Ah edit, I realise you mean tax bracket

 

Not quite doubled and when you factor in transaction costs it's even less. But still a great result if the transaction settles.

 

So if it settles etc.... where/what will you do with funds... if you care to share

 

Not that that's an exception lol

 

@Scott No Mates
Try telling that to USA realtors. Absolutely massive conflict of interest, even though they pretend they're being ethical on both sides. Biggest load of BS I ever heard.

 

Park it in offset then look for a Reno deal in Sydney. Maybe a terrace renovation. I'm getting a little bored and itchy fingers so....

It's funny how things work out. Last year I listed my dev right on covid disaster week. Obviously no bites to the price I wanted. And I don't blame them, only a crazy person would of paid top dollar then. So it was disappointing but understandable. So I rented both for great rent. Then sold one 5 months later off market for just 40k off my very top number so was pretty happy. Then sold land for a good offer with DA. Now have this one under offer for a good price.

So literally went from being quite disappointed (but who can plan for covid) to now over the moon. Tis life gotta keep your chin up, stay positive and keep moving forward.

 

Wow!!!!

 

It sounds like the main lessons here are have good relationships with agents, and clear communication that you're always open for a deal.

 

I think it makes sense to remind your agents every so often that all your IPs are for sale. If the price is right, who wouldn't sell?

I have had a few agents screw me around wasting my time but I am pragmatic. I understand its all part of their job, to be aggressive and wheel and deal both sides to try and get a sale. I don't hold it against them.

 

Are the loans on these IP's IO or are you at a stage now where you arent leveraging? (not sure why someone wouldnt leverage but i can understand why not also). I'm just intrigued as you say theyre always for sale but are you generally working off a base %profit/ROI over whatever the time period is since you purchased? Cheers

 

The LVR on it is very low.

Yes of course although I don't have a rigid figure/percentage in mind. To make this a really worthwhile investment I would of had to spend the time, effort and money to do a full reno and then put it on the market. There is also greater risk involved with that. Hence, I'm happy with this offer where i dont need to do anything. Now in 3-4 years if the values in the area go up significantly then I may have made the wrong decision but hindsight is 20/20. My gut tells me this is a great offer overall. So I'm happy to sell.

 

Sourcing finance is very difficult today, especially construction. Its a totally different beast than even 9 months ago. Developer is a dirty word

I have to use cash to develop, then refinance, no other way for me in current environment

 

I find it liberating to use very little of the banks money. I plan to pay cash for my next reno in Sydney. The challenge for most new investors is they have limited funds and want to expand asap so they turn to maxing out their leverage. I remember in the beginning I would want to max my leverage as much as possible. Paying LMI back then was a gift from heaven Haven't had LMI for a long time now.

 

IIRC, Meriton doesn't either - Harry despises the banks since they did the dirty on him 40 or 50 years ago.

 

Ah yes Harry, I know his story well. Indeed he despises the banks.

I'm actually very grateful to them, without them I wouldn't have been able to grow any wealth. But having the option to not use them feels great

 

yes that is my opinion as well of Brisbane

but i used to invest near Hendra on the racetracks , and while the wins weren't in the $100,000 range 14 to 1 ( 1400% ) in gain in about 10 minutes ( to collect from the bookmakers ) is pretty quick ,

BTW many years Hendra had a reputation of flooding , maybe you did better that you thought

 

I'm happy with the sale. Just hope this transaction follows thorough to the end.

 

@twisted strategies I gotta get up in 5 hours, daughter's 2nd b'day is today.


Your a good insomnia buddy on here though


Zzzzzzzzzzz