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  • Profile photo of cruzinbudcruzinbud
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    @cruzinbud
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    Post Count: 23
    July 25, 2011 - 4:12 am

    Hi Otto,

    Appreciate the advice…I will do.

    Cheers,
    Adam.

    Profile photo of cruzinbudcruzinbud
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    July 25, 2011 - 3:19 am

    Hi Otto,

    Will i be able to apply for a construction loan using on completion valuation seeing as i am doing 4 units on one title? I know you said as a general rule, however if i came to the lenders with 4 pre-sales could i make it into a commercial development? Also, will it help as the contract i have in place for the land is subject to DA approval, so i was going to go in with the DA and 4 presales and get the lot financed. Is this totally unrealistic??

    cheers,
    Adam.

    Profile photo of cruzinbudcruzinbud
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    July 22, 2011 - 10:48 am

    Good luck Kinda, keep plugging along. I am in the progress of doing a 4 unit development myself. I am waiting on some neighbours consents to come back then we can put it into council for a risksmart application, otherwise its the slow zone:(

    Cheers,
    Adam.

    Profile photo of cruzinbudcruzinbud
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    July 22, 2011 - 10:10 am

    Hey Guys,

    Does this mean that I (similar situation) will need to have an approved DA and have started building before they will consider an on completion value or are there still loans that will lend totally on final valuation numbers?

    Also, if i have the units all having presales will this influence the finance?

    Cheers,
    Adam.

    Profile photo of cruzinbudcruzinbud
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    March 5, 2008 - 6:46 am

    I think you may be able to ask for a transfer of security into a savings account, that way keeping the low rate and only paying the difference between what you can get from a savings account (or similar product) and the 7%. Not sure though, but worth an ask.

    Good luck:)

    Profile photo of cruzinbudcruzinbud
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    February 26, 2008 - 8:43 am

    Congrats guys…..nothing harder than waiting for settlement!! Good job!

    Profile photo of cruzinbudcruzinbud
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    January 11, 2008 - 11:06 pm

    Hello Mr Bond,

    I would suggest, although dont know how useful it will be, that because there has been no second pest inspection report that the first one is still valid, and if there is no date on the contract to complete the building and pest that you are well within your rights to terminate the contract.
    Also, is there no way of getting in contact with your convenycer? They would be the best person to talk to i am guessing.

    Anyway, as i am not a solicitor i cannot be certain. Hope it helps though.

    Cruzinbud.

    Profile photo of cruzinbudcruzinbud
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    October 7, 2007 - 2:58 am

    Thanks for the clarification Terry.:)

    Profile photo of cruzinbudcruzinbud
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    October 6, 2007 - 11:26 am

    Hi Patvac,

    Is there any way of reducing the costings by reducing the number of lots? or perhaps doing it in sections…ie subdividing half the land first and getting some sales through to get some extra cash?

    Just an idea!!

    Good luck, i am sure it will come good, just think about it  a bit i guess???

    Adam.

    Profile photo of cruzinbudcruzinbud
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    October 6, 2007 - 10:59 am

    Hi Terry,
    "I can think of a few disadvantages:
    – Companies do not get access to the 50% CGT discount
    – Asset protection (but shares could be held by a trust)"

    Could you please explain the asset protection section as a disadvantage? Do you mean if the company goes bad then its assets are not protected?? (sorry to sound like Pauline!!:)

    Cheers,
    Adam.

    Profile photo of cruzinbudcruzinbud
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    October 4, 2007 - 10:19 pm

    So by the sound of the last two posts, and not trying to criticize anyone here, Steve was being fraudulant when taking out his loans in different structures? Or perhaps i have read his books, and watched his seminars, incorrectly. If there is another interpretation of his material i would be very interested to hear it (and use it if possible!!!)

    Cheers,
    Adam.

    Profile photo of cruzinbudcruzinbud
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    October 2, 2007 - 9:21 am

    So this is possible providing you can service the loans…ie dont default?? Very curious about this topic as i, and i assume many people, dont have that high an income and thus am not able to gain high lending approval.
    I would be interested to hear from someone who has actually done it…not just theorised about it :)

    Profile photo of cruzinbudcruzinbud
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    September 21, 2007 - 1:04 am

    Hi Guys,

    Congratulations on your achievements. I have almost completed my first reno as well, and am quite surprised at what we have achieved. Nothing as expansive as yours, just painting mainly and a new kitchen. We are getting it revalued next week so fingers crossed with that.

    Good luck with the open house tomorrow.

    Profile photo of cruzinbudcruzinbud
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    May 5, 2007 - 12:52 pm

    Hi Fred and Debbie,

    Thanks for the reply. I had since bought it myself and have to say that there i got a massive amount of information from it, and have started using it.

    Good luck to your developments.

    Cheers,
    Cruzinbud.

    Profile photo of cruzinbudcruzinbud
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    February 28, 2007 - 1:10 am

    Thanks Amanda.

    Profile photo of cruzinbudcruzinbud
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    February 27, 2007 - 7:22 am

    I am surprised not one reply for this thread…not even Steve who is plugging him massively has given a comment about this.
    Makes me wonder if its really worth it!!

    Profile photo of cruzinbudcruzinbud
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    February 27, 2007 - 6:02 am

    Hey AmandaBS,

    I know from another forum that you said its taken a few years for one of your subdivisions to go through, is this commonplace or is it generally quicker, like 6 months or so? Are there any reasons that this one took so long or is that the general time frame?

    Also have you heard if they are going to put a new highway from Ipswich into the city?

    Cheers,
    Cruzinbud.

    Profile photo of cruzinbudcruzinbud
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    February 27, 2007 - 5:49 am

    I may be missing the point, but from what i can gather, a LOC loan is the better option than x coll? Better to stay away from x coll if you want to build a larger portfolio?

    Profile photo of cruzinbudcruzinbud
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    February 23, 2007 - 2:21 am

    Hi Don,

    Number 2 is my favourite, although number 1 is getting a lot of support!!

    Good luck deciding.

    Profile photo of cruzinbudcruzinbud
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    February 7, 2007 - 9:10 am

    maybe not subdiving…..lets go with subdividing!!!

Viewing 20 posts - 1 through 20 (of 21 total)
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