I’m sorry to hear that.

I’m a bit confused on what product you invested In but as I understand it you did not take direct 100% ownership through your trust rather invested in fractional or syndicated ownership?

Was there a PDS or an IM and an application or was it a Contract of Sale with a S32?

HWL Ebsworth Lawyers would be my recommendation for legal representation. They won’t be cheap but also not the most expensive. Try and get am unemotional idea of how strong your case is as lawyers are no different to real estate agents, it’s all good at the start and then as you get closer to the big dance auction/court case they start conditioning you on how good your home/case is.

Best of luck hope you can get some funds back and live to fight another day.

@soupy

Developers don’t rarely get land from farmers for nothing and make millions. Unless your name is Facey (jokes).

Do developers typically make between 15-30% returns, yes. Do they risk millions to do this. Yes. Is it the glory business it once was. No.

The biggest winners in development are local council, SRO and ATO.

I personally wouldn’t buy in Mernda as I don’t believe it is well connected to the city and there is a lot of land to come on in the northern corridor including Plumpton, koroit and rockbank all of which is better connected to the city. I think it’s easier to get into the Cbd from wallan which is miles away. For me personally if your to buy developer land for an investment, I’d recommend pakenham, officer and maybe Cranbourne.

Soupy makes a good point though that development land is plentiful which means you’ll be waiting a while for capital growth. That said I have seen scarcity (as a result of planning issues and things like fhog) push prices up quickly in the past.

At the end of the day buying from a developer is buying a solution really so a lot has been take. Off the table. Better to buy the problem and provide the solution as Steve would say.

Sometimes you can find old vacant blocks for sale in older estates where the restrictions on the plan of sub have expired and the lots can be re-subdivided. I am doing this on two lots in pakenham where there was no restriction for subdivision on the lots.

Hope that helps….

As the appointer of the trust I can remove the corporate trustee and elect a new trustee.

Am I missing something here? I thought this was as bulletproof as it can be. I do agree my wife and I need to do a will and I will ensure on her death the shares transfer to me and on mine she takes over as appointer and director, and in the event both of us die the trust becomes a testamentary trust for our children.

Hi Terry

I have been running a FT setup for years with a company trustee. I am director and wife is shareholder. In your experience is this the right way of setting it up, I am most litigious and have no assets. Any family assets are in wife’s name. Reason I ask is a friend of mine has it set up with wife both director and shareholder, but his circumstances are same as mine. He believes he got legal advice from one of the big city firms, whereas I did mine on cleardocs after discussions with my dad (has same setup) and own research. Thanks in advance. Callum