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Viewing 20 posts - 41 through 60 (of 127 total)
  • Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    gday Steve
    Sounds Great!
    Just double checking. We still haven't received that newsletter email yet.

    Cheers
    Hutch

    Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    hi egd,
    having contracted Demolishing companies to remove old WB houses several times (in Melb metro), on similar size blocks, for developments over the years. I can say from my experiences there are several factors that are to be answered that will dramatically affect the price of the final quote.
    *Does the house have any period features (windows, leadlighting, doors, door furniture, cupboards, fittings etc..) that are genuinely salvageable for them?
    *Does the property have any blue stone, unique bricks etc that are genuinely salvageable for them?
    *Is access to the property easy for heavy machinery ie: phone/power lines, concrete crossovers, close houses next door, trees of significance etc.?
    If your answer to these points is NO than there is probably no 'market' for it. A Demolition company can come and quote on this and guide you. Also keep in mind that the prices can rises dramatically if there is asbestos in the house/garage/carports/outhouses etc.. as they may have to sub out this job, so several quotes are very necessary. To give a you a guide I have paid between $8-12k per job over the years depending on the 'degree of difficulty" for the demo guys. While its is not out of the question, it would have to be a special house to not be charged anything to remove or demolish it. In the grand scheme of developing its not really that much but it is a neccessary evil. (Please note that I'm talking about 'house re-locations' which is mostly common practice in Qld).

    Hope this helps
    Cheers
    Hutch

    Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    crashy
    don't freak.
    I would suggest that you Not having a case against your solicitor for the moment. They are supposed to be on your side. Contact them straight away and get a copy of the 'search' that they did 6 months ago and calmly explain the situation as that's there job. Get a copy with the exact address that the council sent this "letter" and when it was dated and by whom. I have missed many a letter from Planning/Building departments of councils in the past only to find that is was still sitting in their files.

    good luck
    H

    Profile photo of HutchHutch
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    @hutch
    Join Date: 2004
    Post Count: 137

    Option Deeds or Option Contracts …..etc
    This is in Victoria…in which we definitely have to pay stamps on Options at some stage
    Different states in Australia use different wording for the same doc.
    I may not have explained myself in words, but I think we are all talking about the same 'end result' method. 
    As I said first up, check with your Legal rep in your state for clarification on Options the wording and its applications.

    good luck
    H

    Profile photo of HutchHutch
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    @hutch
    Join Date: 2004
    Post Count: 137

    hi barney
    If its any help.
    For all my developments (through my Trust) I have been using EVL (End Value Loans) at 80% with nab, which is readily available if you (and the development) qualify.
    H

    Profile photo of HutchHutch
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    @hutch
    Join Date: 2004
    Post Count: 137

    Diaka
    Mark Unwin in Kew ticks all those boxes and more.
    At this time of year he may not be taking on new clients but email him on [email protected]

    cheers
    hutch

    Profile photo of HutchHutch
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    @hutch
    Join Date: 2004
    Post Count: 137

    My opinion based on 6 delayed settlements in 7 years is…..Yes this is normal for most Brokers. Don't start me on them.
    I Wont mention company names or persons. But I have stopped using brokers this year and have gone back to my personal business banker. Ask any settlement clerk (or conveyancer) in the country, what the Number 1 reason for settlement delays or postponements is…..and hands down they will tell you one of the settling parties are going through a broker. I'm sure some "good" Brokers will come out and disagree but the facts will always stand one their own. If the Broker wont get into gear threaten to remove all business and contact ASIC.

    Profile photo of HutchHutch
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    @hutch
    Join Date: 2004
    Post Count: 137

    Hi Tarae,
    That is alot of commission but certainly NOT unusual (in Vic).
    Most commission can be negotiated. Ask for full invoice disclosure on the adverts they are placing on your behalf.
    Good agents are hard to find and don't forget that the is a reason that these commissions are on a percentage basis is to protect both parties from wasting their time.
    if you are not happy, perhaps ask for a sliding scale of commission.
    ie;
    1.8% up to 1m
    2.2% to 1.1m – 1.2m
    2.5% to 1.3m+ etc..

    Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    hi MM
    Most developers would jump all over you if you were to buy "in Bulk".
    Do your research on the project first before approaching them so they don't give you "Rack Rates" and then you be assured that thediscounted bulk is in fact just that. They have creative ways of making you think you are getting a genuine discount. You will have a lot more power in negotiating the length terms also. Cant help you with finance as I don't know your circumstance but suffice to day that the developer will need proof of "in-principal finance" to see that you are a genuine large parcel buyer/s.
    cheers

    Profile photo of HutchHutch
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    @hutch
    Join Date: 2004
    Post Count: 137

    Wow Devo
    Your question has started a lot of posts in only 6 days.
    It’s amazing what happens when you bring politics into the equation (God please dont mention religion!).
    It’s also amazing to read everyone's opinions on the pre/post effects of the Election, 2007 style. 
     
    For the short term.
    IMHO I think there will be 2 small % rises before the Election and that the Australian economy in most sectors will hummmm along – without too many spot fires – once Rudd gets in.

    Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    Yossarian
    you are missing the point a little. you not signing a contract of sale, just an option to buy at agreed price/terms.
    (If you read my post you will see that I still suggest getting the help of your professional before signing off any deals).
    And of course we would all have a Plan B to purhase the property if the Option deal fell through. Otherwise most of us wouldn't be investing in property or on this forum.  (If we all did what everyone else is doing in the property market how are we suppose to get creative deals done and make a creative profit!).
    cheers

    Hutch

    Profile photo of HutchHutch
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    @hutch
    Join Date: 2004
    Post Count: 137

    misty
    I would doubt it.
    I have done this several time on existing dwellings, NOT H/Land packages.
    But doesnt hurt to Double check with your accounant/lawyer.
    ta
    Hutch

    Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    Exactly LA Aussie,
    Since it appears that it hasn't yet happened to any pollies (or their families) they have continued to let it go through to the keeper. Didn't see the TV program, but it makes my blood boil to think that these "humans" are still allowed to breath free air on the outside. They are low life scum and it's good that there is someone out there fighting against them. Maybe some ASIC executives need their Mum/Dad/Grandma to be ripped off before they take action. I know we are all responsible for our (investing) actions but enough is enough for these loosely called "Property Investment" companies….How many more will fall in the next 18 months?

    Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    Hi Littleguy
    You can do it in but in a slightly different way. If your Vendor is motivated enough, you can get your agent or solicitor to draw up an Option agreement. This allows you first option on the property (at an agreed price & terms). It helps if the contract stipulates that you can have early access to 'freshen' the place up if need be. You can on sell your option in the property to a third party (at an agreed price & terms). Thus you will only have to pay stamp duty on the difference between your option price and your sale price
    ie:
    in your case the Option Price agreed $180k.
    On-sell the option to another buyer $220k after your term is complete.
    Stamp duty payable only on the $30k difference rather than the whole $180k because the title passes through you and is never in your name. This technique is legal and used alot to make a quick profit and is not fully understood by some RE agents, but make sure you get representation from your personal property lawyer/solicitor in your state.

    Hope this helps you.

    Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    Definitely. Its always been a "fixture" on all my (Vic) sale contracts and never once been an issue. I Cant speak for other states.

    Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    Ohhh Duckster
    Sun in your eyes?
    Is that how you invest, or live your life?
    Gee that is very lame. (a lame duck ster).

    Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    Great story, but an Urban Myth.
    I've read that same story about 3 years ago in an industry RE forum.
    Could it possibly of happened recently to another stupid person? ….Who knows?

    Profile photo of HutchHutch
    Participant
    @hutch
    Join Date: 2004
    Post Count: 137

    Hi Crashy
    I'm in Victoria and have never heard of them.  So I can only assume that they are a QLD "business".
    But Thanks for the heads up.  With service like that I hope they had little or no commision rates.
    "Pay Peanuts……….."

    H

    Profile photo of HutchHutch
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    @hutch
    Join Date: 2004
    Post Count: 137

    Hi Mrsimba
    double check that your personal lender will lend in that poscode if you havent already. Three years ago the nab told me that they couldnt lend 80% to me if I was to invest in particular postcodes (CBD, Soutbank & Docklands). The banks may have changed and my lending situation has changed since, but I was shocked back then that they had this strict criteria in writing.  My parents did buy a 1 BR unit there 4 years ago and are happy with it (but certainly not over the moon).

    Profile photo of HutchHutch
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    @hutch
    Join Date: 2004
    Post Count: 137

    Devo,

    After 4 tries and 4 rejected offers. I successfully did this recently with a house (in Melbourne metro) that I drive past, and wasn't on the market. I used my current Property lawyer to do a search, contact the owner, draft up the offer letter and eventually the Sale contracts. Thus by-passing any need for a RE agent. The only fees I had where a Title search and the final lawyers ($1100) bill upon completion of all docs. It took a while to get the deal over the line but the Vendor (an old fella) who'd been there 35 years was rapt to sell at a good price with no RE commission fees and I had flexibility on the terms, so I could get development approval through.
    Granted, it was a private detached house (and not units/apartments) but the approach concept is still the same.  Second option could be to find out who the Rental Agent of the unit block is and they could approach the Vendor on your behalf, but that would be a last resort. If not just ask around, you'd be surprised what the neighbours/tenants will tell you. Of course it will make things alot harder if they are Strata (separate) titles.

    If you are serious about getting a certain property and getting a "No Thanks" and a small bill for a title search is the worst that could happen, then don't have much to lose.

    Good luck.
    Hutch

Viewing 20 posts - 41 through 60 (of 127 total)