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From what I understand….No.
Hi Alistair,
I found Stuart to be very knowledgeable and I'm sure if I had of gone with him everything would of been fine. Me personally I felt more comfortable with Chris Lang. Others may feel more comfortable with Stuart. Its just that If I had to choose who to go with I would pick Chris Lang over Stuart.
I would suggest to Tracey maybe meeting with both and make your own decision from the meetings and discussions. I noticed both Chris and Stuart have different ideas and strategys on investing in commercial property from my meetings and discussions with them.
Tracey,neither are right or wrong, good or bad, just different. I liked Chris's ideas and strategys so went with him. You may like Stuarts ideas and strategies and this may fit into your long term plan better.
Needless to say I still never recieved a reply to my email from Stuart of which is probably my biggest bugbear. I can only guess that this was due to the ";simple"; questions asked. As a potential client I thought a reply would of been nice. Yes I could of sent the email again to follow up but I don't think I should have to.
Who know's maybe he never recieved the email, his laptop was stolen, he accidently deleted it, his junk folder ate it etc etc.Tracey in saying that, for yourself, I would not condemn the man for not replying to an email. Meet with Both Chris and Stuart and make up your own mind.
Alistair I am a client of yours referred to your company ";Perry Finances"; (Cameron Perry) by Chris Lang and I must say that I am very happy with your work on my finacing and re-financing. So Tracey if you do need financing for your Commercial investments I would suggest Perry finances. I had a broker (nothing wrong with them) but decided to jump ship to Perry finances as they seemed to be a bit more knowledgeable in different areas of financing especially commercial.
Tracey, Good Luck, let us know how you go with your meetings if you decide to meet with both Chris and Stuart.
Pascoe
Yes I did. I ended up going with Chris Lang and he has been great, very happy with his work. I suggest you get your funding ready before contacting him (at least deposit anyway) as once you decide to use him as a buyers agent, a property can pop up very quickly.
I initially had a meeting and further discussions with Stuart Bonning, however, myself personally I would not reccomend.
It seemed like any questions you asked him that were "simple" to him and rather more complicated to myself, due to me learning about commercial property annoyed him. Being a Commercial Buyers agent I thought that he would expect these "simple" type of questions. Also I am still waiting on a reply to an email that I sent him in November 2010, yes over 6 months ago.Pascoe
If it was me I would build up some more equity and avoid LMI, however some people prefer to pay LMI if they have to instead of waiting to build up equity especially if they think the investment property will gain more than the LMI cost compared to the time period it would take to get LVR down to 80%
……..Or get the investment property valued, by the bank so you know what figures you are working with. Than ask them what is the maximum amount they will lend you so as not to incur LMI.
Once you have this figure, (similar to what Angel said above) this is what you offer your boyfriend for his house (minus of course legal fees,stamps etc). The shortfall between this figure and the valuation figure (or your agreed selling price) can be paid back to him, with interest, remember you will now have 11k in extra money saved fom LMI to pay him interest on the shortfall. Better to him than LMI to the bank.
I wouldn't buy in BM. Too far out from the city, a lot of land available, so no scarcity factor. If it was me I would be looking closer into the city even if it meant having to get an apartment/unit.
P.
Reminds me of a few years ago…..probably more like 7 or 8.
I bought a property in Brisbane area for 133k in 1998. I live in Melbourne and I recieved a call from a real estae agent from the Brisbane area offering me 145k for the house. This was around 2002/2003.
I said "has it really only gone up 10k in 5 or so years" and they were quite sure thats the absolute max you could sell it for and started saying things like " its best to cut and run now, its only going to get worse etc etc"
After politely saying that I didnt want to sell, I did my own investigations and cant remember the exact amount silmilar places were going for (it was 7 or 8 years ago) but it was around the 200k mark.
I think they were finding interstate owners, calling them up and offering 50k less (or 30%) than real value and hoping that you would sell without checking the real current values.
P.
It was on a proposed development, so I'm not sure about the "without DA" or option over it. The townhouse size was 210m2 so around $1500 per m2.
From my previous post………….Now the company…………..I have emailed them in regards to the "profit based on CG" and are awaiting their reply to see if they can explain themselves or maybe show me how I have misinterpreted the feasibility report. Either way I will post who the company is and their reply / explanation after I have given them a chance to respond.
The company has responded and couldn't really explain themselves, just started mentioning ROE is 75 %. But this still was based on future capital gains.
So I've decided to give this company a miss as too many things dont add up and continue my research/learning.
The company is well known, with offices in Melb, Sydney and Bris, their melb office being in Bay St Brighton.
Thanks D and Crusty, I know what you mean. If they could gaurantee that their performance is only half as good as their self promotion I'd be happy.
I did a search on this forum on "michael yardney" and "metropole" and read all 364 or so topics. Most of it is fairly old though, around 2005, hence starting this topic to try and get some more up to date info (and more relevant).
Will keep investigating…………………….both metropole and other companies………………….
Cheers
P
Anyone ???????………………… maybe know one has used metropole before………………..from this forum anyway…………………Michael Yardney……… anyone……….
I found the Jan Somers books, easy and interesting to read. Her first one I read was way back in 92 I think, but I have read them over and over again.
Havnt got feasibility in front of me, but it was around 320k for each townhouse. 800k land, 2 x 320k townhouses = 1440k, rest of 160k is other fees, ie their management, stamps, town planning, contingency etc etc.
Now the company…………..I have emailed them in regards to the "profit based on CG" and are awaiting their reply to see if they can explain themselves or maybe show me how I have misinterpreted the feasibility report. Either way I will post who the company is and their reply / explanation after I have given them a chance to respond.
2 double storey townhouses. The feasibility is on a proposed development, so nothing has even been purchased, therefore whole feasibilty is based on getting 8.5% cap gain from today (if bought today) until 30 months later, to give you the 20% profit margin.
Thanks all for your replys, 20% in todays market sounds better.
fredo, the 30 months started from the purchase of the development site. Total development cost 1.7m
Month 1 – Purchase
Month 3 – Settlement
Month 20 – Start Construction
Month 30 – Construction finished, able to be rented or sold – 2.0million (as long as 8.5% per annum cap gain over 30 months). If happenned to be 0% cap growth over 30 months (purchase to construction completion), sale price 1.6m (actually lose 100k).Cheers
P
