Forum Replies Created
But if the titles have to be handed over prior to completion, why wouldnt it work if thats what the contract states?
Yes everything is included in the cost – turn key.
I will have to wait and see what my broker comes back to me with. Would you be able to get it across the line Shahin?
Thanks Terry/Shahin, im waiting on my broker to give me a resolution strategy today before I go to someone else on this thread.
I just spoke with the builder and he suggested that he is happy to wait to take final payment until he completes the job and hands over 3 separate titles. Meaning that he puts a clause in the contract saying that the job wont be complete until the subdivision and individual titles are issued. Would this work at 95%?
Sash
Thanks so much for your help. If my broker is incapable of sitting this out would you be interested in taking this situation?
Could you please tell me the lenders that you think could help? Thanks heaps for your advice.
Sorry guys I mean that they were suppose to be using the 'hyper something methodology' which I think means what it will be worth on completion on 3 titles? Sorry I don't know the exact terms.
I don't know the valuer because it went through Valex. In saying that I do have the valuers number that actually conducted the val. I guess I will try Homeside/NAB.
Is there anything else anyone can suggest?
I'm dealing with my broker. They did 95% with an offset account and seemed like a good choice. If it were you what would you do? How can I get this deal to work?
Hmmm that sucks. If they gave me the right amount then there would be no issue with funding! Yes I am running against the clock- I started a new job at the beginning of this year and it will be harder to get finance.
Hi Shahin
Yes thee DA is to do the subdivision afterwards. The building construction amount is for $370. There is also works to be done on top eg Reno etc. Is this always the case always when building dual ocs? Why won't they assess according to what the permit states and on completion and separate titles?
Could you please explain what I need to do? The lender is bankwest. Do I have any likelihood of getting the outcome I need?
Thanks for your help
Hi Christian,
It appears nothing can be done. The property has to settle tomorrow. Buyers have the right to rescind the sale. They want the price dropped by 40%. my dad does not feel that he can take on the council and doesn’t want another battle where he’ll have to pay ridiculous amounts to TP’s etc. It’s been a nightmare.
Hi guys
Council have already been out, assessed the property and now written the letter of intent. I thought that if it were built over a certain period of years then it didn’t matter?
I don’t think there was a clause as such for these matters, I’m unsure of the fine print. I guess the only thing to do is speak to the lawyer?
Thanks. Any other experiences/advice would be great.
about 2 years now. last time they just added it on top
Qld007 – wouldnt a broker always capitalise anyway? if not he should have asked me yes?
mattnz is on the money with the figures.
What i'm trying to say that the AMP valuation was $340. the outstanding loan amount with CBA was $283. The new loan amount with AMP is for $306. I want to access the $30k hence the reason for the refinance. They some how came up with a figure that the refi would allow me to acces $13k in cash. To start with this figure is too low as mentioned by mattnz above.
From $13k they took out $8k in LMI and all that stuff which seems a bit high leaving me only $5k cash in the offset account instead of $13k which should have been $22k.
I clearly dont know much about finance but anyone knows that LMI and fees would usually always be capitalised. In my case I have now lost about $17k (already received $5).
Does this make sense?
Sorry guys I forgot to mention that AMP have refused to give it back and are trying to tell me stiff s#@t.
Wow! I should probably get the point…
A holiday just seems like a place where I will think about ideas and get inspired for when I return. Can anyone honestly suggest some good books to read!!!!!
Sash.
Hi Pinkboy –
THANKYOU! For the kind words of advice, it sure is great to have such impressive information at hand on this site. I definitely have to do my homework! I dont want to bite off more than I can chew. I am going to continue to progress in my current role do a couple more developments to increase my equity position . Something may come from doing that business wise – I can see an opportunity and have great skilled and talented people/mentors willing to assist me. I will reassess the concept of business for cashflow in a year or so and see if I feel more comfortable.
I appreciate all of your advice.
Sash.
Want It. Own It. Enjoy It. Achieve It.
I can recommend a company that has taken care of the whole process from start to finish and guarantees permits. They have been extremely professional have guided me with my multiple questions every step of the way. Loads of support – I have complete faith in them handling my affairs and I dont have to stress. They are a melbourne based company with alot of experience and have expanded drastically since I engaged them. The most reassuring thing is that I ran into some trouble on my block with a council owned laneway at the back that wasnt picked up until the application was about to be granted. This caused problems but have been worked out now through great knowledge and negotition.
PM me if you want there details.
Wealthjvd —
I got a standard 90% loan, had the deposit, stamps and subdivision fee's in cash for initial purchase and then when it comes time to build, worst case scenario I'll draw down on equity (10% for construction) however I think there's a few tricks of the trade that will allow me not to use any of my own money.
If you want to meet up and have a general chat, more than happy to. It's hard to come across like minded people – especially in our age group.
Happy Hunting.
Sash.
Hi Scha –
It's more like $150 but who's counting
I work for Telstra Business – Sales & Accounts Manager.And yes the thinking part does give me trouble when trying to go to sleep at night – mind constantly racing. I find myself consistently thinking up different ways to generate income through property, business, work etc – does your head in at times.
Thanks.
Sash
Want It. Own It. Enjoy It. Achieve It.
Hi wealthyjvd –
I too am young (22) and have also purcahsed in Frankston, Queen St which sounds like it's in a similar location to your property. I have also commenced a subdivision with intention to build in the back yard (not a corner block), my block is smaller than yours – I'm doing a 3 bed, 2 bath townhouse. I started this process back in early 2010 however because I didnt know anything about subdividing I engaged a subdivision company to carry it out for me who specialise in Frankston and the Mornington Peninsula. They have been exceptional to work with, the director having an immense amount of knowledge for the area. He has just had approved the first high rise in Frankston, Davey St – this particular project took 3 years to get through with the concept of high rises in frankston taking 7 years. Let me warn you now – THEY ARE EXTREMELY SLOW. They have made a numerous errors with my application eg. It took them 8 months to tell me that my proposed development was on council land due to a rear laneway running through the back of the blocks on my street. It then took about 4 months for them to approve me purchasing the laneway and now another 3 months still to date for them to transfer it into my name.
If I can revert back to the director of the company I engaged, his words 'they are as slow as you can get'. I'm by no means trying to put you off in the slightest, I'm giving you a real scenario. I now have them on my side after an extremely long pointless delay of time and have been ensure that the application will be 'fast tracked' – I have to lodge it AGAIN. I'm hoping I will have commenced building by the end of the year – best case scenario.
As a suburb, I love Frankston, I have had great growth already and will eventually see awesome profits. Would I do it again there? Yes, especially with everything happening down there. I have to think though, can I get the same returns elsewhere in a shorter period…
If you want to have a chat, I'd be more than happy to – PM me.
Best of Luck mate – great to see other people doing it down there!!
Sash.
Want It. Own It. Enjoy It. Achieve It.
I work for Telstra Business – Sales & Accounts Manager.
