Hi Michael,,

Thanks for all your helpful information! In summary to your comments, it sounds like I should be ok with applying for finance? If the income can pay for all expenses without any $ coming from my pocket, surely the banks would be cool!!

What would be the best way to go about a business loan- use my broker? Contact a bank manager? Can you suggest any lenders that would be easier than others?

Many thanks again!

Sash

Hi Guys,

Thanks for all the comments. I have only just had the application resubmitted due to massive stuff ups from the vendor that sold it to me, the agent, the conveyancer and the council.

Long story short, the vendor moved the fenceline back 3 metres. There is a rear laneway that runs through the back of all the properties on the street. The agent misrepresented the property, not informing me that the laneway was actually owned by council. The conveyancer's should have picked it up, there reply was that they dont physically look at the property so they can't see if a fence is in the right place or not. They didnt however tell me to measure the boundaries (simple thing that needs to be done). It could also lie with the surveyers that when they did there prelimiary measurements should have come across that the 32 was different to physical measurements. The council then decided to take 8 months to realised that the proposed development was actually on council land and should I wish to proceed wouldhave to purchase the laneway off them for $6k plus costs. This I finally did and the application is now back with council – a process that should have been well and truly finished by now has cost me 6 months in time plus another $10K before the permits are even granted.

There will also be another $10k to connect services and create new titles etc apparently.

So it has been a massive pain in the ass, unforseen costs (I thought of taking legal action against someone but wouldnt know where to to start) however I should still be able to pull $150K equity from the project.

Goodluck! I still highly recommend PnP.

Hi Matt, My project is a pain.  <moderator: delete language> Council, dodgy agents, dodgy conveyancers etc not doing there job properly. Still haven't started building yet because of drainage issues, infrastructure departments being uncooperative. It will come eventually, very unlucky but semi-fortunate in a way this happened on my first project. As for Property Subdivision – A flawless company. Everything they do is with the clients best interests in hand. I'm having all the issues being taken care of by the director. I speak with him every couple of days with updates and he makes sure he gets everything 100% correct before we move on to the next stage. Referring back to the 'money on the build quote', that was just what I was told, still haven't got there yet so I couldn't tell you. In reality though, it has bee a huge weight off my shoulders knowing that they are actually working for me and trying to get the most successful and cost effective outcome. Once again, I can highly recommend them. Let them know you have spoken with me. Sash. Want it. Own it. Enjoy it. Achieve it.

Hi kntan,

Yes I am still with PnP. I could not be more impressed with thier professionalism and genuine efforts to help find solutions. I have run into a few problems with council. The managing director has personally taken my project and is negotiating and dealing with council on my behalf, using his skills and reputation. I will tackle construction when it comes will refer anyone to them for subdivision help.

If you are in talks with them mention my name.

Let me know how you go should you choose to go with them.

Cheers

Hi Guys,

Thanks for the comments. As I said all dealings with them so far have been great. I can't complain.

I was happy to pay the premium back then as my knowledge was next to nothing. I may not use them again as I could do it cheaper myself. It is however very pleasant knowing that someone else is taking care of it. Any questions are replied to promptly and more than regular updates are given.

I am very close now. It is in the final stage, everything has been completed with no objections so far and is awaiting council decision. It could be any day now.

I think the next stage will be interesting as they told me they 'make there money in the build'. I have spoken to a few people about construction costs so I'll see what they have to offer.

Did they mention anything else about doing further deals with them and any other benifits?

Concluding, I did rush into it because I wanted to develop as soon as possible. It has been an easy experience so far. If you lack knowledge and time, go ahead.

P.S did you mention you were referred?

Yes my base is still the same. It's the extra commission that I need to ustilise on.