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Yip your right
The ones I have come across have lied through their back teeth, conned every one they come across I.e. Contractors
And then have gone broke
A typical person in this category is very excitable runs around a lot looking busy, but doing nothing, can be very friendly & engaging looking to earn lots of money with no real effort
Promise every thing deliver nothing but cayouse & frustration
Early warning signs are large grand plans quickly followed by being late and unreliable
They dont necessarily have to be a developer they can contractors as well, some of us are even lucky enough to employ them for short periods, I guess the they become contractors, then developers then broke
How ever their are some real clever ones who keep all Their money, but there is another name for themI would strongly advise all to stay well away from people who fit into the above
But hay best of luck
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This reply was modified 10 years, 4 months ago by
Terry.
Thanks for the replies
When I meant sell discreetly I meant quietly sell the property with out the signs and tramping feet of busy buyers and real estate agents
I made the mistake of doing the deal in my name
Borrowed 300k total cost to build 440k value 450k rent anualy is $20,800 or $400 per week rental manager 9% rates & insurance $2,500 per year
The house is in New Zealend so there is no stamp, it is a principle & interest loan
I did things the wrong way
I forgot my initial goal which was to buy positive cash properties
I don’t have to sell if I put in another 30k it will become positive, I can move it over to a company/trust which is already set up ( you can gift at present there is no limite ) and refinance
I think perhaps on reflection I am annoyed with myself
I have no sentiment towards the property, I must admit though it was a great build not having a client for 5 months I enjoyed going to work :-) and I would have like to continued, sold and built another but the big BUT, it’s back to the drawing board and start again
Maybe with the same plan or revised plan, licking my wounds but the cuts aren’t to deep
I apologies if it sounds a bit of a ramble but it is good to put it in writing,-
This reply was modified 10 years, 4 months ago by Terry.
hi there
it may not be a licensed “trade” but it would come under some form of licences or registration as singularly it is the most important part of the construction to keep water out, it would pay to check with the local building authority, you may also require a permit from the local shire or council, other wise you as the owner could be liable-
This reply was modified 10 years, 4 months ago by Terry.
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This reply was modified 10 years, 4 months ago by
