Both the wife and I are absolutely over the moon !!!!!!![lmao][lmao][lmao]
Just received written finance approval from the Bank for our latest acquisition.
This is the biggy…the one we’ve been waiting for – for years. Over 2 acres in the middle of Perth. Got it for block value and yet it’s cashflow positive with the high nett yield from the existing tenants.
Talk about biting off more than you can chew – and then chewing madly. [puke]
Contract is now unconditional and it’s full steam ahead.
On another…final note, I seem to be upsetting a few too many sensitive souls with my direct approach [blush2], it seems this new icon [chill] was developed by Admin with me in mind ??
So it is with a heavy heart that I bid adieu and wish all of the forumites here all the best with their investing. It’s been a real learning curve and I’ve enjoyed it a whole bunch.
Pegging out at 130 odd….Bradman would’ve be proud.
Shukran and Masalama.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Hi Dazzling,
Fantastic news!!!
Truly happy for you. I’ve been “lurking” for a bit of a while lately so haven’t “spoken” to you directly but have enjoyed getting to know you via your posts.
Don’t go
I’d love to know how this jackpot pans out for you. I’d also like to see you stick around. I’m pretty thin skinned and I don’t think you are too offensive.
How bland do we want PI.com to get?
Kind Regards
SonjaHi Dazzling,
I’m curious… Have you been asked to leave or is it your decision?
Either way can you tell us the reason behind the decision?
Forums need people like you in order to present a balanced character.
Don’t go!
Cheers, Nobleone. [biggrin]
“Making mistakes is just another another tool for learning.”
Cheers guys,
Couldn’t stay away…enjoy the interaction too much.
I guess we’ll all just have to toughen up a bit.
Maybe, possibly, I could consider, IMHO, in a roundabout sort of way try and avoid being so direct.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Dazzling,
It will be a very bland place if you were to leave, and it’s good to hear that you couldn’t stay away.
If you can get 2 acres in Perth for block value, then you have a lot of experience and advice for everyone else that frequents this forum.
I for one have taken some of your comments and advice to other forumites and applied them to my own investing dilemmas and I am happy to say that you have helped enormously by getting me to look at my personal situation in a different way.What sort of forum would it be if we were all policitally correct and couldn’t express our opinions in fear of hurting someone’s feelings??? Incredibly boring if you ask me!! There is a line though – there have been some horribly critical and bitter posts made on this and the other forums and personally I feel some people have really crossed the line, but I’ve never felt you’ve done that Dazzling.
Hope to read some more from you in the future and good luck with your most recent adventure!!
Cheers,
JunkersWell….the big day came and went.
Settlement on the 2 acres went through yesterday without a hitch and some of the national tenants have already paid their rents.
Bank got cold feet in the end and backed off from a 5 yr fixed rate loan and offered a 1 yr fixed rate instead. Said we had to prove ourselves and sign up national tenants under a 10 yr lease with at least 1 x 5 yr option for them to extend finance beyond the first year – so I guess the ball is well and truly in our court.
Got temporarily tripped up with these rolling bank bill structures and “Net proceeds” as opposed to the gross loan figure….another learning point under the belt now. Didn’t cost us anything, but the mechanism is real squirrelly, and totally in the Bank’s favour as you’d imagine.
Negotiating this morning with the Lessee’s Directors over in Sydney to take over the whole property under one whopping big lease. This is daunting stuff, but what a learning curve. We have all the facts and figures to go off, so not flying by the seat of our pants.
I’m just glad they can’t see how young we are. Phone and email are great. I think these 60 yr old men would write us off if they knew how young we were talking these numbers.
The Bank valuation came in with his report, it was $ 140K higher than the contract price, so we and the bank were very happy…they all said that didn’t happen too often. Getting a +CF property for less than land value is nice.
Anyway, onwards and upwards…
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Originally posted by Sonja:How bland do we want PI.com to get?
Kind Regards
SonjaI wish a few people would ask admin or Steve this question. If you guys only knew what occurred off the forums!!!
I beieve the most suitable answer is “as bland as plain, stale bread’. My question then turns to ‘Who is ‘we’? It is certainly not the majority in my opinion.
Robert Bou-Hamdan
Mortgage AdviserHi Dazzling Hope you stick around for a long time yet, the properties you look at are *WAY* outa my price range, but you have a lot of experience to offer and i’m sure you could field a lot of the Commercial Property questions on the Forum as well.
CONGRATULATIONS on your deal!!!
[jerry]..have you sorted out the problem tenants yet?
Centre of Perth..Hmmm Northbridge, North Perth, Burswood, Vic Park ?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorCongratulations!!
There is nothing better than the feeling of putting it together!
Regards
Clay
Congratulations!!
This forum keeps me motivated to continue to analyse deals.Thanks.
Cheers guys,
Our plate is well and truly full at the moment.
The bank has rightfully placed a “Don’t ask for any more” sign on our folder.
Happy to oblige them really until we bed down all of the acquisitions and let the equity grow a bit more. We’ve now got the scale up to where we wanted it, to a point where just a few % points of growth is more than what we can physically earn p.a. It’s now a case of sitting back and letting the tenants pay for the holding, whilst we hang on and collect the growth. {The flipside to that of course is if the whole show goes down, we are snookered…high risk high return I suppose…but with rates locked in and tenants paying our way, we feel buffered somewhat…jump in any time Foundation !!}
Biggest lesson I’ve learnt from this recent round is we’ll probably move towards the CBD comm. props which attract tenants that are used to signing and commiting to leases.
Having tenants that do not feel obligated under the terms of the lease is very difficult. It’s all there in black and white, but if the tenant doesn’t ‘buy into it’ or feel fully obligated – regardless of what is written down, you’ll struggle. You need to be dealing with people who are used to signing and committing to contracts.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Dazzling
Before you go you wouldn’t like to post a copy of your loan offer from CBA (with all personal infromation blanked out of course) to show us that dealing direct with the Bank gets you a better interest rate and fee structure than dealing through a finance broker.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Fellas,
No thanks – have no interest in posting actual documents…blanked out or not.
No need for a broker any more, we have reached the level we wished to attain and now want to simply bed down the acquisitions and get our overall LVR down into a more comfortable region.
I suppose there is two sides to the broker aspect, obtaining the money and at what rate.
So far we have been happy with the CBA’s decision’s on what to loan us – they rejected one application earlier in the year…that one really was more than we could handle and they prudently said no…
In terms of rates we are getting at least 0.5% better than what the best of 7 brokers could achieve (including a couple from this forum who formally advised me they couldn’t compete and recommended I stick with the Bank’s deal)…so really don’t see the need for brokers at this stage.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Hi Dazzling
Well your finally eating lots of cake now! Fantastic news, as I know you have worked hard behind the scenes to get where you have got.
I love your sense of humour and often had a quiet chuckle at some of your remarks as it is said with tongue in cheek. I personally would like to have someone be direct with me rather than pussyfoot about.
Your advice both on and off the forum I have appreciated greatly, and I very much would love for you to hang around to deal out that wit/wisdom
for a long time to come.Sometime in the future I would like to know more about how you got into the commercial side of investing, so I can get into lots of cake too![cigar]
Once again don’t hang up your keyboard continue to be involved as others will learn from your experience.
Take care [biggrin]
Jenny1
Originally posted by Dazzling:In terms of rates we are getting at least 0.5% better than what the best of 7 brokers could achieve (including a couple from this forum who formally advised me they couldn’t compete and recommended I stick with the Bank’s deal)…so really don’t see the need for brokers at this stage.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Dazzling, Not to be picky, but when you approached me, you didn’t give me the full details of your situation. I got you a quote which went fairly close to what you received, but possibly could have inmproved that with the additional information later received. Without going into your personal details it would be hard to say on the forum.
Now what happens when your current bank won’t lend you any more?
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Jenny,
Yes you are right…these things don’t just land in your lap…it’s the culmination of many hours sacrificed researching, preparing and working instead of being with the family – along with patiently waiting for the equity to grow over the years…you can’t just jump into these deals.
We’ll have to sit down with a cup of tea and have a jolly good chat one day.
Thanks Terry,
As I said, 7 brokers were approached as part of the due diligence to check the Bank wasn’t rolling us – time got to us I suppose, as there are a myriad of things to check and perform during the pre-offer stage. I normally give my contractors one ‘crack at it’, I don’t have the luxury of toing and froing…
Happy and comfortable that the Bank won’t lend the group any more at this stage – we are out of our comfort zone right now (which hopefully is a good thing as we expand it) and need to consolidate cashflows / tenants / Leases.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Dazzling
Congrats on your success.
Sounds like a well positioned property.
Would be curious to know ( if you’re happy to )what sort of n return this will generate.
See Change
Sounds like congratulations are in order and your current fan club don’t want you to go because of all the valuable knowledge you have been giving them.
Im a real new comer and know diddley squat about investing. Am currently looking at deals and playing with figures.
Be humble!
Cheers
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