Life - its not all beer and skittles

[Aaron Sice]

great to hear - sorry i missed the pre-christmas post!

post up plans and keep us all updated - i'm watching this with interest.

cheers mate

 

[westminster]

Great news Blacky!

So you have a building license already?

I'm waiting for my building license then slam bam concrete pad time. I'm hoping for mid Feb concrete.

 

[Blacky]

Yep I have approvals and building license already.

So - let the race begin (the fact you gave me about a 4 year head start is irrelevant ok )

I cant figure out how to upload pdf designs onto here... Ill try over the weekend when I have more time.

Time for me to go and have a beer to celebrate. I have a carton of crownies here which dont seem to have a home

Blacky

 

[westminster]

Yep I have approvals and building license already.

So - let the race begin (the fact you gave me about a 4 year head start is irrelevant ok )

Blacky

Poor Blacky!

Race is on - winner buys lunch (not in Khazakstan!)

 

[Blacky]

Ok For those who are interested here are the designs. I have only uploaded one of the houses - they all differ slightly, but generally speaking are pretty close (this gives you an idea).

This is testing my computer capabilities, so hopfully it works.

Blacky

 

[Blacky]

And here is some pretty pictures of how they should look when finished.

Just waiting on SGB to authorise the re-fiannce, which should be this week hopefully. Then onwards and upwards.

Blacky

 

[MTR]

And here is some pretty pictures of how they should look when finished.

Just waiting on SGB to authorise the re-fiannce, which should be this week hopefully. Then onwards and upwards.

Blacky

I like

Prices are rising, you may end up with much higher vals

MTR

 

[westminster]

Love them.

My favourite feature is the kitchen - butlers pantry - laundry combo. Delightful!!!

 

[Blacky]

My favourite feature is the kitchen - butlers pantry - laundry combo. Delightful!!!

Dont you like that?

I actually do like the concept of having the kitchen and Laundry close to each other. Allows the women of the house to do the cooking and cleaning simultaneously. (maybe there is a good reason why I remain unmarried )

Blacky

 

[Blacky]

Refiance has been booked in for Monday, and the banks initial report is due on Monday also.

Builders could be mobilising by the end of next week...





Blacky

 

[MichaelW]

Good luck mate, now the hard work begins...

Developing is not for the feint hearted. It takes a lot of energy, effort, resilience and fortitude. I too am on a pretty solid income but the financial drain of my development almost sent me under. I learnt a heap out of mine and thankfully it looks like I'll finally be getting my OCs shortly so will be able to rent them out.

I'll be tracking your thread through your build.

Good luck,
Michael

 

[Blacky]

Good luck mate, now the hard work begins...

Geez - dont tell me that! I was hoping I was through the hard part

I havent been following your thread, and just flicked through it. Seems like a great little project but not without its issues.
Alas - looks like you have got there in the end.

Certainly good fun, but no - not for the feint hearted (or cash poor).

Will keep you posted and will have a read of you Mona Lisa thread when I have a bit more time on my hands.

Cheers
Blacky

 

[westminster]

Dont you like that?

I actually do like the concept of having the kitchen and Laundry close to each other. Allows the women of the house to do the cooking and cleaning simultaneously. (maybe there is a good reason why I remain unmarried )

Blacky

I love it! Seriously - wasn't being sarcastic at all. I have the laundry off my kitchen now and it's great. I dream of having it like your plan - but BIGGER! I want a butlers pantry and everything

 

[MichaelW]

Will keep you posted and will have a read of you Mona Lisa thread when I have a bit more time on my hands.

Cheers
Blacky

Love it!!

Yeah, we're almost there. Should get my OCs next week but still working through the final elements and certifications.

I love the site and end product itself, but it was a lot harder and more financially draining than I anticipated it would be. Took me well out of my comfort zone and pushed me to my limits. Thankfully, we seem to be completing into a bottoming market which is turning up and at good variable interest rates. I'll be refinancing almost $2M off 8% down to 5.5% so that will be nice. Also, three sets of tenants in will put another $10K a month into my cashflow pocket. Right now I'm servicing all this debt out of my salaried income and cash reserves. Well I was until my cash reserves ran out...

Bring on OCs and tenants!

Cheers,
Michael

 

[LoneWolf]

Been reading up your story and thanks for sharing.

If you had the chance to go back and change one thing in this whole process, what would it be and why?

 

[Blacky]

Hi Lonewolf.

To change one thing? I think I probably would have spent more time in the preliminary stages (ie prior to purchase) in speaking with a decent broker. I initially spoke to my bank and they gave me a thumbs up, but when it went to credit it came back with "'puter says no".

Had I of spent a bit more time up front sorting out finance, I think a lot of the issues could have been resolved - but once your in deep, you just gotta keep swimming.

I spoke to a couple of brokers, but most of them I found to be one step away from a resi-lender in a bank and really had little idea about how to structure a deal outside "mum and dad buying a home". Im yet to meet a broker who I would use but will be hitting up a few people on this forum for recommendations with anything I do in the future.

So in hindsight - its probably about the one major thing I would change.

Other than that I think my professional team has been pretty spectacular.

Cheers

Blacky

 

[MTR]

Hi Lonewolf.

To change one thing? I think I probably would have spent more time in the preliminary stages (ie prior to purchase) in speaking with a decent broker. I initially spoke to my bank and they gave me a thumbs up, but when it went to credit it came back with "'puter says no".

Had I of spent a bit more time up front sorting out finance, I think a lot of the issues could have been resolved - but once your in deep, you just gotta keep swimming.

I spoke to a couple of brokers, but most of them I found to be one step away from a resi-lender in a bank and really had little idea about how to structure a deal outside "mum and dad buying a home". Im yet to meet a broker who I would use but will be hitting up a few people on this forum for recommendations with anything I do in the future.

So in hindsight - its probably about the one major thing I would change.

Other than that I think my professional team has been pretty spectacular.

Cheers

Blacky

Hi Blacky
So will you be selling any of these?
What about profit you made, do you mind sharing??

Cheers, MTR

 

[Blacky]

Hi Blacky
So will you be selling any of these?
What about profit you made, do you mind sharing??

Cheers, MTR

Hi MTR

Im going to stick with my original strategy of holding onto all 3 of them for a long term hold. I may need to sell one but this depends on the market and my position once finished.

Profit? whats that?

With the market the way it is I might be in a small paper profit position at the end. Even at an 80% lend I will not retrieve the cash I have invested but on paper at least Ill be in about the same position.
Ill hold for the long term and hopefully capture some future CG.

So managing my Millions of dollars of profit is not something I really need to be concerned about - it just aint there.

Blacky

 

[MTR]

Hi MTR

Im going to stick with my original strategy of holding onto all 3 of them for a long term hold. I may need to sell one but this depends on the market and my position once finished.

Profit? whats that?

With the market the way it is I might be in a small paper profit position at the end. Even at an 80% lend I will not retrieve the cash I have invested but on paper at least Ill be in about the same position.
Ill hold for the long term and hopefully capture some future CG.

So managing my Millions of dollars of profit is not something I really need to be concerned about - it just aint there.

Blacky

Hi Blacky
That was big of you to share.

I think you can not go wrong with holding in this area, I would do exactly the same. Yokine is very much an up and coming area, these properties are desirable and am sure the growth will be great.

Cheers, MTR

 

[INVSTOR]

Dont you like that?

I actually do like the concept of having the kitchen and Laundry close to each other. Allows the women of the house to do the cooking and cleaning simultaneously. (maybe there is a good reason why I remain unmarried )

Blacky

I love it too. My last house had laundry beside kitchen and clothes line on other side of kitchen. The house I'm in now is a twenty metre walk. The clothes line is another 10 meters away. I never thought I'd build but I'm very tempted now.