Yes!! We got unconditional approval! 4 villa development in Gwelup WA

[Sexyv40]

Congrats when is the next one?

Is the Perth market still holding up?

 

[westminster]

Well approximately one week until we are unconditional on the sale.

I'm running the end of project sums and some of them hurt

Cost of mortgage repayments for the 16mths $112,000 for the $1.9m (believe me it hurt). It ate through all the IP income and offset and then through about $30k of personal income.

On the positive side.

Total Development Cost (inc holding) was $2.01m
Estimated Value $2.8m
Current Debt (No Sales Proceeds yet) $1.9m
Rental Income $97k

Well we are almost there at the very end.

Titles were issues 2 weeks ago and the one we sold was due to settle on the 27th. It does look like settlement will be delayed but not by much. Valuations were conducted yesterday and Heritage Bank need them to do a partial release so the title for Unit A can be released for sale.

Valuations came in and I was pleasantly surprised that B, C and D were valued at $700k each. Bazzinga!

So that means:
Total Development Cost (inc holding $2.01m
End Value (based on sale and bank valuation) $2.85m
Current Debt $1.9m
Rental Income $97k
Gross Profit $995k or 52%

After Settlement this week (or early next) it will be
Total Development Cost $2.01m
End Value (bank valuation) $2.1m
Debt (down to 70%LVR and release security) $1.47m
Rental Income $97k
Funds to Offset( sale $ after LVR to 70%) $265k approx


All the figures above for profit are GROSS.
For the sold unit there will be Margin Scheme GST + Income Tax
The others will be held as an investment.

 

[sanj]

Brilliant result, congrats!

 

[INVSTOR]

Congratulations! You obviously use a different lender to me

 

[Jamie_]

weird looking SBDs

 

[westminster]

Congratulations! You obviously use a different lender to me

And a broker to do it all for me

 

[westminster]

Congrats when is the next one?

Is the Perth market still holding up?

Thanks
Next is
3 apartments in Highgate
4 terrace houses in Highgate
6 apartments in North Perth
5 townhouses in North Perth
4 apartments in Mindarie (joint venture)
.......AND 4 apartments and commercial office in North Perth (providing it got the resi/commercial rezone that was voted on last week - waiting for council minutes to see)

 

[perthguy]

Valuations came in and I was pleasantly surprised that B, C and D were valued at $700k each. Bazzinga!
...
The others will be held as an investment.

That's awesome! With the property market a bit soft, you did well to get that. But you specced them up a bit?

I am a big fan of the build and hold strategy. I know too many builders who have built houses to sell all their lives and have very little to show for it.

 

[westminster]

That's awesome! With the property market a bit soft, you did well to get that. But you specced them up a bit?

I am a big fan of the build and hold strategy. I know too many builders who have built houses to sell all their lives and have very little to show for it.

The suburb pretty much demanded that level of finish. It had to be nice - but it didn't cost a lot more than my other builds - some nice features like ducted air con instead of split (a must as it was 4 bedrooms), stone bench tops to kitchen/laundry/bathrooms, cedar lining to the alfresco and a big kickarse pivot door to the front.

 

[stumpie]

Thanks
Next is
3 apartments in Highgate
4 terrace houses in Highgate
6 apartments in North Perth
5 townhouses in North Perth
4 apartments in Mindarie (joint venture)
.......AND 4 apartments and commercial office in North Perth (providing it got the resi/commercial rezone that was voted on last week - waiting for council minutes to see)

What a fantastic outcome Tigress!
And looks like you're going to be very busy next year.

 

[Sexyv40]

Should be on P plates by now, when did you start?

 

[Gingerbeer]

Thanks
Next is
3 apartments in Highgate
4 terrace houses in Highgate
6 apartments in North Perth
5 townhouses in North Perth
4 apartments in Mindarie (joint venture)
.......AND 4 apartments and commercial office in North Perth (providing it got the resi/commercial rezone that was voted on last week - waiting for council minutes to see)

Talk about multi tasking!

 

[perthguy]

The suburb pretty much demanded that level of finish. It had to be nice - but it didn't cost a lot more than my other builds - some nice features like ducted air con instead of split (a must as it was 4 bedrooms), stone bench tops to kitchen/laundry/bathrooms, cedar lining to the alfresco and a big kickarse pivot door to the front.

Good move. You have to build what your market expects. Looks like it paid off for you too.

 

[westminster]

What a fantastic outcome Tigress!
And looks like you're going to be very busy next year.

Thanks!

Should be on P plates by now, when did you start?

I have decided to change over to Ps. In a non serious way I started 16yrs ago. But really started the developing side in 2007

Talk about multi tasking!

Lots of multi tasking.

All going well Highgate #1 and Highgate #2 will go to site in Q1 2015
Q2 should see Mindarie go to site

I'll get the ball rolling for the other 3 and time going to site when it suits me

In the midst of this all I'm building my PPOR. Hoping to go to site Q1 next year too.

 

[perthguy]

That's a huge year!

 

[eyespy]

Amazing result ! very impressed with your work and will study this thread again when i have the time.

 

[westminster]

That's a huge year!

Yup!! So I'm thinking of not taking the North Perth ones to site until 2016

 

[westminster]

Amazing result ! very impressed with your work and will study this thread again when i have the time.

Thanks, much appreciated!

 

[Brady]

Absolutely love your commitment. So much happening.

Good place to be in to decide not to be pushing something through and time it.

Well done.

 

[nighteyes]

Awesome work! You are a great inspiration