Upmarket Duplex on the Sunshine Coast 🏘

Upmarket Duplex on the Sunshine Coast 🏘

Good news! An approval without having to go to court. After a few plan revisions and some arm wrestling with council, we received approval this week for an upmarket duplex on the Sunshine Coast.

Special accolades to Hilary Saxton who was instrumental in pulling this deal together. It is a combination of two creative strategies.

It consists of a group of eight people in our community who were frustrated in not finding a deal. Hilary suggested we form a structure incorporating those eight and find a deal.

Almost simultaneously we had a mentee come up with a deal, but no immediate funds (his cash is locked up for another 12 months). So, Hilary and I structured a JV with the two parties – the group of 8 supplying the equity while the mentee will project manage under my guidance.

It will be a great learning experience for everyone. It’s a variation of our β€˜earn and learn’ model where you make money while learning at the same time.

I arranged no-doc finance for the acquisition but as you can imagine, with nine parties there was a mountain of paperwork to get signed and returned in a short time frame. As a result, the loan was approved but not enough time to get the funds from everyone in the account by settlement.

Having put in way too much work to lose the deal (there were backup contracts) Hilary and I tipped in $600,000 of our funds to make the settlement happen. The project reimbursed the funds a week later.

How many property educators would do that?

That is how much we care about our people’s success.

This week we kick off the building permit. The next hurdle will be builders and build cost. I might have to pull on the tool bag again lol. Stay tuned.

 

Regards,

Bob Andersen

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