It’s very empty in here, I am a bit surprised but don’t mind. Means my attempt to get feedback will at least not be buried in a flood of posts, right?! .)
Always looking for the positive 
Okay, so trying to make it short. In 2021 we were really brave, took the leap and after heaps of research bought our first development site here at the Gold Coast near where we live (quiet area, yet walking distance to school and Coles + 5min to Highway, a great location) and then “fought” with council for 2 years to get the DA to subdivide our 1 into 2 and also put 2 single free-standing dwellings on the larger lot (our density 275m2/dwelling for them, council accepted would have been 400m2, so a great outcome, nerve-wrecking to get to, but great 
) We should have picked an easier one in hindsight, but hey it is what it is.
Keeping it going. So far great, that was April 2023 last year. Since then things went… In short, our money-partner who was supposed to inject for the subdivision didn’t have the money anymore for the 2nd part and so far despite reaching out to people left and right and top and… you get the idea… for all the months til now we haven’t been able to secure funds to proceed. You guys can imagine this has been one loooong draining year…
Amber once wrote something I have saved and literally have taken as motivation to keep going for so many times:
*** his quote from How To Overcome Fear In Property Development ***
Next time you experience anxiety or fear creeping in, tell yourself this:
I am investing in LAND, which I have carefully chosen after stringent due-diligence.
It’s in a good location and unless a bomb is dropped on the site, it’s value, unlike shares,
cannot go to zero over night. So there is no way I can lose everything.
All the profit that was in the deal has to evaporate.
All the equity that I had invested in the land has to evaporate.
And nothing at all can be sold or rented.
My due diligence has rendered the chances of an event like that occurring extremely slim.
Saying that - good thing, it’s there. With some profit built-in “as is” with the DA. However, after 1 year trying hard and investing so many hours to find a solution to move forward with subdividing and actually building (could have been finished by now if it went to plan), we now have had to put it on the market to sell 3 weeks ago for financial reasons. Despite it being a good project in a great location with solid numbers, but without funds even just subdividing ($130k) is not in the books. Literally paying interest is “killing it” for us…
And here we are today.
So basically, we really went for it and got to a certain point, but are stuck because we don’t have the right contacts / people with vision and resources in our “circle” to see it through.
Could we ask you guys in here to maybe look quickly over the numbers and see if you potentially see a chance to get the project saved in some way maybe using specialised lenders? If we could see this through without having to sell that would be great, or do you guys think we should keep on selling and re-collecting ourselves?
I’m never just a quitter, but also if there is no chance to move forward, sometimes things have to be ended in a different way to make space for new, right? It still would be sad to let go, with the profit potential in it.
I give a few very raw numbers behind, would be nice to see the buildings going up eventually. It’s a tricky one.
Here very raw numbers:
Address: 2 Duice Court, Oxenford (Gold Coast), QLD 4210, Australia https://2-Duice-Court-Oxenford.com.au/
estimated retail subdivision costs: $130k
3 houses building costs: $1,25m (~$80k retaining included)
(optional: +$60k pool per dwelling to increase sales by ~$100k each)
— builder estimates confirmed just yesterday, they are still only estimates and no contracts but should be a quite accurate indication they say —
Lot 1 Resale 1xHome (if built + sold today): $1.1m+
Lot 2 Resale 2xHomes (if built + sold today): $1.9m+
Lot 1 Resale 1xHome est. future prediction: $1.3m+
Lot 2 Resale 2xHomes est. future prediction: $2.1m+
Loans in the project at the moment: $850k
As you can see there is good room for profit, even if using high contingency and today’s sales prices instead of the future predictions for in 1 years time. But again, without funding it’s just an opportunity and after the literally 1 year searching for partners we are exhausted.
We joked the other day: “Where is that multi-millionaire uncle coming on board when you need him” LOL
Anyway, here it is, written up and ready to press “post”. Still trying, we won’t stop, even if we have to sell, there is always more in the future.
Thanks everyone, appreciate every single bit of feedback / advice.
You all have an absolutely fantastic week & EnJOY Life!!
David & Sunny + Family (we got 5 kids, so literally a hand-full haha)
While it’s true that investors these days can be trickier to find than a needle in a haystack, don’t let that dampen your spirits.
But that’s all part of the game, right?
