My name is Mechel Sarkis, I’m semi-retired and live in Concord, Sydney. I've known John for most his life. John and I got very close when we started my first development project together in 2016-2017. I had always wanted to invest in Melbourne as I found Sydney too expensive. John owned a block in Oak Park, Melbourne's Inner North, and next door was for sale. John made the suggestion that if I purchased the block, his architects had confirmed we could build 8 units on this site. John ran the numbers and it sounded very profitable.
John arranged mostly everything including talks with architects and council, building surveyor, trades, suppliers, land surveyors, body corporate and even the real estate agents. I had minor input as John knew the Melbourne market a little better than myself. All that was required from me was stage payments on time to not slow down construction.
Fast forward 12 months, the project was complete and we created 25% in equity, the properties were cash flow positive. I found the process very simple, my biggest hurdle was accessing a purchase loan and re-drawing on existing loans because of my age. The Oak Park project ran so smooth, I decided to get involved in another Melbourne development. With John's guidance, we discussed the numbers, and I purchased a 650sqm block in Melbourne inner north to develop multi-units on the site.
We begun this development just after Melbourne's material costs were inflated and the material shortages begun. This did create some obstacles and although adjustments needed to be made so the project could proceed on time and on budget, we completed the project in a little over 12 months. There were problems that arose with this development but with every problem there was a solution. This project took a little longer than Oak Park, interest rates did increase 7 times, and property prices did slightly go down/stabilise, however the project finished very profitable still.
Every project will have a problem and no 2 projects will ever be the same, but both projects were very profitable and at my age I’m looking for the adventure more than the profits. I enjoyed the previous developments and am currently looking for a 3rd development site. I will say working with John has made the development process simple and enjoyable.
My name is Mechel Sarkis, I’m semi-retired and live in Concord, Sydney. I've known John for most his life. John and I got very close when we started my first development project together in 2016-2017. I had always wanted to invest in Melbourne as I found Sydney too expensive. John owned a block in Oak Park, Melbourne's Inner North, and next door was for sale. John made the suggestion that if I purchased the block, his architects had confirmed we could build 8 units on this site. John ran the numbers and it sounded very profitable.
John arranged mostly everything including talks with architects and council, building surveyor, trades, suppliers, land surveyors, body corporate and even the real estate agents. I had minor input as John knew the Melbourne market a little better than myself. All that was required from me was stage payments on time to not slow down construction.
Fast forward 12 months, the project was complete and we created 25% in equity, the properties were cash flow positive. I found the process very simple, my biggest hurdle was accessing a purchase loan and re-drawing on existing loans because of my age. The Oak Park project ran so smooth, I decided to get involved in another Melbourne development. With John's guidance, we discussed the numbers, and I purchased a 650sqm block in Melbourne inner north to develop multi-units on the site.
We begun this development just after Melbourne's material costs were inflated and the material shortages begun. This did create some obstacles and although adjustments needed to be made so the project could proceed on time and on budget, we completed the project in a little over 12 months. There were problems that arose with this development but with every problem there was a solution. This project took a little longer than Oak Park, interest rates did increase 7 times, and property prices did slightly go down/stabilise, however the project finished very profitable still.
Every project will have a problem and no 2 projects will ever be the same, but both projects were very profitable and at my age I’m looking for the adventure more than the profits. I enjoyed the previous developments and am currently looking for a 3rd development site. I will say working with John has made the development process simple and enjoyable.
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