I was introduced to Micheal Edwards and in June 2011 we met to for a strategy meeting to tailor a strategy that fitted my investment goals, circumstances and risk attitude. At this first face to face meeting I was immediately struck by Micheal’s positive, intelligent and professional approach. During these initial meetings, it became clear that Micheal was not only very knowledgeable in his field and that his knowledge was based upon his activity in the field acting both for his clients and for himself. As well as being an advisor Micheal takes his own advice and is active in his personal property investments which is a key factor in my decision to become their client.
I considered that Micheal’s store of practical knowledge, when applied to my situation through a strategy tailored to my personal circumstance, was exactly what I needed at that time. The transparent pricing of services and their demonstrable value made becoming a client an easy decision and one I have not regretted; indeed the decision is regularly revalidated.
Micheal presented me with an overview feasibility study for an opportunity that he had sourced for me in Cessnock in the Hunter Valley NSW, an area that I had already researched extensively. I did further research and asked lots of questions and challenged many figures and assumptions that Micheal patiently answered.
The opportunity was to purchase an existing property on a corner block, subdivide into three titles; construct two new houses then sell the original property leaving me with the two new dwellings for my portfolio. The deal has a number of challenges and risks that could be turned into opportunities when managed correctly.
Proceeding with the Cessnock deal I engaged Micheal as Project Manager. Working with him continues to be a pleasure; I look forward to the regular updates, even when they bring bad news (not everything goes smoothly). Watching Micheal apply his mercurial talents to turn a poor set of circumstances into opportunity is a lesson in itself. Micheal brings to bear his experience and his network of contacts and relationships he has built with the project stakeholders. Micheal’s positive and persistent approach really does get results, and I reflect that these are results that I could not have achieved on my own, both due to my lack of time and remoteness but also my inexperience.
The learning experience gained by watching Micheal work is worth a great deal, even for experienced investors.
Notable results he has achieved for me in this project:
- Negotiation: $70,000 reduction off purchase price
- Stakeholder management: turned the attitude of a large utility company around from a position of “the costs are yours” to “we will contribute funds”.
- Design and developer knowledge: $60,000 reduction in build costs by tailoring the house design to the market and responding to the builders cost pressures by shedding low value but high cost attributes of the design.
The achievements above are good examples of Micheal’s skills. However there are many hidden costs that are removed and good outcomes that are built into the project from the start. This is done through building a great professional team for the project; designers, builders, architects, civil contractors as well as industry and council contacts. Micheal’s selection of the professional team avoids potential problems and tilts the balance towards your project success.
In 2012, following a further strategic review, some immediate action was required.
Micheal acted for me to purchase a new off-the-plan cash flow property in the Bowen Basin in Queensland. This was done with speed in order to close the deal before the Queensland building boost grant expired.
Micheal was able to demonstrate the value of his fees by identifying and acquiring the property at a discount unavailable to others, smoothing the path of the paperwork, providing information to assist my decision making and continuing to support liaise and follow-up as the property is built, commissioned and rented.
Rob & Deborah Smith
Blackburn, VIC
