Wind up of ELF & immediate property sale.
Dean Cameron
Public
Seen by 130
I need to let you all know that Kim is unwilling to become a director of LBPL or Guarantor for a refinanced loan. This leaves us in a position where we must repay his loan by end of June.
It is my opinion that no one in ELF has a sufficiently stable financial record/position to satisfy a bank's requirements to secure a loan. Furthermore, there is no one in ELF who is willing to contribute a share of the capital needed to pay out the loan. This leaves us with no other option but to sell the property as soon as possible as we still need to keep paying our expenses and i can't continue to do this on my credit card. The timing is not good as all the money we have spent to do the work downstairs is basically lost as a new buyer will most likely consider it more of a liability than an asset. Given that we now have no other option but to sell we can not even get a tenant in as it would be unfair to them unless it was for a month to month lease agreement (which I think we should try for). We are going to have to be guided by the real estate agent as to where the current market is at. I would hope we could get more than I paid for the property but we will have to take it as we find it. It is not unusual to take 12 months to sell a property but we don't have that much time so we may have to take what we can get.
I will be back on the property Tuesday now not Friday as there is a lot to do to make the property presentable. It is now urgent that everything stored on the property is moved asap. The caravan must be moved off the property by the end of the month. I will have to fix the deck boards that have rotted and make the earth ramp and fix the drainage. Repair the gutters on the shed and I'm not quite sure what to do with the little prototype cave. I will coat the whole road right to pinch lane and in front of the container with the sandy road base from the corner of the entrance cutting so it is all weather and not muddy. There is quite a bit of drainage and tidy up work to do above the container. Any assistance people can give to make the gardens as presentable as possible in a short time would be appreciated.
Dean Cameron Fri 15 Feb 2019 11:18PM
Sure does Rod. thanks for being a tireless supporter of the concept and a good loyal friend. i hope you can still come plant some fruit trees on Monique's place after this is all over.
Rodney Whitman Fri 15 Feb 2019 11:23PM
Responding in Slack.
Poll Created Fri 15 Feb 2019 11:12PM
That we List the property for sale by March 15 after a huge effort in the next few weeks to get it as presentable as possible. Closed Fri 22 Feb 2019 11:02PM
This outcome has passed unanimously using the agreed ELF voting rules. If my email offer isn't accepted this week I will contact a local real estate agent and get the sale process underway. the estate agents commission and advertising fees will also have to be paid from the sale proceeds.
We actually don't need to go through the formality to make this decision as I have sufficient equity to make an executive decision, but I am committed to the principles in the ELF constitution even though its now a failed dream. There have been some good times and not so good. I hope posterity learn something from our faltering attempt at community building.
Results
| Results | Option | % of points | Voters | |
|---|---|---|---|---|
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Agree | 100.0% | 4 |
|
| Abstain | 0.0% | 0 | ||
| Disagree | 0.0% | 0 | ||
| Block | 0.0% | 0 | ||
| Undecided | 0% | 4 |
|
4 of 8 people have participated (50%)
Dean Cameron
Fri 15 Feb 2019 11:14PM
I will asses the best realestate Agents after i get back. Unfortunately Jess Luthje is not able to work out of the Maleny area.
Rodney Whitman
Fri 15 Feb 2019 11:19PM
This is like the thumbs up you give on the electric chair.
Sun
Sun 17 Feb 2019 2:07AM
This seems like a necessary action given the circumstances. Will make myself available as much as possible to prepare for sale.
Dean Cameron Fri 15 Feb 2019 11:23PM
nah we just made some foolish decisions in hindsight, but at the time is seemed like there would be the team commitment to carry them through. There is a crack in everything - thats how the light gets in!
Dean Cameron Sun 17 Feb 2019 11:32PM
This was one of the kinds of decision where we agreed everyone should participate in. Friends of ELF please take the time to engage with this one. If you have any miracle solutions or millionaire friends now is the time to speak up!
Poll Created Sat 23 Feb 2019 4:13AM
That the offer put by Dean Cameron by email to members on the 22/02/19 be accepted as full and final settlement for ELF equity registered in the ELF/ LBPL ownership register Closed Sat 2 Mar 2019 3:01AM
We need to do this according to the ELF constitution so Rod suggested we do a final vote on this important issue on Loomio as its unlikely we will get to have another face to face meeting before ELF is wound up. Essentially this proposal is that I will effectively pay out the existing equity holders the same amount as if we sell the property for slightly more than 580K. In talking to Sun he feels that in the current property market climate it could, in fact, be worth as little as 480k given the price of another nearby property advertised on realestate.com. If this is the reality of the current market then none of us will get anything as equity holders from a forced sale that has to be completed in the next few months. In this respect, I'm taking a full risk that a bank valuation will be sufficient to get the loan to refinance. PLEASE, ALL PARTICIPATE IN THIS VOTE. In my opinion, it is not desirable to wind up EFL and agree on a final settlement without the full participation of members explicitly accepting this settlement offer even if it is a constitutionally valid vote.
The only modification to the offer in my email is I have agreed to pay sun back for the $1500 he put into the rock saw. This reimbursement offer would be available for Tom as well for the money he put into the rock breaker, assuming he is not interested in keeping it.
Results
| Results | Option | % of points | Voters | |
|---|---|---|---|---|
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Agree | 100.0% | 3 |
|
| Abstain | 0.0% | 0 | ||
| Disagree | 0.0% | 0 | ||
| Block | 0.0% | 0 | ||
| Undecided | 0% | 5 |
|
3 of 8 people have participated (37%)
Rodney Whitman · Fri 15 Feb 2019 11:10PM
That sucks