Buying IP number 2, but want to build a house to, can it be done!??

Hey everyone,

I'm looking to buy another IP, and like most young people I'm full of enthusiasim and ready to make myself rich(I hope haha) but at the same time I'm a bit wary.

I purchased a property in 2004 that was valued at $250k but I scored it for $240k as it was my nans house.  My parents lent (cough, gifted it too me…)me $50k for a deposit.  The original loan was from GE finance for 192k.  Last year i refinanced to Mystate(a local company), once again I went with a P&I loan.  My current rate is 5.21%.  This loan was for 189k and I currently owe around 179k, so basically I have 10k redraw.  The house was valued at 295k in 2008.  I currently lease this for 285 PW but thats going to go up to 300PW very soon…

Earlier this year my partner and I bought a block of land for 90k, the loan was for 87K.  We currently owe 84k on this and would like to build a house in the near future.  As I'm a builder, we are planning on a 150k loan each (well a 300k loan divided between us haha).

Anyhow, I have recently found a property with a house and unit on one tittle. They are asking around 400k for this and the projected rental income would be around $560PW between them.

I have a few issues however: 
-only 10k deposit (and thats if I redraw it out of my first IP loan…)
-My partner is concerned that we wont be able to afford the PPOR loan to build a house on our block.

From all my calculations I think it can be done (if I am smart and lock my rates in before they go back up over 6.5%~).  I made up a excel spreadsheet backing this up and I double checked it on my last tax return which showed it was within $5 of what the spreadsheet showed

Does anyone have any input on what i have proposed in buying the second IP and in future a PPOR?  Oh BTW I am on 41K PY.

Thanks for your time,

Dan.

P.S. does anyone know how to upload a excel spreadsheet onto here so you lot can try it?