Hi Dee

Just an expansion on something crj mentioned. An excellent way going forward is to develop at least five solutions BEFORE you evaluate any of them. The question you have asked about "is it good or bad" is not a bad question but really a better question is " Is it the best solution you can come up with?" Why not think up some others to compare it with?

EG 1 Is the land more valuable to a builder if it has approval to build?- If so your Dad may be able to just obtain building approval and recoup his losses while you look to invest in the most profitable straightforward way for yourself.

EG2 Can your Dad partner with a builder for no outlay ie he puts in land- builder puts in building- they each own half and you invest elsewhere without the complications of family ties?

Congratulations on your progress so far.
 Cheers
Alan

Hi Cameron

Just a couple of quick notes. 
1)  I don't know Richard and am not associated in any way except that I've seen his advice on the forums for several years now and I can tell you he knows his stuff and is usually willing to share.

2) I'm not sure what you mean by "I got well screwed by the bank" but every deal can be renegotiated- getting a better deal may be as simple as asking-now you are a bit more knowledgeable.

3) Richard touched on it above but to add a bit- one of the pitfalls of using one bank is that they will try to cross collateralise ie ALL your property will be used as security for ALL your borrowings- much better from a flexibility point of view to keep your securities as well as your loans separate.

Cheers
Alan
PS well done on your efforts so far.

Hi holo

Just adding to propertypower's comment- you need to be a bit careful how you change the balance since just borrowing more on your IPs to pay down your PPOR debt would usually NOT make the interest deductible.

Cheers

Hi Julie

These booklets may help
http://www.bantacs.com.au/booklets.php
I haven’t looked for a while but BANTACS used to contribute to this forum

Cheers
[exhappy]

Ally

I suggest you talk to a solicitor – if the contract is currently as you say and you transfer to a nominee you may be up for double stamp duty. If your vendor is willing you may be able to replace the contract with a new one that has the final names you want on.

Hope this helps
Cheers
[exhappy]

Hi Gavin

You can ignore my first post – it was about Company title. Ups.

Cheers

Hi Tamtam

If your $20 per week is a margin above the variable interest rates as it is with wraps- your $20 is not affected except that your client will have more to pay so you will be more susceptible to walkouts.
To do these takes a bit more than just casual observing and it also needs the right market conditions- but as Steve has proven it can be quite profitable.

Hope this helps
Cheers
[exhappy]

Hi Danny

It’s a bit late now but there are alternatives to just using the big stick approach. ie good management
eg inexpensive incentives
eg employment and contact details being kept up to date
eg Landlord insurance
Maybe they would like to pay a little extra each week now so if they get in trouble again it will be covered for a while?
Hope this helps
Cheers
[exhappy]

Hi Jaffasoft

I know it was mentioned previously- however the most significant omission I think is the GST in and out-it is a make or break item- some of the others are costs etc but not critical.
Cheers