Yes, this is true. Handed over does mean you no longer own them or are responsible for their upkeep.   No we've established that are they written off or depreciated?

Thanks Terry

Most appreciated

We can protect the property in the company OK, but was mainly interetsed in diverting the business revenue into a protected structure.  the business could easily be transferred to a trust which can allocate the profits so that should be OK.  It's a good time to do it now becuase the balance sheet is not that impressive at the moment, but future profits will be substantial and have to go somewhere.

I'm not out to defeat creditors, just have less vulnerable in case some skumbag wants to sue me.

It is impossible to change the will.  Maybe I haven't been thinking simply enough. I'll let one of my protected structures use the property as collateral and the funds go into the protected structure fully tax deductable.  Then I'll let the bank add the property as security for every other loan in my portfolio.    I'll own the property, but make it cost twice what it's worth to discharge the mortgages:-)

Graeme

This is my experience with NGB so far. The saga is ongoing.

I have had a building designer prepare a multi unit development. He has 30 years experience and is very respected by local builders for designing buildings that are easy and economical to build. The designer prepared me a detailed estimate of costs based upon his experience with similar projects.

National Builders Group (NGB) was an excellent candidate as a builder because their local builder has an excellent reputation, and apparently through their buyiing power they get quality materials at a considerable discount.

I approached NGB, their estimator checked out my plans, and they said they would be happy to build them. I was asked to pay $750 to cover the prepatation of the quote, but that money would be credited towards the building should I go ahead. As there would be a lot of work in preparing the quote, and they should be able to provide a very economical quote this seemed most fair.

We provided NGB with a set of working drawings, soil tests and the engineering stuff. They were instructed to specify them to closely match their own specifications, as this should be ecomomical.

I was originally promised a quote within 28 days, but then that became 28 working days after their builder checked out the site costs (which took about a week, and even then there was a delay because they wouldnt send me the quote directly, but rather we had to organise their sales rep to meet with me.

Their quote was horrendous, being approximately over 25% more than the my designer estimated the locals would do it for. According to NGB it costs nearly as much to build a simple 10sq 2br, one bathroom unit with a single garage as it does to build one of their 28 sq 4br, 2 bath room display houses with a double garage and spa.

Naturally I have challenged this, and suggested to NGB that they have not acted in good faith, and should either give me a fair dincum quote or my $750 back. The response has been smugness and indifference.

Other reputable builders are preparing quotes, and when they are in I will have the evidence either to confront NGB with, or that my very experienced building designer was 25% out in his estimates and it really does cost nearly as much to build a simple 10sq unit as it does to build a 28 sq display house.

When all the evidence is in I will document it in a new post.