1 what state is the land located in
nsw
2 what is his income?
husband has approx 90k job income, wife has approx 30k business income, family has approx 40-50k tax free foster care income (4 kids including some high needs)
3 anyone else involved?
There might be junior JV partner for a small profit share in preference to project management, if needed to avoid cash fees along the wa they have someone they can trust
4 could someone else be involved in future?
see above, minor partners, as well as they might ask other family or friends for small stake if needed for additional servicing or cash flow at peak debt in the development
5 what other assets does he have?
ppor approx 700k, IP1(SMSF 600k), IP2 (Own name 600k)
6 what are the bankruptcy risks like?
fairly small, page day job
7 does he own property in the same state now, if so what is land value?
yes, poor and ip
8 what are the risks if he dies/?
organisationally for the family huge, financially he has insurance
9 what does he want done with the property after his death?
wants to sell half up front, keep half for minimum 5-8yrs, selling to pay off any residual PPOR debt at that point. Its unlikely he will keep this forever.
10 could he ever live in the property?
Highly unlikely.
11 is he claiming a main residence now?
yes
12 how much cash does he have?
40-60k
13 where is deposit coming from?
ppor equity approx 100k available now, 400k buy in, keep existing house, qualify for da rear house, apply for finance to build rear house, total spend 800k approx
14 can he qualify for finance?
yes he has solid financials
Does he have a spouse? if so, same questions for her/him[/QUOTE]
see above, except she has a growing PM holiday let business, she has PI insurance and full RE licence. When the Dev is finished they would like to use her business to manage the short term letting of the property.