- wilko1Participant@wilko1Join Date: 2010Post Count: 510
Hi just looking to get some advice of what you would do in my situation.
I've got possible JV partner who has a relative high income over 200k a year.
I've been doing subdividing/renovation type projects for a number of years and have knowledge of local councils, have a lot a of area knowledge in several suburbs that I target, contacts and can see a development project from start to finish without to many hiccups. I have a number of projects that I'm doing myself personally this year and till at least June 31st have reached my servicing ceiling.
How would you best combine my knowledge with his income to pull off a JV.
How would I look to structure it so as to protect my other projects etc from this project. ( my initial thoughts were using my family trusts to buy 50 % of the units in a new unit trust . This might not be a one off project and could be more in the future.
Your thoughtsTerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
Need to consider heaps of things such as
1. Land tax
2. stamp duty on exit
3, minimsing guarantees
4. existing structures
5. exit strategies
8. Asset protection
etcRPIParticipant@rpiJoin Date: 2012Post Count: 308
Find lawyer in your state as 1st port of call, make sure the asset protection and the entry, exit and what if it all goes bad stuff is going to be sorted. IF they work with good accountant even better