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Some advice on how to find a good location:
– Look for areas with growing population and strong demographics i.e. the property you buy will have renters which the property caters for.
– Limited new supply being built i.e. understand what is happening with surrounding properties and future developments.
– Strong economics i.e. incomes, employment and industries.
– Good infrastructure support i.e. public transport and highways.
Hi Brodavo,
You find yourself in a very fortunate position. Well done for the good buying decisions you both have made!
If you develop, council approval etc…tends to take a few months depending on location, building will probably take another year to year and a half depending on what you are doing.
I always say property investment is a long-term strategy.
However, if the numbers stacked up for a development project i.e. a few townhouses or units then you could create some decent equity reserves.
Make sure its in an area with good demand for when you want to sell them and rent them out.
Potentially think about selling them 'off the plan' before construction to reduce your risk if you want to sell a few.
If you are after positive cash flow, potentially think about keeping one or two of these developed townhouses or units if the numbers stack up.
All the best.
37 Property Group