Hi guys,
Just need some advise / idea on my current situation. Any suggest would be great help.
– Owner A is myself
– Owner B is selling the empty land
– Owner C will not sell.
– Width is just over 12m each land. It's a long type land.My question would be, I'm thinking about purchseing the empty land and build either 2 single level house at the back, keep the existing house. (Council wouldn't allow building two story house at the back) OR I'm thinking to knock down existing home and build 3 – 5 Townhouses on my land and the empty block. Appx 150sq/m each? Is both idea possible?
Any suggestion?
Thanks,
Andrew
Mate, if you have the cash…
Go for 3-5 townhouses for sure!Multiple income streams… All you need to do is jack the rent up $20 per week on each property & you have an extra $430 per month. (i.e. $20 x 5 x 52 / 12)
My brother is about to do 4 townhouses. Easy money.
Its all about the numbers. When you run all the numbers for each proposal, compare what return for what timeframe. Yes, as TC says, you may be better off financially with the townhouses, but if the loan puts you into the commercial lending arena rather than residential it may be a different story.
There is no wrong choice, only a less informed choice, so determine all your costs for each proposal and compare.
Mick
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