Hi all,
have read with great interest some of your forum discussions.
Hoping you my be able to offer advice/info on following.
We already have invetment property
so are not totally green to the propert game, however: we are considering building a duplex, possibly sell one ( to pay loans down) and hold other to rent or is it best to hold both for a year?Have seen a block of land advertised. It is a battleaxe ( the result of previous subdivision).
DA approved for duplex ( separate dwellings). The agent has sent me the plans for these.
I've noticed they were approved in 2000….. ? their curreny 10 years later.
Plans also note separate service to be provided.Any feedback you can provide to help us on our way would be appreciated as we have no idea where to start. Most important what are the common traps and pitfalls first timers get caught with when building duplexes?
Thanks heaps!
There is a mile of difference between having an investment property, and property development.
you ask what are the common traps/pitfalls first timers get caught out on – lack of knowledge and lack of education is what keeps screaming at me on the forum – you mentioned, lightly and innocently I am sure, to 'the duplex game' – trust me, it is no game when you start losing a lot of money – you have to learn the rules of the game first, else you could be on the 'reserve bench' for a VERY long time.
Please take the time and money to educate yourself; then put your money on the line.
I have spent at least $20k in the last 3 yrs on workshops/books/meetings with professionals; and I can assure you every penny has been worth it; I have made it back in profits; and I look back on what I DIDN'T know at the start, and I am so THANKFUL that someone pulled me up with some 'reality checks' about just what could go wrong, but also with what can go RIGHT if you go about it properly.
I personally recommend the 'development course' of the Reno Kings as a good STARTING point!!
good luckThanks for the advice, much appreciated.. every bit helps.
Have since inspected the land and immediately put my joggers on and left it for someone else.L
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