Advice to invest in own property

Hi all,

New to this forum – was recommended by the good people at Whirlpool – this site looks great

I would like to invest in my own property. I’ll give you a little run down.

I do not intend to boast, but I am very fortunate to have obtained a large property on the water in Newcastle through inheritance. It is a 2 story brick house which could “easily” and cheaply be turned into a split level rental ($100,000-$125,000 could do this, I already have quotes for this). It just needs updated bathrooms, an upstairs kitchen, and a wall or two put in. In comparison, properties behind our block, with lesser views are pulling about $550/week(refer to the large yellow square on the right in picture – it has been developed, Google Earth is behind ). I believe I could charge similar to this or more for each level.

This is the plan that will most likely become reality soon, there is much I do not know regarding council, tax, etc, so if anyone can shed light on this it would be appreciated.

Then there is my big plan/dream, to knock down and rebuild a 4-6 story apartment complex, other developments have been put up around my block, so I don’t see a huge problem with council. This is clearly a lot more money($1m +), a lot more risk and a lot more involved, but rewards would be far greater. I know timing is important, and I would wait till the other developers have sold their blocks and the area is in demand.

Here is a picture of the property and developments around us that have since been built : http://img218.imageshack.us/i/property.jpg/

I have read business/motivational books from many authors, and ALL suggest to “Think Big” and back it up with action, which I am willing to do providing this is a feasible project.

Please if anyone can give information regarding this, it would be greatly appreciated. Currently my work towards this non tangible, simply gathering information from as many reliable sources as possible.

Thank you