After reading an edition of Domain last week, I came across a great idea – why not be king of your castle? Most of us would like to buy ‘The Block’, well this is one step further. Renovate the top units of your block of units to become your personal “penthouse” while your tennants on the lower floors pay your mortgage. To take this one step further, what can you do with the property you have? Can your duplex have a second floor added with two identical units thus creating two identical, but new incomes? That is doubling your money the easy way. Have you looked at the costing of such an exercise? If it pays for itself, why not?? This is an easy way to add value to your property, your portfolio and your income.
HMMMMMM Interesting topic.
We considered building a granny flat in our backyard once and renting it out for extra cashflow, but decided that having a bigger backyard for our kids to play in was more beneficial.
To keep you from going insane, sometimes you need somewhere to escape your property investing business. personally, I like my home not to be surrounded by tennants, but who am I to talk?
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phone 0412 437 582you would definitely have to way up the pro’s and con’s of living with your tenants.
it could turn out for the better as well though, eg, being able to keep an eye on them and also creating a good relationship with them etc.
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