Forums / Property Investing / Value Adding / Conversion to Rooming House

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  • Profile photo of naomidnaomid
    Participant
    @naomid
    Join Date: 2012
    Post Count: 1

    Hi All,

    Is there anyone currently doing deals to convert a large property into smaller rentable units in Victoria.?

    If so,
    I’m interested in finding out your experience on conversion of a large home into smaller apartments.
    Particularly here in Victoria.

    I have 2 homes built in the 70s that are large and both on slabs. They are in different councils in Melbourne. I believe they would lend themselves nicely to multi dwelling apartments as 1 of them is a 4 bed 2 bath and the other a 5 bed 2 bath property.

    What are the advantages and disadvantages of using this strategy to turn negative cash flow into positive?
    Would you do it again and what can you advise for approximate holding costs?

    Cheers

    Naomi

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,325

    Hi Naomi,
    From the info you provided, you sound like you are in a prime position to do just that. I haven’t done that myself, but the good-looking chap right on top of your post (advertising the one-day seminar) is doing this and showing us all how to. Get in on his course (I’ve heard it is almost full in Melbourne, so don’t delay). I am sure what he brings will fill your knowledge bank up quickly with respect to those two properties.

    Only one thing that stood out to me as a possible problem is that yours are both built on slabs – that makes any new plumbing a lot harder unless sited on exterior walls. But don’t let that stop you going ahead – there will be “ways” around that too I’m sure. And maybe Ian even has an answer to that to – ask him on the day…..

    Benny

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