Hey guys at the moment i am looking to put it an offer for a property down in ringwood and wondering if you guys can help me out and give me some tips.
we are planning to buy a very old 3 bed house in ringwood for ~850k and then do a knockdown and rebuild 3 2-story townhouses(~800k) this will bring the total cost to around ~1.75mil (stamp duty and all other costs)
we are going to rent it out first for 2 years (as we cant borrow that much money to build yet) then we will knock it down.
whats everyones thoughts? is this a good idea? do you guys think i can sell all 3 townhouses for around 2.1 Million in a few years time (~7 years)? also what do you guys think of the ringwood area?
i am interested because it is only 7 minute walk from the train.
we are planning to buy a very old 3 bed house in ringwood for ~850k and then do a knockdown and rebuild 3 2-story townhouses(~800k) this will bring the total cost to around ~1.75mil (stamp duty and all other costs)
we are going to rent it out first for 2 years (as we cant borrow that much money to build yet) then we will knock it down.
whats everyones thoughts? is this a good idea? do you guys think i can sell all 3 townhouses for around 2.1 Million in a few years time (~7 years)? also what do you guys think of the ringwood area?
i am interested because it is only 7 minute walk from the train.