We bought our last IP in December 09. It is a 3X1 old house on 692m2 block we renovated and rented out. When I visited our property last week, I surprisingly saw a FOR SALE sign in front of the property next to ours one. I rang RE agent and requested for inspection. It also needs renovation.
I knew that we did not have any saving or equity as we bought 3 IPs last year. I thought, I should check with my mortgage broker. She ordered valuation for our PPOR. With in 5 months, property price gone up by $60K and MB told me that we can buy that property as I can drawdown $40K for deposit of new purchase.
I am only interested in that property because it is next to our IP. It is also 3X1 an old house with 693m2 block size. Is it possible to merge two block and development for a 3rd property? Anybody have done like this before? If we get access (driveway) between two properties, there is enough land to build a house. Where can I get more info about this option.
Please see my IP in attached map.
Thanks.
I knew that we did not have any saving or equity as we bought 3 IPs last year. I thought, I should check with my mortgage broker. She ordered valuation for our PPOR. With in 5 months, property price gone up by $60K and MB told me that we can buy that property as I can drawdown $40K for deposit of new purchase.
I am only interested in that property because it is next to our IP. It is also 3X1 an old house with 693m2 block size. Is it possible to merge two block and development for a 3rd property? Anybody have done like this before? If we get access (driveway) between two properties, there is enough land to build a house. Where can I get more info about this option.
Please see my IP in attached map.
Thanks.