Bought a single family and have a back lot to build a duplex/tri

[Ben Voogd]

Hey guys! This is my first post. Pretty excited to be here and hope to get some great advice.

I’ll start from the beginning.

Was fortunate enough to come into some cash. Found an awesome foreclose last month and bought it on an online action cash.

House is a 4-1 which at some point I will need to add another bathroom but in the meantime I already have tenants in there and paying.

The best part about the property is that it’s in the best location in town (a half block from all 3 schools and smack in the middle of town).

It’s also on a corner lot that is about 8,000 square feet.

I checked with the city and because of the lack of rentals in the area they are encouraging people to build more rental properties (and waive some hefty fees). I’m thinking of splitting the back yard and adding either a duplex or possibly a smaller triplex.

I was wondering if it makes more sense to have a duplex or squeeze a triplex in the area. And what you guys Recommend 3/2 or 2/1 or 1/1.

As I said before. I bought the property for a steal all cash and now I and getting a line of credit from the bank to pay for the duplex/triplex properties.

Any advice helps. Thanks