All Forum Posts by: Verlane Phizema

You should talk to a builder or architect and see what options you have. If it is possible to parcel out your land and just build another building it would be a better option. Then you would have a one unit on one and 2-3 on another parcel of land. I am definitely with you on getting financially free but this one deal will be part of that path not the end. You will need more deals to reach that goal. You have already done a great job and understand you market. There us probably more ways to provide value to your community.

 Personally, not understanding the logic behind this. The moment you demolish that house your -170k on the project. 

If this were me, I'd just sell and buy a duplex/fourplex or if your county allows it (which might be tough) you can simply build an ADU on the extra land you have. No need to demolish a perfectly good house imo. The moment you do that, you are taking a huge risk.

Is the goal to buy a multifamily unit? Why not just tap in the equity and buy a multifamily unit? The project sounds fun and you would learn alot but if there is a quicker way try that.

@Verlane Phizema Thanks for your post.

Great work! Sounds like you have built up a large amount of equity in this property in a short period of time. 

Have you put this in a spreadsheet to model out the return on equity for this idea compared to your other options?