Just wanted to send you through an appreciation email. I spoke with you over a year ago after we bought some land in Lennox Head and were deciding on what to do for the building process. You said jump in and do the granny flat with the house, why wouldn’t you spend an extra $80-$100K to get an extra $300 p/w or 15% rental return.
So we did that, spent $230k on the land, $350K on build, extras and holding costs for a total spend $580k and had it revalued after completion by the bank for $810K. We are stoked with the outcome as well as our rental return $550p/w for the house and $380 p/w for the granny flat for a total of $930p/w rent.
This investment has definitely set us up for the future, taking any financial pressure off for me to have 12 months off work when our first baby is due in March next year.
Thanks for the advice.