Carrington Real Estate
(Formerly Atlantic & Pacific Real Estate US LLC)
2950 W Cypress Creek Rd. Suite 100
Fort Lauderdale, FL 33309
First you would have to look at all the cost involved and then see if it makes sense. Depending on where you live, the rents for mulit-family units in Hollywood are not very high so you may not recoup your investment.
Congratulations on your home being paid in full. You may want to consider staying where you are and purchasing another home as an investment rather than building on your current property.
If you would like to discuss it further, fee free to contact me.
Janice Zaltman-LEED AP
1. It is very unlikely that you will get a construction loan; banks aren't giving them out.
2. You should do an analysis comparing several scenarios....
a) leaving it as-is
b) the breakeven if you factor in the cost of building a triplex
c) the benefit of selling the house and buying a triplex in a like area (ie, you'll save on construction costs minus real estate fees for selling and buying)
Keller Williams Realty Professionals