What do you think about this property?

[Besard]

Hello members of the BHW forum,
I am an 18 year old boy, and my father left me a pretty good property in the capital private property which has a large space of about 350 square meters. It's a three-story house, and I was thinking of investing in it and turning it into a larger building. To create a building somewhere around 6 floors, and then sell it. Would it be a profit or a loss for me if I were to act on this strategy with my property. I look forward to suggestions from you guys. Thank you!

 

[SlimProxies]

You can't expect anyone to tell you if that's a good idea without knowing where it's located, when it was built, what's the current value of the property, etc.

But an 18 year old in no way shape or form has any idea of what it entails financially and mentally to add 3 floors to an existing property and then resell it.

 

[Setox]

You can't expect anyone to tell you if that's a good idea without knowing where it's located, when it was built, what's the current value of the property, etc.

Thiis +++ i think rental is way better in the long run than short term capital gains.

 

[Besard]

You can't expect anyone to tell you if that's a good idea without knowing where it's located, when it was built, what's the current value of the property, etc.

But an 18 year old in no way shape or form has any idea of what it entails financially and mentally to add 3 floors to an existing property and then resell it.

The house was built about 12 years ago. The house is located in the capital of Tirana, Albania. Located 5 minutes from the city center. And the location where the property is is the most populated place with people. And the price of the property is around $ 300,000. This thought came to me because for this property came some investors who offered me to return my property to a large building to benefit 5 apartments and 1 shop.

That's right, it's better to have a profit by renting the apartment. From year to year the value of the property increases. I am really young to think about this plan, but I believe that from this I can provide something for my life in the future. (offer my family many more opportunities). As it is a real estate one of the best ways to make money.

Thiis +++ i think rental is way better in the long run than short term capital gains.

 

[Vk316]

This thought came to me because for this property came some investors who offered me to return my property to a large building to benefit 5 apartments and 1 shop.

I am sorry I didn't get this. Are you saying that the investors are gonna build 5 apartments and 1 shop in your building?

 

[Setox]

That's right, it's better to have a profit by renting the apartment. From year to year the value of the property increases. I am really young to think about this plan, but I believe that from this I can provide something for my life in the future. (offer my family many more opportunities). As it is a real estate one of the best ways to make money.

I don't know where you live but capital gains from selling properties are heavily taxed, you should consider that as well.

 

[Besard]

I am sorry I didn't get this. Are you saying that the investors are gonna build 5 apartments and 1 shop in your building?

Investors want to build a large building, somewhere on the 9th or 10th floor understands me. And for example a floor can have somewhere between 2 to 3 apartments. Now we calculate 10 floors out of 3 apartments for a total of 30 floors. From these 30 entrances I can gain and take as an example 5 entrances and a shop. I think it's a good move for the future if I agree to do that. if you were me, what would you do?

 

[Vk316]

Dude if I were in your position I would be to scared to do anything this big. My advice is to consult your relatives before taking any action. And if you decide to take the deal then be totally sure that those investors aren't screwing you over.

 

[SpanishFlu]

Dude if I were in your position I would be to scared to do anything this big. My advice is to consult your relatives before taking any action. And if you decide to take the deal then be totally sure that those investors aren't screwing you over.

Especially in Albania ...

 

[Besard]

Especially in Albania ...

Hahaha here even with 100 signed letters to be again win the fraudsters.

 

[Krise656]

First of all, you are a young man and I wish I had your thought when I was 18. This is great and will lead (with guidance) to great results.
I lost 5 figures during the new marked hype and the same amount through an expensive girlfriend (greed eats brain), so I promised myself to never ever invest in things I do not understand.
Approx 10 years ago I (me and my wife - not the one above mentioned) started to invest in real estate. in times of cheap money (this is still in the EU) we made a return on equity capital around 25%.
That was very good, but I wanted to start sth new, so we changed to vacation apartments - the best decision in our lives. I would call myselve a kind of pro in this area.
My recommendation: go to the site https://www.airdna.co/ - they sell airBNB data - look at your area, this will cost some lek (I think aroung 20 EUR) to get real time date. If the average prices and used capacity is ok for you, then make as much as possible single appartments in this building as - always keep in mind, it should be nice for guests - invest in a pro real estate photographer and outsource cleaning, advertising and guest communication. This will be pure passive money (except writing bills - and I like writing bills ;-))

 

[mikegeek]

I'm not an expert, I think you will always have time to sell
try building for rent

 

[Tipitip]

My recommendation: go to the site https://www.airdna.co/ - they sell airBNB data -

I like the website, thank you for the recommendation.