Hi all,
My husband and I have been loyal followers of MMM since early 2013. Besides the hubby's job, we are landlords and have focused on paying off our mortgages. We are due to FIRE in about 4 years.
We own a duplex, which we just paid off last year. It has a desirable location in Seattle and has been a good money generator. However, the house is older and due for some costly repairs (sewer issues, new windows, new fence, etc). The lot is decent size - about 5,000 sq feet, much of it occupied by a sloped backyard and a neglected garden.
We are thinking about the possibility of building townhouses in its place, both for the challenge and the income they would generate eventually.
In order to finance the project, we would likely have to take on new debt and put off FIRE. I'm estimating the additional income would be somewhere around $3000 per house/month, and you could build 4, maybe 5 townhouses on the lot. We currently make just under $4K/month in rental income on the duplex.
Any advice or feedback would be helpful. Mostly I'm just wondering what kind of an undertaking this would be, and if the additional investment would be worth putting off FIRE a bit. Thank you in advance!