- Joined
- Jun 1, 2011
- Messages
- 142
Hey all,
We are doing a due diligence on a 10-bed property in Central Welland, ON previously used as group home for mentally challenged individuals. Although income is excellent and collection is not a problem, we think managing these type of individuals plus potential liabilities and headaches of running the business far outweighs the income. By the way, we talked to a local PM and indicated that he is not interested in managing a group home rentals simply because of the same above mentioned reasons.
Having said that, we are thinking of renting it, per zoning by-laws, as board and lodging, rooming house, duplex or triplex or student rentals (the property is a few minute commute/drive to Niagara College and Brock University). Based on CMHC 201 6 Rental Market Report and experiences of said local PM, vacancy rate in the area is one of the lowest in Ontario.
Now my question is: Which one is the best use of this property that will generate excellent cash flow/ROIs? Which one would you choose?
Has anybody here invested or planning to invest in Welland, ON? What's your take in this southern part of Ontario? Which one is worth investing - Welland or St. Catherines or Niagara Falls, ON?
Your insights will be highly appreciated. Thanks in advance.
We are doing a due diligence on a 10-bed property in Central Welland, ON previously used as group home for mentally challenged individuals. Although income is excellent and collection is not a problem, we think managing these type of individuals plus potential liabilities and headaches of running the business far outweighs the income. By the way, we talked to a local PM and indicated that he is not interested in managing a group home rentals simply because of the same above mentioned reasons.
Having said that, we are thinking of renting it, per zoning by-laws, as board and lodging, rooming house, duplex or triplex or student rentals (the property is a few minute commute/drive to Niagara College and Brock University). Based on CMHC 201 6 Rental Market Report and experiences of said local PM, vacancy rate in the area is one of the lowest in Ontario.
Now my question is: Which one is the best use of this property that will generate excellent cash flow/ROIs? Which one would you choose?
Has anybody here invested or planning to invest in Welland, ON? What's your take in this southern part of Ontario? Which one is worth investing - Welland or St. Catherines or Niagara Falls, ON?
Your insights will be highly appreciated. Thanks in advance.
