Hello REINation, If you have a farm land in southeastern Ontario, how would you calculate lease rate per acre? Aside from Kijiji, any other sources in determining rent? Thanks in advance........

Price is relative to area/location. A similar single detached home for example in Location A for $500K is probably worth over $2M in Location B. Like in stock market, there is always a reason why price of a particular issue is lower or higher compared to the rest of stocks in the same industry...

Inspirational life story! Congratulations! Thanks for sharing.

A word of advice: When you select people in your team please make sure that they understand what you are doing or intend to do and that are in the same page with your business goals. Otherwise, expect disaster down the road.

Exactly. It's always best to see what's in the market and compare it with your offering. I find this more helpful. Prospective tenants also do this before they even say 'this is it'.

I see. Still you can ask a favor from your realtor friend to pull out info you want/need to know. Your call.

Got it. Thanks Thomas.

Your realtor can help you

There is no mortgage with Z. Purely money contribution. JV will be registered on title as caveat to protect Z interest being money partner. How about using estimated total project cost at completion?

JV agreement with caveat on title may be suitable in this scenario. LP may be too much to handle. Any suggested poison pills to prevent Z taking full control of the JV? What if a new partner wants to join? What's the basis for valuation? Assessed value of the land and project at the time?

Instead of second mortgage, is it possible to register the JV/partnership as a Note or Caveat on title? This project though small will likely take 3-5 years. Should it be JV or LP set up? Which is simple to implement?

Is X name on title and mortgage good enough to have control over his land to be contributed to the partnership? How about Z interest? How can we protect it? Should he be added to the title and mortgage? Both interests should be protected especially the money partner, right?

Too many areas to cover........it's overwhelming, hence, the need for expert JV lawyer. Thanks Thomas

Is 50-50 split fair and reasonable for X (the landowner and managing partner) and for incoming money partner Z willing to finance the entire project without mentioning any $$$ value? Z was just saying that he will put whatever money is needed. A JV lawyer will be hired eventually to prepare...

Great. Good luck and more power!

Any recommendations on good mortgage broker who deals with Construction Financing?

If I may ask: Is that more lucrative and less headache business than rentals?

Fully support this as JV issues (big or small) may arise down the road and jeopardize the entire project. Wow you simply sum it up You are right Mr X should take this role and drive slowly and carefully to get there. Thanks many times over Thomas.

Noted. Great posts Thomas. Thanks for sharing your thoughts and expertise.

JV in construction project maybe too much to swallow Same observation here as we talked to land owners turned developers.