- Joined
- Nov 30, 2012
- Messages
- 46
Hi all,
Apologies for the length of this question.
Before I understood real estate, I bought a 100' X 120' R3 lot in Innisfail. This is the real estate equivalent of getting pregnant when you're 16: now I know better, but I'm stuck with the thing so I need to make the best of it.
For those not familiar, Innisfail is 20 minutes from Red Deer, in spite of being that close, it does not benefit from the ripple effect, attracts non income earning seniors, has growth well below the provincial average, and last I heard, due to an anti development council, there are little if any houses going up. I have had the place for sale off and on for 3 or 4 years with nary a nibble.
So it's time to do something with it and get it to bring in some rental revenue, or at least create a salable entity. The trouble is I'm not sure what direction to head, or what criteria I should use to decide.
My conversations with a realtor/prop manager have yielded few details.
Ideas currently being floated:
A row of 4, 2 story, town house style units with garages, condominiumized for easy sale down the road one at a time?
A 6 unit apartment of 2 or 3 bedroom units?
2 separate buildings, each with 3 units in them, built over a period of two or three years?
Im a big boy, I'm not looking for a lot of hand holding, just some general direction. For example:
"I, or someone I know was in a similar situation and the best alternative proved to be......"
Or
"These are the criteria you should use to consider as you narrow down your options.
Or
"Find out about ___,___, and ____ before you decide which way to go."
Thanks. Much appreciated.
Keith.
Apologies for the length of this question.
Before I understood real estate, I bought a 100' X 120' R3 lot in Innisfail. This is the real estate equivalent of getting pregnant when you're 16: now I know better, but I'm stuck with the thing so I need to make the best of it.
For those not familiar, Innisfail is 20 minutes from Red Deer, in spite of being that close, it does not benefit from the ripple effect, attracts non income earning seniors, has growth well below the provincial average, and last I heard, due to an anti development council, there are little if any houses going up. I have had the place for sale off and on for 3 or 4 years with nary a nibble.
So it's time to do something with it and get it to bring in some rental revenue, or at least create a salable entity. The trouble is I'm not sure what direction to head, or what criteria I should use to decide.
My conversations with a realtor/prop manager have yielded few details.
Ideas currently being floated:
A row of 4, 2 story, town house style units with garages, condominiumized for easy sale down the road one at a time?
A 6 unit apartment of 2 or 3 bedroom units?
2 separate buildings, each with 3 units in them, built over a period of two or three years?
Im a big boy, I'm not looking for a lot of hand holding, just some general direction. For example:
"I, or someone I know was in a similar situation and the best alternative proved to be......"
Or
"These are the criteria you should use to consider as you narrow down your options.
Or
"Find out about ___,___, and ____ before you decide which way to go."
Thanks. Much appreciated.
Keith.