- Joined
- Aug 30, 2007
- Messages
- 12
Hi , I am looking for some advice and hope someone here can give me some insight.
I have a positive cash flow property in Edmonton (Ritchie) which I am considering selling. It is a nice property, great lot, with excellent long term tenants. However, it has a lot of deferred maintenance issues and while we have tackled many of them, it will soon be in need of significant funds for roof, garage repairs, etc.
My thoughts are that this property would be better off sold to a developer rather than repair and hold. We did place it on the market briefly last year however, it did not sell because of issues found on inspection (foundation $$).
It appears that I cannot advertise on the REIN forum because I am no longer a member, and I would rather not list on MLS if I can find a developer another way. Any suggestions on how to find one would be appreciated, as would any alternative ideas about how to deal with this situation in the most profitable way possible.
Living in Calgary, I am also out of touch with the current nature of the Ritchie neighbourhood. I know a few years ago it was not doing so well in terms of crime, but I am not sure if that is changing or if there are any other properties being developed in the area. If anyone has insight on this I would appreciate this also.
Thanks for your time!!
Jodi Jackson
I have a positive cash flow property in Edmonton (Ritchie) which I am considering selling. It is a nice property, great lot, with excellent long term tenants. However, it has a lot of deferred maintenance issues and while we have tackled many of them, it will soon be in need of significant funds for roof, garage repairs, etc.
My thoughts are that this property would be better off sold to a developer rather than repair and hold. We did place it on the market briefly last year however, it did not sell because of issues found on inspection (foundation $$).
It appears that I cannot advertise on the REIN forum because I am no longer a member, and I would rather not list on MLS if I can find a developer another way. Any suggestions on how to find one would be appreciated, as would any alternative ideas about how to deal with this situation in the most profitable way possible.
Living in Calgary, I am also out of touch with the current nature of the Ritchie neighbourhood. I know a few years ago it was not doing so well in terms of crime, but I am not sure if that is changing or if there are any other properties being developed in the area. If anyone has insight on this I would appreciate this also.
Thanks for your time!!
Jodi Jackson