I have a lake lot at Turtle Lake, Saskatchewan that I want develop and eventually rent out. From what I understand it`s difficult to gain a positive cashflow from property that is rented out on weekly basis and still have a longterm positive cashflow.
Has anyone had experience in developing a lake lot and renting it for the longterm (1 year lease)? I`m thinking this may be an excellent opportunity for a retired couple.
Background info on lot:
* Large 3rd row lot. Mixed spruce and poplar. 2 minute walk to lake.
* Year round recreation.
* 1.5 hrs from Lloyminster and North Battleford.
* 2.5 hrs from Saskatoon.
* Closest largest communittee is Meadow Lake - 45 minutes.
* Closest hospital and school, Turtleford - 35 minutes.
* Closest Confectionary, gas, propane, etc... 5 minutes.
* I have two more years before I need to build. (Building commitment in Contract).
* I would build the cabin/home.
* I would not use the property.
Any thoughts or suggestions?
Thanks,
Mike
Has anyone had experience in developing a lake lot and renting it for the longterm (1 year lease)? I`m thinking this may be an excellent opportunity for a retired couple.
Background info on lot:
* Large 3rd row lot. Mixed spruce and poplar. 2 minute walk to lake.
* Year round recreation.
* 1.5 hrs from Lloyminster and North Battleford.
* 2.5 hrs from Saskatoon.
* Closest largest communittee is Meadow Lake - 45 minutes.
* Closest hospital and school, Turtleford - 35 minutes.
* Closest Confectionary, gas, propane, etc... 5 minutes.
* I have two more years before I need to build. (Building commitment in Contract).
* I would build the cabin/home.
* I would not use the property.
Any thoughts or suggestions?
Thanks,
Mike