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Welland Investors and PMs

REInvestors888

Inspired Forum Member
Registered
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.
 
Are you legally allowed to evict mentally unstable tenants as per the very tenant friendly ON rent control laws ?

Best cash flow would be renting by the hour.

Or furnished to students.
 
Last edited:
It is now vacant.

Best cash flow would be renting by the hour.
I agree. But, which one? A B&B? I have to check the zoning by-laws on this.

Was thinking of student rentals. The local PM that I talked to is managing mostly student rentals.

Thanks Thomas
 
Running a B&B is not real estate. It is a business with high operational costs. Are you looking for a job, or an investment ?
 
Are you looking for a job, or an investment ?
Not interested in running a business. Simply looking for the right business operators who can afford and sustain higher long-term rent. Student rentals is good but rent is capped to a certain level due to competition and mostly short-term (8-10 mos.) lease.
 
So, what is your question ?

These are my questions:
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?

Rent is always capped.
I agree in part. However, $$$wise, I believe you can ask higher rent from tenants/owners of profitable business versus students.

What do you think?
 
These are my questions:




I agree in part. However, $$$wise, I believe you can ask higher rent from tenants/owners of profitable business versus students.

What do you think?
Is it zoned commercial ? If so, then yes the rent MAY BE higher .. or not. Depends on area, layout, traffic, curb appeal .. but not necessarily !
 
Allowed uses are single detached, semi-detached, duplex, group home, B&B, boarding or lodging house. The property is in good location, the layout, traffic and curb appeal are also good if not excellent.
 
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?

I' m still debating myself on this one. Any insights from investors, PMs, realtors from these areas?
Thank you in advance for sharing.
 
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