Land buying tips
- Thread starter richaceg
- Start date
Depending how long you wish to carry it. Buy something with income. Cottages, commercial or industrial buildings with decent tenants. If you need money you can mortgage it.
Land if you can get a vendor to take back a mortgage if not, it requires all cash. Lenders lend on bricks and mortar.
Land if you can get a vendor to take back a mortgage if not, it requires all cash. Lenders lend on bricks and mortar.
A building permit certifies you are allowed to build the specific structure shown in the plans you submitted and which the municipality approved. It's all about structural engineering. I suspect you really meant the present zoning doesn't allow building on that land; is it zoned agricultural now?
yes, zoned agricultural right now. no building permit at the moment (or ever?) just looking to put some $$$ on something solid.
Wrong. Toronto was a shitty location in 1994, average prices were below $200k. The trick is find shitty location today, but will be golden in the future.
Which made Toronto a great place to buy back then, if you were holding for investment; shitty if you were looking to flip for a quick buck and not-so-hot if you were looking to trade up on your home.
There's no single right answer for everyone, but Perry's Mark Twain quote is a truism for all. That's the buying part, the next question for the OP is what he wants the selling part to look like.
General Description
12.29 Acre Property . Terrific Value For This 800 X 650 Foot Wooded Lot On An Unopened Road Allowance. Great Place For Walking Trails, Mountain Biking, Nature Retreat. No Building Permit Available At This Time. Wonderful Potential For Future Development. Sugns On Road Allowance Only (Not On Property). **** EXTRAS **** Dir: Road Allowance . The Subject Property Is Located 1200 Ft Due South Of The Allowance And Runs 800Ft N/S By 650Ft E/W.There Is A Path, But Currently Overgrown. Survey On File.
12.29 Acre Property . Terrific Value For This 800 X 650 Foot Wooded Lot On An Unopened Road Allowance. Great Place For Walking Trails, Mountain Biking, Nature Retreat. No Building Permit Available At This Time. Wonderful Potential For Future Development. Sugns On Road Allowance Only (Not On Property). **** EXTRAS **** Dir: Road Allowance . The Subject Property Is Located 1200 Ft Due South Of The Allowance And Runs 800Ft N/S By 650Ft E/W.There Is A Path, But Currently Overgrown. Survey On File.
How would you know in 1990s that Toronto was a great place to buy? Economy was pretty grim then, unemployment rate was over 10%. Energy / oil prices were historical low and OPEC could not come together to cut production which drove oil prices even lower - remember Canadian economy is largely affected by oil prices. And all the Canadian tech. companies were eaten alive by Americans.. Canadian dollar was 67c USD. Everyone you talked to thought Canada was going to become 2nd world country back then. It's all in the perception... USA looked pretty grim couple years ago, and now it is slowly coming back to life. It will shine in a few more years.
http://www.realtor.ca/PropertyDetails.aspx?&PropertyId=13544889&PidKey=1418316641&Mode=4
Anyone know how to rent it out to farmers? How much profit can you turn from farms?
What the fuck are you talking about? $200k for what, where?
Some of Toronto's wealthiest land owners/developers have been my clients. And, without exception, they have made money hands over fists buying land in the GTA... just because you can(?) pick out one isolated example does not disprove the theory.
No one said every deal is a winner! That's foolishness! There is no such thing!
But no one who bought land in Torontoi when the market was shitty lost money on it if they were patient and had staying power!
If you are trying to make a quick profit then, with very few exceptions, buying vacant land is not the game for you!
One of Canada's quietly wealthiest businessmen put it very succinctly several years ago. In buying/selling land, when the market goes to shit, the amateurs lose money and the professionals make it in spades: any fool can make money when the market is hot.
Perry
Because prices were low. I know, because my house had declined since I bought it at a low price the end of the '80s. Buying low is generally considered A Good Thing, and buyers aplenty were waiting to hand me a loss, if I take one. The rest of your points relate reading tea-leaves, not to buy low and sell high (also considered A Good Thing). As in all investment, from fast speculation to long hold, it's all about timing the sale to make that come true. Gotta make the buy first. Then it's how long will you wait for what amount, as I said. I waited a little over a decade.
I made a few bucks when I sold at the end of the '90s, likely nothing that would make an investor happy, be she speculator or longhold guy, but it sold for enough capital to buy a better house in a better neighbourhood, and that was my personal investment scenario, as I laid out in my post earlier. That too is a matter of timing.
Did you have somewhere in Toronto in mind where a real estate purchase in the low-price '90's wouldn't yet have broken even? Otherwise all you're doing is imagining your idea of appropriate return over a given time applies universally. Sorry, but you're unigue and speak only for yourself, while I'm not the only one who says a depressed market is a buyer's opportunity.
Heres something for the Golden Years, Co-op lot fee $50,000.00 US + Mobile home.
http://www.islandinsun.com/properties/Paradise-Largo/0061-PIL0513.htm
http://www.islandinsun.com/properties/Paradise-Largo/0061-PIL0513.htm
That's for when some one is coming to stay with you but nobody knows who the fuck is coming!
Perry
