Time to invest in a rental property?
Is it time to invest in a rental property? A single family home to rent out? A half or full duplex or perhaps a fourplex? Maybe a multi-family apartment building? Here’s what you do:
Step 1: Due Diligence
Step 2: Repeat Step 1
There’s an economic buzz in Grande Prairie. Several times daily my email and cell phone alert me to people that want or need a rental, urgently. Does that mean run out and invest in a rental? Well, thanks to the cycle of life, for every person wanting to enter the real estate investment arena, there is someone that would like to exit. It’s just that right now the vacancy rate for rentals in Grande Prairie, Alberta is plummeting.
So its natural to want to jump on a revenue property bandwagon. Sounds good to me but please first seek out someone with experience that owns a property – or several. Form your team (for example: You, Lawyer, REALTOR®, Mortgage Broker, Accountant).
Consider joining or speaking to members of R.E.I.N. http://www.reincanada.com/
Learn how to analyze properties. Three samples:
- Renters already in place MLS® L06858: http://tinyurl.com/6lu6n5p
- Vacant plus the new, popular Multiplex is easy walking distance MLS® L068732: http://tinyurl.com/7qt99t7
- Roommate style house MLS® L068627: http://tinyurl.com/73dckzb
Everybody will have an opinion on the local market so again, seek out the voices of those that have invested in property already. They are not speculators or guessers. They are investors. They have broken trail for you and often are pleased to share their experiences and analysis techniques. They have completed “the thirty foot rule”, a benchmark line of advice originated by Buddy Hacket of all people – a comedian who knew how to teach “the walk” not just “the talk”.
MLS® L068588 Renters already in place, fenced yard.
Don’t drive with me!
Hey, I’m actually a very good driver. At least I guess I’ll find out once the distracted driving legislation kicks in!
But that’s beside the point as I really don’t think you should drive with me.
“But John, as a REALTOR®, surely you would like to have your clients with you as you tour around from home to home?”
Nope.
Don’t get me wrong, I like the company and conversation – but that’s just it – the conversation.
It really is better for Buying clients to drive in their own vehicle so they can chat privately without the REALTOR® influencing their thoughts. And for rural properties this is practical since Buyers need to pay attention to drive time rather than just ask me “how long does it take to get from the intersection of Webster Road and Range Road 64 to Grande Prairie?” Everybody has their own response to that question: “20 minutes, 15 minutes, half an hour, where’s Webster Road?”
So follow me or meet me but don’t drive with me 
The Best Master Bedroom offers versatility; here it is!
When the Master Bedroom takes up the width of your house, you have choices. Have teenagers? It becomes a parent escape room. Enjoy a morning cup of coffee? The patio door on the south side offers a breeze or a step out to an incredible view. A little too cool outside for the morning beverage? The spacious seating area next to the door has a fireplace right there to cozy up the room. A soak in the tub perhaps? The large jet tub with custom tilework will do the trick. Or the large shower also featuring custom tilework is at the ready.
This amazing Master Bedroom is available right now: MLS® L066278
Public Open Houses
Public Open Houses allow the consumer to look through a home at their own pace without having to book the Showing. The REALTOR® is present but is there in more of a “ready to answer questions” mode. You shouldn’t be chased around the house. And the potential buyer can take a little more time because most Open Houses last at least a couple of hours.
To that end, drop by one of our newest Listings Saturday, August 27th or Sunday the 28th between 2:00 – 4:00 p.m. each day.
The home is in Pinnacle Ridge in a cul-de-sac area.
Custom built by Vision Homes
- Pinnacle Ridge local traffic location
Gotta Teenager?
I show many homes that are very nice and family friendly. But am often surprised that even if the basement is developed, the bathroom lacks a bathtub or shower.
Well worry no more because 9221 128 Avenue, Grande Prairie, has a large full bath adjacent to a bedroom so you can stow your teenager downstairs while still having the Master up with its own large ensuite. Plus two more bedrooms and full bath above the garage for kids or office.
Its a custom built Canadiana home on an enormous landscaped lot, 24X30 garage, with maple hardwood trim and flooring.
But keep that basement bathroom in mind as you look at houses and do consider MLS® L065880.
Full Bath downstairs
If a picture is worth a 1,000 words, an acreage video about 22 acres is…
Acreages are wonderful things. They’re a combination of location, the land and the home itself. Finding one where all the pieces of the puzzle fall into place is a really satisfying feeling. Here’s one that offers the opportunity to really enjoy rural life from the day you move in. Have a look at the video about MLS® L066281.
And the blog entry “The Perfect Acreage” has more pictures and information.
The Case for Location and Character, priced at $258,600
SOLD!
Well, that IS the case; LOCATION AND CHARACTER.
The great thing for home buyers in the Grande Prairie, AB market is that they have choice!
Want a new house with your pick of kitchen cabinets and colors? No problem.
Best be diligent and also check out a home in an established neighborhood with mature landscaping and development. Drive by 11107 94 Street in Mountview and then stop by the home Saturday AND Sunday June 11 and 12 from 2:00-4:00pm for a Public Open House to see if this home speaks to you.
No construction dust and noise (other than birds) in this area. And no 33 foot wide parcel here either; this corner lot is spacious at approximately 139 feet by 55 feet!
Your moving budget receives a break as window treatments and appliances are part of the package, not an added expense.
The lush lawn will quite likely be that final deciding factor in tipping the scales towards investing in MLS® L064570 (just reduced to to $258,600 from $276,200). 11107 94 Street MLS® L064570
Acreage Inclusions and Exclusions
Ah June! Showed a snowy acreage today. No, that’s not a misprint. Got me to thinking about INclusions (what you get upon an accepted offer) and EXclusions (what you don’t get).
For an acreage there might be a lawn tractor, maybe some fencing or outbuildings that you want to ensure stays with the place. And of course the fridge, stove, other appliances.
Well, helping some folks write an offer on an acreage today and since there was white stuff on the ground on this fine June day, they asked if we should put “SNOW” as an Exclusion, just to be safe
Well, if its in the contract its supposed to be binding so maybe we should try it!
June snow
Showing acreages
I really like showing acreages. I do. In fact am off to Webster area shortly to show one. But possibly in the snow? On June 3rd? No matter! I like showing acreages no matter the weather!
Acreages are a different animal. It’s a very good idea to work with a REALTOR® that has experience selling them. That’d be Mike and I
Check with us regarding wells, cisterns, septic systems, aerial views, land values, directions and any other “rural question” you have.
here an acreage there an acreage
Earlier today I had the pleasure to show an acreage in the MD of Greenview (not far from Debolt) with a nice mix of pasture, bush and farmland. Better part of a quarter (about 140 acres). Was really pleased how neat the yard was (am used to seeing lots and lots and lots of ‘stuff’).
beauty in the MD of Greenview out Debolt way