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.
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.
3D picture coming soon that’s not available in theatres!
Watching Transformers® was amazing in 3D I must admit. But as good as cinematic technology gets, never will it achieve a 3D impact such as the real thing. And the good news is, this view is coming soon! Click on the picture for a larger look at ‘real 3D’!
recreation at the end of the pavement
Buying a chocolate bar at the Blueberry General store for my youngest was a nice highlight on our road trip to the recreation quarter we have Listed in Saddle Hills County.
From Grande Prairie, head north past Sexsmith to Rycroft, which is about a 45 minute drive on highway 2. West on highway 49 through Spirit River to Highway 725, turn north. You’re about 27km west of Spirit River and 100km out of Grande Prairie now. North past Moonshine Lake Provincial Park and the Blueberry Mountain General Store about 23km to township road 814 (the road sign might not be up but you know you’re at 814 because the west turn at that intersection is highway 681). You’ve been on pavement thus far so just a bit of gravel for the last leg. Go east on 814 for 1.6km to range road 83. Notice the ‘no exit’ sign? Recreation AND privacy await as the quarter is at the end of the road, literally. Swing north on 83 for 2.4km. A gated oil road runs across the the bottom of the quarter to the east. Facing you is a whole lot of bush.
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- north off hwy 49 west of Spirit River onto hwy 725
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- less than 30km from the turn onto hwy 725 to go!
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- along hwy 725, north of Moonshine Provincial Park, is the Blueberry Mountain General Store
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- don’t go west on hwy 681, go east off hwy 725 at twp 814
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- almost there, north onto range road 83 off twp 814. See the color braid? A ‘bread crumb’ trail!
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- You have arrived at your recreation quarter!
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- A whole lot of green to explore!
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- About 130km back to Grande Prairie. Not far to travel to your own QUARTER SECTION!
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- my daughter left colored braids to mark the trail :-)
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.
Recreation Quarter
RECREATION: “leisure, hobby, pastime, exercise, play, amusement, activity, sport, refreshment and amusement”.
ALL these benefits await you at a Recreation Quarter we just listed! Trees and more trees and even a creek running through. For those that know their way around a legal land description, it’s at NW34-81-8-W6.
Driving directions: West of Spirit River on HWY 49 to HWY 725 and turn North. Go to TWP 814 and turn East. Go East 1.6 km and turn North for 2.4 km. It is on a dead end and on East side. An oil road runs across bottom of quarter. Will have signs out soon, I promise!
You will be very pleased with the minimal investment it takes to gain an escape to your very own get-away property.
MLS® L064831