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General / Re: Strip of land? I don't get it
« on: August 29, 2016, 05:27:42 PM »
You're giving everyone a very vivid and graphic picture today!! Could be reality, I suppose.
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DAVE!
You're right, I'm being cheap! Sometimes, I just feel I don't have enough faith in the whole system and I'm a little too worried about what the outcome will be. I see that you're spending $250 per deal which is crazy but makes a lot of sense. I do need to get to that stage. What advise would you give to reach to that level where I have confidence enough to spend that kind of money? I am very scared of losing my shirt in the process. But, then again if i don't spend, I might lose it anyways. It's a chicken and the egg problem. - Ray
Ray:
Its a lot worse then that because I am spending $250 PER BID. You don't want to know my (very lousy currently) batting average but true comments this spring and summer; about getting squished like a bug will give you a good idea.
Recognize now we are in an unusual market. There are two groups of people on this website right now.
a) The people who bought property in the past and if trying to sell it if they did a good buy they are having a ball with all the buyers.
b) People including yours truly trying to buy property(my inventory holdings if any, are not a topic for the public domain,) who are getting very frustrated.
c) Point b is doubly frustrating now because we are getting more redemptions caused by the booming real estate market.
because of the high prices.
Ray
The picture of the strip that you posted is obviously a one foot reserve....the town made them separate a piece to prevent the development from going further, sometimes this is done for planning reasons, other times for financial reasons (whoever owns the farm will have to pay a big fee to have it removed and be able to connect to the roads and other utilities).
Many times, and you see very odd shapes being offered for sale, they are surveying errors. One recent example was the little triangle of land at the entrance to the Shoppers Drugmart in Gravenhurst....that store was developed on what was previously two or three separate parcels of land, it would appear that when they put them together something went wrong with the legal description and there was a remnant parcel. I figured that the little triangle would have been large enough for Dave to locate his hot dog stand, but he passed on the sweet opportunity.
The Municipalities are not expecting anyone to bid on these parcels, but they have to go through the process....in the end they will take possession of them and either hold them, or sell/give them to neighbouring properties.
These are crumbs left at the table and they need to be swept away.
Raylak,
There is a lot of hidden value in the Alberta properties at the moment and but it's a buy/hold strategy in my opinion. The other thing to consider is how the bidding is setup compared to Ontario. You are generally required to be in person, so that makes the list of buyers smaller and creates more value but also involves more work/time.
Let us know how your journey is going. The best advice when starting is to start looking at properties around your area first. Understanding the area is a big advantage. Being able to see the property can be extremely helpful.