Considering this investment property... your thoughts?

[einreb]

So, I think this Rich Dad Poor Dad guy may be on to something. They're not making any more land, you know.

I'm thinking about offering 45k for this property. I would plan on using it as a vacation spot for the family until I'm able to flip it for a profit.

http://www.redmondrealtyltd.com/listings.asp?listing=944

[Moses]

$38 annual taxes? I'm sorry, but thats a deal breaker. How do the Canadians get by with such oppressive taxes?

[Big Ed]

That's a nice property.

[widgeon13]

Yeah, I'd see if you could get Trump to go in with you and you could build a casino and golf course as well.

[B D]

I'll split it with someone.

[scottmandue]

How many stories will the building department allow to go up?

[dad911]

Stopped at the 'thousand islands' one year on the way to Mosport. Neat place to vacation. As I remember, some of the homes use every square foot on the island.

[Hugh R]

45K your kidding right? What would cause it to appreciate? It looks like about $1000/sq. ft.

[einreb]

Originally posted by Hugh R
45K your kidding right? What would cause it to appreciate? It looks like about $1000/sq. ft.

Its waterfront property. I'm afraid that if I don't buy now that I'll be priced out forever.

[dad911]

In about 40 years, you could build a tree-house on that property......

[dafischer]

Hunt what, mosquitos????

[turbo6bar]

I'm surprised you're willing to pay that much per square foot.

This is my crown jewel.



http://www.realtor.com/Prop/1054736316

At contracted price, I got in at only $640 per square foot, or $380,000 total, and I'm only running negative $1000/month cash flow. The best part is with the standard 20% appreciation rule for California (courtesy of http://thereisnohousingbubble.blogspot.com/ , this becomes a no-brainer.

[Moses]

Originally posted by Hugh R
45K your kidding right? What would cause it to appreciate? It looks like about $1000/sq. ft.

If that "island" is round, it has about a 52 foot diameter.

[MotoSook]

0.05 acres is 2281.5 square feet. By Chicago standards, that's one hell of a deal with 360 degrees of waterfront.

I wonder if you can just buy 3 or 4 house boats and circle the island..voila! A hell of a getaway with room for visitors

Or build a modern home on pilings over the island with an opening in the middle for the tree...then get it featured in Dwell magazine.

[einreb]

Originally posted by Souk
I wonder if you can just buy 3 or 4 house boats and circle the island..voila! A hell of a getaway with room for visitors

Or build a modern home on pilings over the island with an opening in the middle for the tree...then get it featured in Dwell magazine.

Exactly. Thats the sort of 'out of the box' thinking that will need to be brought to the table to make this deal work.

I'm also thinking that it would be a good canditate for some 'feng shui' design concepts. I hear that can really add to the value of an investment.

[VaSteve]

Mount a machine gun turret and declare war on neighbors with bigger lots.

[alf]

Bring some rocks everytime you visit and in time your investment will grow

[jorian]

Lot Size: 0.05 acre (Assessment estimate) - is that with the tide out?

[scottmandue]

Okay so we put in a couple of docks, go up five stories, and put in a topless bar.

It could happen

[Jay Auskin]

It's tough to judge the elevation change of that plot, but you might be limited with your building options. I dunno, a nice walk-out might work if you're the marine type?