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Discussion Starter #1
Hi.
We just purchased a 100 x 200 foot piece of land on a busy highway in a major city in Southern Ontario.
It is a mess now and needs to be cleaned up.
To begin with we are just going to leave it as an empty lot (to bring the taxes down).
Then in a year or so try and change the zoning.
It's not really built up yet, a few houses around. There are a few businesses around also.

I'm wondering what would be a good way to generate income from this property?
We were thinking about renting it out to Tim Hortons or something similar. A 20 year lease wouldn't be a problem.

Any other ideas?

Thanks!!!
 

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The problem with the Tim Horton's idea could be size. Is it big enough for a store location and a parking lot? It's on the highway, but is it easy to actually get to? I'm assuming there there is not direct highway access, that you must drive on an access road to get to it.

The problem is if there isn't direct access, someone driving on the highway may not see it until after they've passed it. Is it easy to double back to go? if not, a place like Tim Horton's won't be interested.
 

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Discussion Starter #8
Thanks (some of you).

"1. Sell it to some other poor sucker who doesn't have a business plan.
2. invest the proceeds."
Um, what are you saying...I'm a poor sucker with no business plan?
I don't think so.
If you only knew the details you would wish you were me, lol.
Not very helpful advice in any event.

iherald, it does have 100 foot frontage, and I think it would be big enough.

"Lemonade stand" perhaps...how about a chip wagon?
 

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Thanks (some of you).

"1. Sell it to some other poor sucker who doesn't have a business plan.
2. invest the proceeds."
Um, what are you saying...I'm a poor sucker with no business plan?
I don't think so.
We just purchased a 100 x 200 foot piece of land on a busy highway in a major city in Southern Ontario.

Why did you buy it if you didn't know what could be done with it?

It is a mess now and needs to be cleaned up.


Was the cost of this included in your business plan? Is there a possible need for an environmental assessment and remedial measures?

To begin with we are just going to leave it as an empty lot (to bring the taxes down).

If it is already assessed as an empty lot, why would this bring taxes down?

Then in a year or so try and change the zoning.
Did your business plan not examine the possible re-zoning options, and the related costs?

It's not really built up yet, a few houses around. There are a few businesses around also.

What a thorough marketing survey you've done!

I'm wondering what would be a good way to generate income from this property?

See bullets 1 & 2 above.
 

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Discussion Starter #11
OhGreatGuru, wake up on the wrong side of the bed today bud?
You were offensive and derogatory right from the start.
How you got to be a "senior member" with that attitude is beyond me.
Good luck in life acting like that, lol.

Why would I need a business plan to buy a piece of property that is worth more than I paid for it???
I did factor in the cost of cleaning it up before hand and I'm still sitting pretty. It has a house on it and once gone taxes will come down.

This is once piece of the puzzle for me and my family's retirement. All I have to do is sit on it, do nothing and ring the cash register in 20-30 years.
All I was asking here was a good way to earn some extra $$$ while we wait.

I did get some constructive responses, you chose to be negative.
 

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777god - in all fairness, your first post really sounded like you just bought an empty lot beside a highway and now you are wondering how to make money from it.

I'm sure that wasn't intentional but in retrospect, explaining why you bought the property (and your plan for it) might have resulted in different responses.

BTW - I believe you get "Senior Member" status after a certain number of posts. Regardless of attitude. :)
 

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Yeah look at me I'm a senior member which is an absolute misnomer if I ever heard one. I'm not a senior and I don't have a "member"

Seriously just post a lot and you'll get there.

Congrats on buying a property that's worth more than you paid for it. I'm very jealous.

If there's a house on the property maybe you could rent it out?
 

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In OGG's defence, you haven't stated what it is currently zoned for. So without that really how can you expect to receive constructive advice?

Second, you just mentioned that you got it at a reduced price. How much under fair market value did you purchase at? (ie: 10-20% reduction?)

Third, if you are going to demo the existing structure, are you going to hire a contractor or do you also run a contracting business. This could be a big factor in rebuilding the lot as well.

Fourth, have you even done this before?

Fifth 'Why would I need a business plan to buy a piece of property that is worth more than I paid for it???' - Well...I think some of the other members have already stated some good points on this. Personally, I have never had a piece of property re-zoned, so for me, that would be my concern. I would obviously talk to people who have done this before, and to the employees of the local municipal/town offices about this. Maybe you have already done this with property before, and maybe you have already spoke with people who have done this...however you haven't mentioned in your posts that you have.
 

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Wow, there is a town in SWO without a Tim Hortons!

I like your idea to lease the land. Personally I would be actively marketing the property with that intent.
 
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