I’m writing this post at a time when Owen Sound’s real estate market has hit a new record…
…as of yesterday, the city’s housing inventory hit its lowest point in three decades!
Used to be that the only the only stat tied to a three decade stretch was Owen Sound’s negative population growth.
Well, I can certainly tell you this – things are going to change and I hope you’re taking this all in.
Just this week, Georgian College issued a public statement urging homeowners close by to its campus to consider leasing excess space to students or for investors to provide their holdings as student housing.
In a twist of irony, directly across from Georgian College is a big, empty cow patch that is slated for development into what will be a sub-division with 800 new households.
Provided that everything comes along smoothly (this is an election year, so the outcome is a wildcard), those 800 units should be completed by mid to late 2023.
What This Means to YOU
That new development will lead to some much needed population growth for the city.
However, 2 years is a very long time in the REI world.
Between now and project completion time there will continue to be a need for the following:
– Student housing (rooms average for $700 a pop)
– AirBnbs (we’re so short that the town of Chatsworth is starting to absorb overflow!)
– Senior homes (the only way to free up 4-bedroom homes is to provide owners with this option)
Then there’s the whole infill thing…
Time to Put on Your Hard Hat
I’m presently working on getting three separate owners of adjoining lots to put their properties up for sale.
I’ll tell you right now, this is NOT easy.
However, it’s something the city needs. See, of the three lots, two have houses on them. Those houses are about 700 sq ft each, yet together the land they sit on comes out to just over 30K sq feet.
Add the third vacant lot next to them and you have just under an acre of land for development.
Just a few doors down from these lots, a brand new 50-unit apartment complex has been built on a similar patch of land.
If you’ve been planning (dreaming, even) of transitioning from acquiring rentals to building them, this could be your chance.
Digging For The Sweet, Sweet (Instant) Cash
One of my main focal points for the new year is to establish a pool of hard-money lenders who are ready to provide you with fast funds for those times when you happen upon a rare acquisition opportunity and you need to move swiftly.
I know how frustrating it is for ambitious investors to spot a steal of a property, but not be able to take action because they’ve been handcuffed by the banks and by the time they finish the application process with any other lender, said property is already conditionally sold.
If you happen to be a HML reading this and you’d like to silently partner with savvy investors, let me know and I’ll gladly add you to the pool.
2022 Growth Tools:
Going beyond the topic of adding more doors to your portfolio, here are some resources to make the coming new year your best one yet…
10 books you MUST read in 2022 – how to get stronger in business, health and spirit.
Why (and how) Owen Sound city council keeps Failing – City council is a problem, but problems = profits, right?
At three bedrooms and a short 5 minute walk to Georgian College’s campus, the top floor is ideal for student housing.
Want to discuss the Investment Properties Owen Sound you’ve just read about? Reach out to me HERE.
Hi, I'm John
Not only am I the host of the Rural Wealth Podcast, I'm also an investor-focused Realtor in Owen Sound, Ontario.
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