All Forum Posts by: Mike Brautigam

the house is on the remaining 13.2 acres, no way around that. We don't want to sell that until we can pull from ALR and subdivide, even if it is 20 years from now (though the area is developing substantially). Property is in the city, all connections are at property line, no wells, no septic.

Just curious and maybe this is a question for some real estate agents, but what shape of lot do people prefer? We have the option to create lots roughly 75x300ft or 150x150ft with no real compromise on size. Anyone find a clear advantage for either?

@ Jay The property is in Salmon Arm, heck you can get lake front in Quesnel for under that! The numbers are based on the neighbours telling us it cost that. Lots were listed from 199-229k and most of the 30 or so have been sold within a year. We haven't picked their brains which is the next logical step and thanks Tommy for the suggestion, hadn't thought of that yet. The property also has a house on it with no debt tied to it.

The one neighbour did all lots long and narrow so utility access was already at lot line. The other neighbour did 2 lots deep with shared driveways. The numbers were from one neighbour telling us that's how much he put out, i'm not sure if he had some equipment or did some of the work etc. 

hmmm. 2016 asessment pegged it at 600k for 17acres + house. .5 Acre lots on both sides are almost sold out, averaging 200k per. I guess I will have to do some bank appointments, I just want us to be prepared.

And yes, the property is in BC as well :)

Thanks Mindy and Roy.

The property has a house on it and to keep it simple- it's in our name, we don't have a mortgage on it or anything else. Is it that difficult to pull money out of it, I guess because it isnt our primary residence? We'll be living in a family vacation home until everything is developed then rebuild, or gut and renovate the current house on the property once we have more funds. We just don't want anything financially slowing us down on getting the property developed. We don't have any bills in our name at the home where we will be residing, can we attach our name to a few bills at that address for it to be a primary? We will be living on the property part time in our travel trailer...

Also, preselling lots in Canada...I guess I should start looking into that. Thanks!

Thanks for the reply. Where do I access programs like these, or is it best just to check in with the bank or a lawyer?

I should say that the assessed value of the property is approx 600k, no debt associated but since the area has boomed in the past year i'm sure the assessed value will go through the roof. it's 17 acres, with a house on it that is rented out. The front 3.84 acres has been removed and is ready for subdivision. We'd be looking to pull out approx 200k over time. Neighbouring lots in the subdivision have mostly sold (30 lots) for roughly $180-$210k each and we would plan to pay off the debt with the first sale. We're expecting a development time frame of 9 months to 1 year and will have no problem covering the interest costs associated.  

Hi all,

We have family property that a portion was recently released from the ALR. We're now looking at submitting a subdivision proposal. The neighbours on both sides have recently subdivided and sold off almost all their lots. They're telling us it has cost them approx $25k/lot to develop which would put us around the $200k mark. We plan on doing a significant portion of the developing ourselves which should bring costs down but we are trying to figure out the best option for financing.

My wife and I are picking up and moving to a new town to develop this property. We'll have accommodations and no debt and wont have a problem finding jobs in the meantime as we are both professionals. Currently we have a combined income of about $180k but very little in savings...just some properties.

My question, given the circumstance is there a better option than a heloc I should be looking into for financing? We do have access to $70k through LOC's right now.

We also plan on forming a company before this all sets in motion, i'm not sure if that matters or if you have any advice regarding this, i'll continue my search.

thanks!

Hi all,

We have family property that a portion was recently released from the ALR. We're now looking at submitting a subdivision proposal. The neighbours on both sides have recently subdivided and sold off almost all their lots. They're telling us it has cost them approx $25k/lot to develop which would put us around the $200k mark ( 8 lots + remaining 13 acres still in ALR). Seems pretty expensive to me (we just finished splitting 1 lot into 2 at a different property) but they did have to blast/rockhammer and we are required to pave a path and put in fancy lamp posts. We plan on doing a significant portion of the developing but we are trying to figure out the best option for financing.

My wife and I are picking up and moving to a new town to develop this property. We'll have accommodations and no debt and wont have a problem finding jobs in the meantime as we are both professionals.

My question, given the circumstance is there a better option than a heloc I should be looking into for financing? We do have 2 loc's with $70k max cap right now.

We also plan on forming a company before this all sets in motion, i'm not sure if that matters or if you have any advice regarding this?

thanks!