Consolidated a piece of land, what do I do next?
Hi all,
(I am in the greater Toronto area)
I have been buying rental properties within a neighborhood, and now have consolidated a sizable lot, though still missing the lot corner unit, which is owned by a developer. My properties currently break even cash flow wise and I want to decide what to do next. I have a few strategies in mind:
1. keep my rental properties, and invest to fix them up, or add extra units to maximize cash flow and just sit on them, I will wait for the developer to decide to sell their property. their property is vacant with no investment since their purchase, it can't feel nice to carry it. downside is if I am looking at redevelopment in the next 8 years then I won't recuperate my investment.
2. talk to the developer, and see if they want to sell at a reasonable price, if not, I develop without them, the downside is if they know they holding the corner unit on a consolidated lot, it won't be easy to negotiate.
3. Work with the owner/developer to develop. the downside is I have close to no mid to large-scale development experience and felt I will be ripped off in this case.
4. sell my portfolio off to the developer, I really don't love this, I am much more of a hold and wait for type of investor.
What are your thoughts? sorry, my plan is not structured yet. Just want to throw out some ideas and get some feedback.
thank you for your time.