Very Cool Property - What To Do With It?!

[Laura Morlock]

I have an opportunity to purchase a very beautiful and unique property - striking century manor house directly on the river, 1.5 acres, huge detached garage/workshop, in a quaint little town 15 mins to two major cities and a little under an hour west of Toronto.

I know the property inside and out, it's turnkey, and I would love to own it, but I don't know what to do with it. It would be $1.1m, and according to AirDNA it would run -$40k/yr as an STR, and while local rent rates are high it would still run about -$2500k/m.

It is such a cool and unique property I hate to let it go and would love to find a creative use for it that could at least carry itself (approx $6k/m+). I've wondered about some sort of artists'/musicians' retreat space, but not sure about the numbers of that.

I would love to hear your ideas! How would you get creative here?

[Chris Seveney]

Quote from @Laura Morlock:

I have an opportunity to purchase a very beautiful and unique property - striking century manor house directly on the river, 1.5 acres, huge detached garage/workshop, in a quaint little town 15 mins to two major cities and a little under an hour west of Toronto.

I know the property inside and out, it's turnkey, and I would love to own it, but I don't know what to do with it. It would be $1.1m, and according to AirDNA it would run -$40k/yr as an STR, and while local rent rates are high it would still run about -$2500k/m.

It is such a cool and unique property I hate to let it go and would love to find a creative use for it that could at least carry itself (approx $6k/m+). I've wondered about some sort of artists'/musicians' retreat space, but not sure about the numbers of that.

I would love to hear your ideas! How would you get creative here?

 I always recommend people to not buy cool properties but buy properties that make money until you get to the point that you are wealthy then you can buy cool properties.