Nearly one month into the new year, where does the time go!
We started this year off with a literal bang!
After several years of work we are at the starting line of one of our sites in Oshawa. Below is a picture of the old building being torn down. The Triplex’s at this site will be the first of several larger projects that will start in 2024. We are very excited to get them all underway.
Below is the site plan for the upcoming project.
For myself this was my highlight for 2024 thus far. The journey to get to this point on this project has been a long one. We purchased the building expecting it to be vacant on closing to find that the previous tenants would not honor their agreements with the past owner to vacate the property. The seller attempted to get the tenants out for potential buyers by having the tenants to sign multiple landlord tenant board forms, which was going to make our eviction more challenging than it needed to be. After months of negotiating and getting them to a LTB hearing, we got the tenants in both units to agree to vacate the property for a total of 1,500 dollars. We didn’t get to enjoy our victory for very long. Shortly after the previous occupants moved out and we began clearing out the building, we got a call early in the morning. The neighbor saw someone had made a ladder, climbed up the building and broke in through a second story window! The fun of being a developer! Police cleared the building, however by that time the intruders were no where to be found. We boarded the building up and over the few years of going through the planning process we had a few additional surprises at the site. |
Completing one of these projects can be an emotional roller coaster with the extended timeline where visual progress on the project is non existent. The finish line is often far in the distance. However completing these projects, at least for us, brings feelings of accomplishment, pride and satisfaction far more than we’ve found from any other form of real estate investing. Add in that you can create a positive impact on the community and get great financial returns, we can see ourselves working in this space for a very long time. |
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For any concerns or inquires you can reach us at info@northlakesdevelopments.ca or through our website contact page.