While I have built, bought and sold a few properties I don't consider myself a real estate investor. Having said that, I may be approaching a cross roads.
I have a 100 ac farm on the edge of Calgary and am working with a potential buyer on a sale. After paying back both the 1st and 2nd mortgage, personal debt and capital gains, I'll be left with just over $4,000,000.
I plan to spend $7-800,000 on a house for my family. What now?
I have a background in both commercial and residential construction.
Do I buy some land In Calgary and wait for the economy to improve and build a house or 2, maybe a commercial building?
Or do I buy a smaller residential rental building?
Or do I go in an entirely different direction?
The deal is not signed yet and for that matter may not happen at all right now but I'm trying to position myself accordingly
if/when it does happen.
Any comments or advice would be greatly appreciated.
I have a 100 ac farm on the edge of Calgary and am working with a potential buyer on a sale. After paying back both the 1st and 2nd mortgage, personal debt and capital gains, I'll be left with just over $4,000,000.
I plan to spend $7-800,000 on a house for my family. What now?
I have a background in both commercial and residential construction.
Do I buy some land In Calgary and wait for the economy to improve and build a house or 2, maybe a commercial building?
Or do I buy a smaller residential rental building?
Or do I go in an entirely different direction?
The deal is not signed yet and for that matter may not happen at all right now but I'm trying to position myself accordingly
if/when it does happen.
Any comments or advice would be greatly appreciated.