Friends of mine, which have little to no knowledge of how the real estate investing works in Canada (other than buying their home) are planning to buy a a huge lot (say 60 acres least) with waterfront in Ontario.
The objective is to develop the land and make it into something like a camping site. (Sounds like a lot of work and money and etc. etc. of course all of this would have to be approved by the goverment). They wanted me to join as an investor and as someone who will help them develop this...
Now after reading the complete REIN books, Robert Kiyosaki books, and all the REIN recommended real estate books, my gut tells me that this waterfront investment is a waste of money.
Am I right? would you invest in these type of properties? Any comments would be appreciated.
The objective is to develop the land and make it into something like a camping site. (Sounds like a lot of work and money and etc. etc. of course all of this would have to be approved by the goverment). They wanted me to join as an investor and as someone who will help them develop this...
Now after reading the complete REIN books, Robert Kiyosaki books, and all the REIN recommended real estate books, my gut tells me that this waterfront investment is a waste of money.
Am I right? would you invest in these type of properties? Any comments would be appreciated.