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Don't Forget to Do Your Homework - You Might Win Big!

Due Diligence UPDATE

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Just the other day, I glanced at the letter addressed to me from the Planning Department of the city hall of a town in which I have invested.  To tell you the truth, I avoided opening it, as I thought it was yet another complaint from the lady who owns a house behind one of my properties.  Over the last few years, her daughter and her daughter's boyfriend have built some sort of tent/shelter out of an old trailer.  This 'building' actually sits on a portion of the rear of my property.  Even though I staked out the property (officially by a surveyor, nonetheless) and proved that this 'shelter' was infringing on my property, nothing was done!   (Lesson:  "Understand the Community Where You're Investing - to avoid annoyance.")  However, when this same woman complained that my willow tree was blowing stuff on her daughter's 'shelter', I was asked officially to either remove the tree or spend thousands trimming it!   (This is small town Ontario, you know!)   I have been narrowly avoiding the cost of this ridiculous requirement for several years - oh, the problems of landlordship!   Less facetiously, the minor annoyance of this problem (notwithstanding its 'entertainment value') will not likely supercede the thousands in income this property has afforded me.  (Lesson: "Buy Cashflow Properties in Stable Markets").  But, I digress.   Finally, I decided to face the music and open the envelope, which led to my pleasant surprise!    (Lesson:  "Never Avoid")    This envelope contained a Notice of Application, not a Willow Tree Compliance Order!   (Lesson:  "Think Positively")    Apparently, the historic mill in this town will be undergoing a huge revitalization, starting with the proposal of a 60-unit condominum development!     (Lesson:  "Real Estate Pays Off").  Now, truthfully, this may never happen, but I do remember talking to the elderly lady and owner of the property next door to my property.   I was listening to the list of ailments that had been afflicting her husband at that time (you have to actually talk to neighbours in small town Ontario), when she seguayed into the potential for this very condo development.  At the time, I thought it was just wishful thinking on her part.  Today, I am humbly embarrased by my arrogance:   somehow, she had known all along(Lesson: "Listen to Older People - they know more".)  And know, I know, too.   I will definitely not be one of the complainers who shows up at the new development committee meetings to whine about the advancement of new property developments!

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