- Joined
- Oct 24, 2007
- Messages
- 2,289
Big news for our business... our first multifamily acquisition.
We had everything going in this one so we really learned a lot... capital raise of $1.55M in a GP/LP structure with 8 partners and two tier bank financing to get to close. Property already condominiumized and will be 2 blocks to a C-train station on the west leg of the LRT when it opens in 2012. Look for our sign just west of 26th street and 17th avenue in the next couple of weeks.
Now that the stressful part of co-ordinating everything for closing is behind us we get to shift to operations which we have a lot more experience with.
I feel I am a lot closer to my 'belize' of creating a company that serves the real estate consumer from renting to owning to investing. For a long time it felt as though we were spreading ourselves too thin by trying to do it all but now with this building and the Redline team (15 strong) it is starting to come together.
Many thanks to Don and the REIN research gang for all the transportation effect reports which we used in sourcing this property and pitching our investors. Also thanks to Thomas Beyer for his insightful posts which helped prepare us to make this move.
Interestingly enough my real estate career started with the purchase of one 800ft condo in a 36 unit building on the first of May just six years ago. I was 23 at the time. I hope this post serves as inspiration to young investors that you can in fact build whatever business you want IF you want it enough.
We had everything going in this one so we really learned a lot... capital raise of $1.55M in a GP/LP structure with 8 partners and two tier bank financing to get to close. Property already condominiumized and will be 2 blocks to a C-train station on the west leg of the LRT when it opens in 2012. Look for our sign just west of 26th street and 17th avenue in the next couple of weeks.
Now that the stressful part of co-ordinating everything for closing is behind us we get to shift to operations which we have a lot more experience with.
I feel I am a lot closer to my 'belize' of creating a company that serves the real estate consumer from renting to owning to investing. For a long time it felt as though we were spreading ourselves too thin by trying to do it all but now with this building and the Redline team (15 strong) it is starting to come together.
Many thanks to Don and the REIN research gang for all the transportation effect reports which we used in sourcing this property and pitching our investors. Also thanks to Thomas Beyer for his insightful posts which helped prepare us to make this move.
Interestingly enough my real estate career started with the purchase of one 800ft condo in a 36 unit building on the first of May just six years ago. I was 23 at the time. I hope this post serves as inspiration to young investors that you can in fact build whatever business you want IF you want it enough.