Hi, since this is my favorite forum on this site, I am pleased and proud to add my own story. After 14 years of investing in real estate the track record is starting to come together. After purchasing/selling singles and duplexes we ventured into multi family and purchased two apartment buildings, in 2008 and 2010 solely with our own capital. We have now sold both buildings for significant profit.
Building #1, 12 suiter in Saskatchewan, purchased for $350,000 in 2008. Renovated and raised rents about 75% and sold for $579,000 exactly 3 years later in 2011. Value appreciation of over 65% during some pretty tough economic times.
Building #2, 11 suiter in Edmonton, purchased for $1,018,000 in 2010. held for 4 years making modest renovations and tenant improvement, and has just sold for $1,331,000. Value appreciation of over 30% in 4 years.
With these two transactions in the books, and literally putting all our eggs in these two baskets, the education/focus strategy has paid off and I feel in the position to start doing joint ventures on my own. We purchases a 15 suite building in 2012 in Edmonton with close family, and now plan to start buying more.
This road has been enjoying, but not easy and very often extremely challenging. It would not have been possible without many of the folks on this site, and many others. Thomas Beyer, my first joint venture partner for setting me on this course, and teaching me patience, and more patience. All of the realtors, property managers, and many other REIN folks I have met over the years, and will meet in the years to come. I wish everyone success in their future endeavours and happy investing!
Cory
Building #1, 12 suiter in Saskatchewan, purchased for $350,000 in 2008. Renovated and raised rents about 75% and sold for $579,000 exactly 3 years later in 2011. Value appreciation of over 65% during some pretty tough economic times.
Building #2, 11 suiter in Edmonton, purchased for $1,018,000 in 2010. held for 4 years making modest renovations and tenant improvement, and has just sold for $1,331,000. Value appreciation of over 30% in 4 years.
With these two transactions in the books, and literally putting all our eggs in these two baskets, the education/focus strategy has paid off and I feel in the position to start doing joint ventures on my own. We purchases a 15 suite building in 2012 in Edmonton with close family, and now plan to start buying more.
This road has been enjoying, but not easy and very often extremely challenging. It would not have been possible without many of the folks on this site, and many others. Thomas Beyer, my first joint venture partner for setting me on this course, and teaching me patience, and more patience. All of the realtors, property managers, and many other REIN folks I have met over the years, and will meet in the years to come. I wish everyone success in their future endeavours and happy investing!
Cory
