Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Land MICs - bad experience-

kir

0
Registered
Joined
Oct 4, 2007
Messages
201
Anybody ever purchased land through some mortgage syndicates or MICs? I purchased about 5K to Canadian Horizons to develop some land in BC Sooke in 2008 along with other investors. They were going to develop the land, hold it, and hopefully sell for more then initial cost. Now in 2021, they sold it and I still lost about 2%. So in 15 years , didn't make one dime. This is land investing? I think this project was managed by Carevest ? Not a total lost, but not exactly what I envisioned. Do you have any success stories about such RE investing? I curious to know who has success with such schemes?
 

Harsh Kaushik

New Forum Member
Registered
Joined
Jan 12, 2021
Messages
4
Not in Land or through MIC's, but why not invest in an asset rather than just land...let me know if you are willing to invest in multi-units...in and around the GTA, Ontario

Thanks
Harsh
 

kir

0
Registered
Joined
Oct 4, 2007
Messages
201
No, I'm done being such schemes. Better and safer with some stocks/mutual funds.
 

Harsh Kaushik

New Forum Member
Registered
Joined
Jan 12, 2021
Messages
4
Schemes...woow ok...Wanted to give you an option...Did not want to force you into this...thanks appreciate you getting back
 

Thomas Beyer

0
REIN Member
Joined
Aug 30, 2007
Messages
13,881
There’s many successful and also many unsuccessful syndication schemes.


Sent from my iPhone using myREINspace
 

CashProperty

Inspired Forum Member
Registered
Joined
Aug 30, 2018
Messages
30
Putting your money into a MIC or syndication is 1 way to invest in RE where you have low cash and or want to be very passive. As with all deals, you need to do your due diligence on the deal. Putting money into a MIC/syndication or JV is like handing your money over to a financial group where they buy mutual funds for you. They will take a fee and their costs are always covered 1st. If you have $5K, its better to put that money into a syndication course or some other RE course to ensure you have the knowledge to make a move.

I wonder if buying into the deal in 2008 which was during the economic crisis had a part in the results.

Land develop is more risky. You didn't just lose 2%, you lost 15 years of potential compounding (at 10% you could have $20K)
 
Top Bottom