Petracorp Edmonton
- Thread starter BJPastor
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QUOTE (EdmInvestor @ Oct 8 2009, 03:06 PM) Anyone dealt with Petracorp before? They do condo conversions and operate out of Edmonton. Doesn`t anyone have any feedback or comments on this company? Good or bad.
Thanks.
I have dealt with Dan and his company. Seems okay. Contracts have been executed as stated. Things can take some time to get going and communciation is not always quick. What are you looking to do with Petracorp?
Thanks.
I have dealt with Dan and his company. Seems okay. Contracts have been executed as stated. Things can take some time to get going and communciation is not always quick. What are you looking to do with Petracorp?
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- Sep 16, 2008
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QUOTE (Demerara @ Oct 29 2009, 01:14 PM) I have dealt with Dan and his company. Seems okay. Contracts have been executed as stated. Things can take some time to get going and communciation is not always quick. What are you looking to do with Petracorp?
I have already invested with Dan and Petracorp some 2-3 yrs ago. Like many other companies doing condo conversions lately Petracorp hasn`t been able to payout as planned and keep prolonging investment payout. I have an extremely hard time communicating and getting updates. They have hired an Investor Relations employee, Robin Johns who replies a little quicker but has not followed through on promised deliverables such as investor payout summaries, or ETA on investor payout. Petracorp, in my opinion has a strong business plan and is continuing in the right direction. I am still concerned about ever receiving my payout. Or at least periodical updates would be nice, or returned calls or emails.
Did you receive your payout as agreed upon? What was the timeline like? Do you still have any open contracts with Dan and Petracorp?
Thanks for answering.
I have already invested with Dan and Petracorp some 2-3 yrs ago. Like many other companies doing condo conversions lately Petracorp hasn`t been able to payout as planned and keep prolonging investment payout. I have an extremely hard time communicating and getting updates. They have hired an Investor Relations employee, Robin Johns who replies a little quicker but has not followed through on promised deliverables such as investor payout summaries, or ETA on investor payout. Petracorp, in my opinion has a strong business plan and is continuing in the right direction. I am still concerned about ever receiving my payout. Or at least periodical updates would be nice, or returned calls or emails.
Did you receive your payout as agreed upon? What was the timeline like? Do you still have any open contracts with Dan and Petracorp?
Thanks for answering.
QUOTE (EdmInvestor @ Oct 29 2009, 03:43 PM) I have already invested with Dan and Petracorp some 2-3 yrs ago. Like many other companies doing condo conversions lately Petracorp hasn`t been able to payout as planned and keep prolonging investment payout. I have an extremely hard time communicating and getting updates. They have hired an Investor Relations employee, Robin Johns who replies a little quicker but has not followed through on promised deliverables such as investor payout summaries, or ETA on investor payout. Petracorp, in my opinion has a strong business plan and is continuing in the right direction. I am still concerned about ever receiving my payout. Or at least periodical updates would be nice, or returned calls or emails.
Did you receive your payout as agreed upon? What was the timeline like? Do you still have any open contracts with Dan and Petracorp?
Thanks for answering.
Yes agree with you communication is lacking sometimes. I hear you on the unreturned phone calls and emails....usually there is finally a reply. It appears there are a few different ways that Petracorp is handling investments. There is the straight return for "venture capital" and then there is the direct participation in the condo conversions (investor mortgages with downpayment). Not sure what avenue you took and what your contract stated in regards to payout (time and amount).
I have open contracts currently and have a few friends who have been paid out but not me personally as I have just decided to roll over any paper profit. Those friends experienced some issues with the payouts timeline but generally were done within 3 months of request. These were for some significant amounts, all in excess of $100K.
Unlike Liberty which was mentioned in a blog by Thomas, Petracorp does indeed put you on title for the condo conversions projects so there is a bit more assurance there.
I have spoken to Dan a few times personally to get a sense of what his company is doing in the face of a somewhat challenging marketplace. Some of the projects are taking longer to close because he wants to ensure positive cash flow exists and there is stable rent roll before committing to the purchase and then the subsequent conversion in order to carry the mortgage during the time of the conversion.
The contracts I engaged in all showed good tenancy and significant positive cash flow on the income statement so I felt okay.
If you are living in Edmonton, would you want to meet up sometime for coffee to discuss further off-line?
Let me know.
Did you receive your payout as agreed upon? What was the timeline like? Do you still have any open contracts with Dan and Petracorp?
Thanks for answering.
Yes agree with you communication is lacking sometimes. I hear you on the unreturned phone calls and emails....usually there is finally a reply. It appears there are a few different ways that Petracorp is handling investments. There is the straight return for "venture capital" and then there is the direct participation in the condo conversions (investor mortgages with downpayment). Not sure what avenue you took and what your contract stated in regards to payout (time and amount).
I have open contracts currently and have a few friends who have been paid out but not me personally as I have just decided to roll over any paper profit. Those friends experienced some issues with the payouts timeline but generally were done within 3 months of request. These were for some significant amounts, all in excess of $100K.
Unlike Liberty which was mentioned in a blog by Thomas, Petracorp does indeed put you on title for the condo conversions projects so there is a bit more assurance there.
I have spoken to Dan a few times personally to get a sense of what his company is doing in the face of a somewhat challenging marketplace. Some of the projects are taking longer to close because he wants to ensure positive cash flow exists and there is stable rent roll before committing to the purchase and then the subsequent conversion in order to carry the mortgage during the time of the conversion.
The contracts I engaged in all showed good tenancy and significant positive cash flow on the income statement so I felt okay.
If you are living in Edmonton, would you want to meet up sometime for coffee to discuss further off-line?
Let me know.