I Want Out!

11/19/2012

 
That's what we heard from the seller of a 22 unit property we had under contract. Even sellers get cold feet on a property transaction sometimes. This was a great little 22 unit property that we had lined up to purchase, but it became very apparent that the seller wanted out of the deal. We had no interest in pushing though a sale with a hostile seller so we release the contract and moved on. And good thing we did because something better came along!

It's really weird how things just work out sometimes, and usually for the better. My investors were a little upset at the loss of the deal on the 22 unit, but along came a 38 unit for less money with a far better return. I love it when that happens! Real estate is like that. Full of ups and downs, and you can't let the 'downs' get you down because if you work hard and smart the next 'up' is right around the corner.

The rehab work is on track at out 44 unit property. We had 7 units completed with new tenants in November, and we should have another 5 or 6 in December. Our property manager has a waiting list started so we know we have tenants for any unit that becomes available. It's a great position to be in. Being an out-of-town investor can be tough, especially when things go wrong. The secret to our success is the fabulous teams we have in place that make our projects a success. We are actively engaged with our contractors and property managers to not only ensure our properties are operating effectively, but that their businesses are growing with us. They are true partners in many respects because our success depends on them.

We have lots of good stuff in the pipeline which I'll share with you as I can. We have a new associate on board whom I am excited to start to work with. Be sure to check back soon as there's lots more to come!
 


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