That's right you read that right, we found a property, put in an offer, and now I'm working on removing the conditions! REIN definitely made a huge difference. I can see why there are so many gaps because once you start taking action things can happen very quickly.
I'm flying out to Edmonton tonight to do the inspection and hopefully all will go as planned. Looks great on paper though ;)
So, what did I learn so far? Well the first big lesson was overlooking what should have been obvious. When the contract says the property will be inspected and financed in 8 days, that means 8 days. So I probably should have made sure my partners and team would be ready to act in that time frame? Turns out my Realtor is travelling for most of those 8 days, my partners are leaving for a few, I can't get time off at the drop of a hat, etc. This Saturday worked for everyone thankfully, but that was more stress than I needed and could have been a lot worse. Good lesson for next time.
The biggest change from my original decision was to buy a property without a suite and then hire a contractor to do the work. Several people told me I was crazy to do the work from a distance. However, isn't it just as crazy to buy from a distance and trust my property manager to manage the property, Realtor to find the property, painters, cleaners, etc. it means we need to finance the construction ourselves and carry the shortfall while the suite is being built, but once complete we should have more equity, and much more cashflow than originally planned. I feel a lot better at the options in this price range and look forward to seeing the transformation.
I know this is going to work and that we made the right decision. I can't wait to partner with someone else on property number two, so that I can help them take their steps closer to their dreams!
Congratulations! that's exciting news! I hope that everything goes well and smoothly....but if it doesn't, it's a learning experience for you (and your readers!)
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