Sunday, November 4, 2012

My Real Estate investment

Day 656 - Few years ago I got involved for the first time in a real estate investment on a bigger scale. We bought an apartment complex and planned to sell it after renovation and condo conversion for a large profit. I was a managing partner with a friend of mine and we brought in investors as part of the deal. All was gear on paper except for the market crash of 2007 that brought the economy to a halt, or if I say it for what it was, a great depression. All the previous plans had to be trashed as we were facing a new and very somber reality. The good thing about real estate is that if you buy in a good place, it will recover, you just need patience and deep pockets to finance it while its going through the cycle. We were lucky to have the place rented all this time and so could minimize the damage and we were able to weather the storm. Now, we see markets are finally coming back and sales of real estate are picking up and so we feel it might be time to sell the project, and give each one back their investments and our blessing and close this chapter. I hope this time luck will be on our side and we will succeed where we failed before - selling these units. I have to admit that this project cost me more than I care to admit. I lost a very good friend that I never thought I would. The final decision to leave home happened as a result of this business, I also learned a lot of good things; to fight for my place and my rights, to be assertive, to face my short comings admit to it and go on. And I learned that if we make a mistake in most cases hard work and dedication as well as time will fix it. I learned to change from a hunter to a farmer, cultivate this investment patiently until it is hopefully ready to bear fruits. All good traits that I am very happy I had a chance to practice and make it my own.
  
I am thankful for all the array of emotions and questions this project brought into my life; I learned and became better and more humble, and able to appreciate more the complexity of the project we manage. I am thankful that time might have come for us to start unloading this project. I am thankful that market conditions are such that we will be able to return all the invested money to our investors and even a small profit might be involved. I am thankful to start now the last phase of this project and I hope before long it will  be over. I am thankful for going to sleep now; the clock already stroked midnight few minutes ago, so I am checking out right now.   

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