Next Level investing part 5

Two Months, no offers on the warehouse. 

The number 1 property that I had my eye on 15 units, 1.9M sold for 1.82M.   There are two other solid options close by one with 12 units at 1.375m and another with 21 units at 2.6M.  

Plan B.  I have checked with my regular banker and have scheduled a meeting and will take out a large portion of my available HELOC for the down payment. I will likely lock it in for 4 or 5 years at a fixed rate.     Every morning I listen to the market opening and discussions on impending interest rate hikes.   I need to get this done before the first hike of 2022 comes into play. .. the HELOC AND the Commercial Mortgage. 

I contacted 3 separate Lawyers regarding the JV agreement.  After deciding on the lawyer,  and talking to him for 30 minutes, the format i will be looking for is not actually a JV.    In a JV, all the partners or their companies will show up as owners on title and are liable for the entire project.   I will be arranging a limited partnership where I will be the General Partner. The limited partners will only be liable for the amount that they invest.   I have the letter of engagement/retainer letter from the lawyer.  I will be sending the lawyer a 10k retainer after I meet with my usual Banker about the HELOC.  

My Edmonton RE Agent just had his first child and his company has assigned a new Agent to assist him.  I am not going to Edmonton so they have arranged to do a video walk through of the property.   It will not be nearly as good as being there and seeing things first hand and getting a feel for the property but I do not want to wait for Omicron or the next variant to come along and delay me another 3-6 months.

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Today I did a walk through of a potential off market 20 unit apartment building in Edmonton with the new agent.   Next week I am scheduled to do the other 2 buildings that I described above.

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On a side note, I won the arbitration and the BC Residential Tenancy Board awarded us an order of possession. (an order to the tenant to vacate the unit by January 31, 2022.) 

In my last year (working on skills) I did, 

2 Arbitrations, Dozens of Craigslist, rentsynk ads, approximately: 30 leases, 50 showings, 90 credit checks, 200 rent increases, 4000 emails.  

This year's to main goals in RE are to purchase this next property in 2022 Q1 and complete the Real Estate Licencing (Trading) course.