7 Months - $7.4 Million
I am excited to announce last Thursday we closed on 2 properties worth $2.5 million dollars in future real estate. The properties after being renovated will consist of 5 condos with an average sales price of $500,000. I'm taking this time to reflect on the last couple months while I've been in the real estate world full time. The strides we have made as a team are truly amazing, hopefully inspiring and probably a little scary to most outsiders. My team and I currently have 16 units under contract and we expect the resale value for those projects to be just under $7.4 million dollars. It's pretty wild to think how just 14 months ago I was renting a 1,000 sq ft apartment for $2,000 a month in Brighton and barely making it work.
When I talk about the business, people ask me how do we find that many deals? How do we afford them? Do we have great relationships with contractors? It seems almost overwhelming for them. My answer is pretty simple. We work our butts off, we have a great team and we're extremely organized.
We have so many checklists it'll make your head spin at first. But honestly I don't know how we would have made it this far without systems. When we get a property under contract, we have a checklist comprised with a set of checks and balances to make sure the deal is a good deal. From there, we have checklists for hiring the contractor, closing the deal, managing the project and selling the final home to an end user.
By utilizing systems, we have written over 300 offers on properties this summer.
We utilize an organizational tool called Asana. Anyone can use it and it's free for your first couple employees! We're a startup so we don't pay a dime :) and it's worth whatever they charge. You can create groups, assign tasks to employees, and generate checklists for your day to day operations. Not having to think about where a project is at helps us focus on the bigger picture... buying more projects and managing them correctly.
As we grow, we'll continue to work with new management tracking software and we'll keep you posted as we improve our processes! I think if you're a small business owner, or even a little OCD; you'll love utilizing asana.
As always, thanks for reading. Feel free to reach out and ask any questions. Like. Share. Love.