“I don’t know that I ever thought I’d work in real estate..”
Real estate investors are a unique breed of people. Have you ever found yourself wandering through construction sites, fascinated by what’s to come? I have. In fact, this was a favorite childhood past time. I don’t know that having an affinity for construction makes a good investor, though. So what is it that differentiates between real estate investing and every other type of investor out there?
“There’s something so fulfilling about seeing what I’ve built..”
There are a lot of real estate investors out there, and many who have in fact wasted their money. Invested in “fixer uppers” that will never see a positive ROI, joined others in real estate investment trusts with 2-3% returns, and worse. Still, for ever story of failure we hear of 5 different people or partnerships who saw anywhere from 10%+ annual returns. A great investor - no matter the field - has a passion for their project, field, and investments. They love getting their hands dirty, and often know the in’s and out’s of every project in progress.
Just as I love nothing more than watching a project go from groundbreaking to completion, I also love mapping out - and seeing to fruition - any number of use cases for our properties. Last year, Cityami worked on a hotel conversion.
The owners thought the space would remain a hotel, but having seen the space, the surrounding area, and spent time with the owners - we knew this was not the best case scenario. In the end, the owners developed the space into student housing in an area desperate for more student accommodations.
The returns are 5% higher than they’d projected at the time of purchase, the client base are better suited for the location, and the work load fits their lifestyle.
“My work comes in waves..”
One unique consideration in this field is timing. A development rarely finishes on time, any number of life scenarios can delay a closing, and then without notice everything is due tomorrow. I’m a traveler - and as a traveler I’ve met so many others in real estate, which couldn’t be more fitting. This is really a lifestyle industry, requiring the type of person who not only accepts - but thrives - in a world of changing timelines, deadlines, and with significantly more down time than most other professions.
Think you might just be a budding real estate investor? We’re always interested to hear your thoughts. Connect with us to schedule a chat!
Sincerely,
Michelle