The KERRA team is very proud to announce the sale of our Knox property.
The Knox property was bought in April of 2018. It is a 32 units property that we have bought for a long term buy and hold.
We didn’t plan on selling this property at this point in time, however, we got an offer we couldn’t refuse…
During the holding period, we didn’t make much money as most of the money was invested back into the property for renovating units and getting rid of bad tenants…
When we first got the offer to sell the property (remember, it was not for sale), our reaction was – “we are not interested in selling”. The reason behind this reaction was our limited belief that someone can offer a price that will exceed our expectations for returns on investment.
But after our realtor turned the question back to us and asked us “what would be the price that will make you sell this property?”, our attitude changed. We realized, that we need to look at the big picture and create the opportunity, not wait for it to come.
In the end, the closing was successful and our investors got 41% on their investment which translates to over 26% per year on their money – not bad considering the fact that the property didn’t make much during the past 19 months…
This taught us a lesson – be open for what is coming your way as you might be missing out!!
Happy Thanks Giving to our US clients and partners.