Today’s Friday morning when I’m recording this. On Tuesday of this week, I sent out an investment summary for a new project that we have under contract. As part of documenting the process of going through, locating, and financing, and operating a multi-family project, I just want to post some video updates. Within about three hours of sending that email out, we were fully subscribed on 1.9, just under $2 million equity raise. Then within 48 hours, we were oversubscribed by about a million dollars. I just want to express some gratitude for our existing investors, that some of which have been following DJE and my company for many years. I don’t take that lightly that people are entrusting us with $50,000 or more of their investible capital to put into these deals. Being oversubscribed is fantastic. Obviously, we’re going to get the deal done and plenty of capital to do it, but then it also creates a problem for my company, and that is deal flow. We’re working hard to create investment opportunities for our investors, and especially bringing new investors on because if a subscription fills up immediately and somebody’s been sitting on the sidelines kind of wanting to get in and they don’t act immediately, they unfortunately can find themselves out of a deal. What we’re doing to try to solve that is for our growing investor database is to continue to try to source deals. That means a lot of tours, talking to a lot of brokers, underwriting a lot of deals, and trying to find that kind of diamond in the rough that makes sense to actually go in and make an offer and close on. Being oversubscribed is great and it also creates a challenge of creating deal flow for your investors because my goal, my customer for my company is my investors. I want to be able to have product for my customers to invest in. We’re out there trying to expand our reach and trying to expand our network so that we can purchase these investment opportunities that make sense and present them to our investors. Usually after closing a project, there’s kind of some heavy lifting that needs to be done in terms of designing, what’s going to happen with the new asset, how the staffing’s going to work, uncovering the skeletons in the closet. Usually, it kind of takes a couple of months to get up and running on that. But hopefully by the end of 2018, we’re able to really kind of start hitting it hard again to find that next property that maybe we can close on early in 2019 and create another investment opportunity. Again, just trying to document some of the process here. Hopefully that sheds a little light on if you’re new to the multi-family investment space around how some of this works. Have a great weekend.
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