An Easter Poem Just For You...
CREI Partners, LLC
We partner with savvy entrepreneurs to make the most of your time and money.
Spring has sprung, the grass has riz, I wish I were in the chocolate biz!
We can't all be in the chocolate biz, but we can be in the passive real estate investing biz! And guess what, so can your kids! When you're hanging out with the family this weekend, why not stuff some of those eggs with the money to help them start learning about compound interest and investing? In fact, in our most recent blog, we've included a printable activity to help teach them about that very topic!
On a more serious note, we want to take this opportunity to wish you a very Happy Easter filled with tremendous joy, gratitude, peace, and prosperity.
?I'm so glad you're here!
Investor Update
Ivy at The Galleria
All of the exterior work is now finished and?we are moving toward the spring leasing season with a narrowed focus on driving revenue and reducing expenses at The Ivy at The Galleria.?As mentioned in a previous update, we have a great onsite team that has been incentivized to push operations to stabilize occupancy and collections.?Momentum is in our favor as the property condition looks amazing from the previous ownership.?Existing residents and prospective residents have responded well as we’ve seen big gains in new lease rents as well as lease renewals.?All the newly upgraded units are leasing at or above our pro-forma and the last 3 lease renewals were renewed at between $100-250 rental increases, despite renewing in non-upgraded units.?This is a testament to the work that has been done thus far, as well as the incredible efforts of our onsite team.?
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As of today, the property is 85% physically occupied and our goal is to be in the mid-90% range physically occupied by the end of April, which would exceed our original projected timeline. Looking ahead, we will continue to upgrade units as they become available.?To supplement the efforts of the current renovation contractor team, we’re in the process of interviewing a second contracting team to keep up the velocity and provide the leasing staff as much renovated product as possible without bottlenecks or delays in the production line.?As of today, we’ve successfully renovated 23 total units with another 6 units in progress.
CREST Build-to-Rent
Status of Construction
We continue to have dry weather!?The site work for the roads is officially complete.?Road installation starts next week, we are excited!?This is the last piece of the infrastructure project now that the sewer plant, lift station, and the plumbing for stormwater, domestic, and sewer lines are complete. Once the roads are set, we can submit permits for the construction of the remaining 90 homes.
Operations Update
We continue to be 100% leased with no collection issues! The last 4 leases were completed at $1,700, beating our proforma.?Our team is working through the early stages of pre-leasing new homes that we expect to have available this summer.?We are very pleased with the progress and the work BG Realty has done in managing the existing homes and their focus on leasing.
It's so exciting to see all the progress and success in these projects. Check out this video for some before and after photos from The Ivy at the Galleria!
The Freedom Investing Podcast with Guest: Wayne Courreges III
In this podcast, Wayne discusses his first exposures and early days in real estate investing as well as his motivation, drive, and passion for investing in real estate. Ultimately, this passion led to a prosperous real estate career spanning the better part of 20 years. His heart for leading teams and drive to pursue real estate led to the creation of CREI Partners to help others gain wealth through passive investing in commercial real estate.
Teaching kids about investing is an important step in helping them to understand the value of money, the importance of saving, and the potential for growth. Investing can be a complex and intimidating topic for adults, but it is important to start teaching children about it at a young age. Doing this will help them to develop a sense of financial literacy and to understand the importance of making smart financial decisions.
With the right approach and resources, conversations about money management can be simple and fun.??
Click this link for tips to help you teach your kids about investing.
Tell me what you're looking for in an investment.
Click here to schedule a call with me.?These are the standing times I’ve set aside each week but just let me know if this doesn't work for you, and I’ll do my best to accommodate your availability.