Had to break it to my lovely wife that, yes, while we're planning a HUGE renovation for our new family home - we also just took on another mammoth project. It didn't go as bad as I thought it might.
I'm a big fan of using OPM (other people's money) when buying places. Makes total sense to me. This project wasn't an exception to that. We definitely wanted to use OPM. We did face a bit of difficulty getting the financing we wanted from the lender we wanted. BUT -> where there's a will there's a way. We had the will, we found the way.
We borrowed money against our own homes via the Home Equity Line of Credits we all have on our valuable homes :)
We nearly didn't close on the purchase. One of the partners (ahem, Sevan) forgot about the meeting with our lawyer to close on the purchase. So our lawyer had to have a "special" meeting for him. Haha. All good though.
One important part of this I wanted to bring up, was that we decided to create a holding company (a corporation) to own the property. It sets up an agreement for our partnership and creates another entity from which we can better use to manage the triplex financially, and for tax reasons.
While this is all happening - I called up Rob from Prolific Work. He basically did all of our first triplex for us and lives right by this new place. Seemed like another perfect fit. The verdict? He's totally on board. We established a budget, and off we went!
Next blog entry: RENOVATION with photos!!!