Welcome to the founder's blog! Our marketing coordinator Théo suggested that as the founder of this unique organization, I should blog about the trials and tribulations of building a community housing project from scratch. There is no way I can schedule enough time to recap the past year and a half for you, so you’ll just have to hop in while I go to my next meeting!
This week we are facing a big challenge. As we prepare to get on the SVX platform, I am starting to realize that we really need to nail down a site. Chicken, egg, chicken... egg!
We had begun the project with the intention of moving into 785 Ball Avenue. But things didn’t work out as planned because the owner of the building needed to sell fast. Fair enough, we had no money. After losing 2 buildings I decided to turn my attention to financing so that we would be prepared to buy when another property went up for sale.
But investors want to know precisely what it is that they’re investing in, so now we are faced with the HUGE challenge of looking for a suitable building that isn’t actually for sale and convincing the landlord to commit to selling while waiting a long time for us, amateur first-time buyers, to collect the required financing without a downpayment. Good luck me.