Wednesday, 30 November 2016
I am born in Amos in Abitibi Témiscamingue in 1988. I had a tough childhood what push me to have a strong caractere in live. At the age of 16 I was out of the familial home. I had a job in a grocery as a pack boy. I got an offer from the guy who had the contract for cleaning the grocery. So I soon begin to work at the grocery as a pack boy and after my shift i did the cleaning. One month later, the guy owning the contract get caught stealing cigarette. He lose the contract and i took back his place. In a short time I get many other contract with some of the biggest grocery company and retail company in the province of Québec. In less than à year i realized more than 60 000$ in profit which allow me to buy my first 4-plex right after my 18 birthday. The year after I took a bigger mortgage on my plex to make down payment on other property. I get a partner and we built a really big portfolio. 5 years later I decided to move in Gatineau, The nearest big city (6 hours from my original city) because I felt a little stuck up in the campaign. I wanted more opportunity. After analyzing other apartment building in Gatineau, I soon realized that profitability was lower in big city than small one. I didn't want to put all my liquidity in some building to realize negative cash flow after. So I decided to seek for real estate owner in distress with a other partner I met there with a lot of experience. I though if I came with money to someone who didn't have the choice would be welling to give me a really good discount. We did very well. Buy, renovate, sell. Two years later, I had a terrible experience. My girlfriend died in a car accident. She was from abitibi so I return there for the funeral. Once i've been there, one of my prospect which I made follow up on him for almost a year called me i said to me he was ready to sell. So I called my partner to tell him to go buy that property in the name of his company and when we sell it, he give me the half. Unfortunately, a misfortune never came alone. We got it at a very low price. We sold it 2 month later at a very good profit. When it was the time to pay me, he said that I didn't do much on that deal and he kept all the money. I was so angry that I decided to build the same business but bigger across the province with my partner I had in Abitibi. We figure out soon that most of the people who was on the point to lose their house wanted to keep it. We built a rent-to-own program. Unfortunately we were too big to get finance by bank and to small at the same time. We needed to get private investor at high interest rate. We grew that company very fast. 25 rep on the road, 3 lawyers full time, 2 assistant, 1 direction of operation and 1 director of the rep. We did very well. More than 10 millions in yearly sales figure. One problem, people who wasn't able to pay wasn't able to pay us either. Which result in a massive overhead to pay each month to back all the loan. When we offer them that solution in the beginning we were god, and the bank was thief. After they didn't pay us, we became thief for us... We decided to not working anymore with that kind of customers since it was not funny to fight with them to get money or to eject them of the house to get our money back. I decided to concentrate my effort in the real part of real estate. LAND. When we buy real estate we actually buying the Land and not the building in itself. What is thing the most important in real estate is LOCATION LOCATION LOCATION. So I decided to found GOterreno. A company specialized in identify Land with a lot of potential. either good to subdivise, remembering or even demolish the building on it to build something better, We have the tool, experience and contact to identify it, get in touch with the owner, make a deal and bring you that opportunity on a silver plate.