最近读帖的一点思考 二 - 投资地产基金的心得体会 - 补

按市值计算，Bob Singh Dhillon大概在二十年左右从无到有一共增了5，6亿加币。他的公司总部在Calgary。事实上还有同样的一对白人兄弟也是从Calgary起步，比Bob干得规模更大，盈利也更多。

 

Mainstreet Equity Corp. is a publicly traded (TSX: MEQ) residential real estate company in Canada. Established in 1998, Mainstreet has grown its portfolio from 272 units with a market value of approximately $17 million to 9,336 units (YTD) and approximately $1.4 billion market value. Mainstreet positions itself as a value creator by purchasing under-performing properties, renovating them to a branded standard, improving operating efficiencies and repositioning them in the market for greater returns. Mainstreet currently owns and operates properties in Surrey, BC; New Westminster, BC; Abbotsford, BC; Calgary, AB; Cochrane, AB; Edmonton, AB; Lethbridge, AB; Fort Saskatchewan, AB; and Saskatoon, SK.

Acquisitions

Mainstreet focuses on the acquisition of mid-market multi-family properties. "Mid-market" is defined by size, location, condition, and state of management. Typically, mid-market properties have less than 100 units, making them less attractive to institutional investors. These buildings are often mismanaged and in poor condition, needing substantial renovations to bring them to market standards. The rents in these buildings are generally below market, which tends to attract tenants with weak credit. The state of the buildings and tenant base can create a downward spiral effect, where rents are slashed to attract tenants, but problem tenants create additional issues for the building management.

The 'Mainstreet Spec'

After Mainstreet purchases these undervalued buildings, we begin our renovation process. The units are transformed to Mainstreet specifications, with hardwood laminate flooring, ceramic tile, new bathroom fixtures, electrical upgrades, fresh paint, new countertops and energy efficient appliances, as necessary. In addition, Mainstreet often renovates the exterior of the building with vinyl siding and new windows where required. We landscape external common areas and install Mainstreet signage on all of our properties.

Operational Efficiency

Mainstreet also reduces operating costs through professional management, information systems, and the use of energy saving equipment. We "cluster" buildings by purchasing a number of mid-market properties in a specific area. Where the property would generally require a live-in manager, Mainstreet positions one building manager to oversee approximately 150 - 200 units (four to seven buildings) in a specific area. This allows for substantial savings in management and maintenance costs, as well as marketing costs, including signage. Mainstreet also improves customer service by providing 24-hour access to emergency maintenance for tenants, managers close by to resolve issues and complaints, and a state-of-the-art information system to maintain tenant records and process payments.

Financing

After renovation, suites are re-positioned in the market at higher rents and attractive features for credit-worthy tenants. With the increase in rental income and reduction in vacancy and operating costs, cash flow increases significantly. That presents an opportunity for us to refinance the property with higher principal under long-term, CMHC-insured mortgages, typically resulting in the recovery of the entire capital expense and original equity investment. The funds raised through refinancing are used to acquire further under-performing assets, resulting in the continuous cycle of the Mainstreet Value Chain. Occasionally, Mainstreet will divest a stabilized property in order to redirect capital into properties with higher potential.

Objective

Mainstreet's objective of becoming the mid-market market leader is unique in that mid-market properties generally do not provide tenants with a high level of customer service, renovated suites at market rents, and a strong, consistent brand. Mainstreet is committed to providing consistent, high quality living standards for our tenants.

老朽名言：

有些事不是做的来做不来，而是你敢不敢去做--比如做地主。
有些事不是你敢不敢去做，而是你根本做不来--比如读博士。

从商业模式看，几乎所有的出租房的经营者都基本相同，所以对大多数人而言，都有机会投资房地产，只要你愿意，你可以学得会这门生意。

我只是随意谈谈自己个人对出租房的看法，也许不正确。