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I'm back!
Been away from the forum for literally 2 months now (I think). Needed a mental break. Still not 100%, but I don't think there's any point in not conversing with people. You guys are the only ones that resonate so much with me, so I think I'll be doing myself a favour by being active again.
Let me start with a mini rant (@Antifragile - you're on the vendor side, so maybe you can chime in through a "human" lens rather than a developer lens).
Remember that pre-construction unit I bought WAY back in 2019? It was on my e-commerce progress thread when my business was just off the ground. Tied myself up to a pre-construction unit in literally the best place in Toronto (Hospital Row/Financial District/Law). Anyway, last deposit was due last week. So now I have $250k CAD tied up which is good IMO as if I didn't get the unit back then, I'm sure the money would've been spent elsewhere. So I got a delay notice email recently because we had the union strikes in Ontario and COVID is still causing supply delays (tiles, cabinets, etc). The building was originally supposed to complete in 2025 (which is already 6 years from 2019...) but is likely going to get delayed by another 1-2 years. Now, could I use the $250k now and make 5x that in the next 4-5 years? Hell yeah I can... opportunity cost is very high right now and I kinda regret being "stuck".
Long story short, I personally emailed the developer CEO/Owner. They are a generational development family that literally owns every valuable piece of land in Toronto. Now here's the "ask". Keep in mind, I know damn well my wants mean nothing to them nor should they mean anything to them. I'm just kinda ranting because from a humanity standpoint, this is something I PERSONALLY would've done if I was in their position and a young entrepreneur reached out to me the way I did to them. So I proposed a structure for them in which they would take my unit back, I would sacrifice a full deposit to them ($60k CAD) for their lost time and the hassle of reselling the unit. Now my specific unit is sold out, and the last asking price was $350k over what I purchased the unit for. My unit also has a 2 year guaranteed lease back ($5k/month for 2 years if I don't live there), so if they did accept my structure, they could've resold the unit higher, received $60k CAD for their time, and they could've removed the guaranteed lease back for the new buyer. So I didn't get a reply from the person I emailed. I got a general email back from the sales team that my request was denied and to make sure I comply with the purchase agreement. Now I didn't really expect much, but I did get pissed off a little bit because not only is it rude to completely ignore someone that emails you, addresses you properly, but forwarding the email to sales and having them reach out is just low class IMO. 1 year ago, I sent a high profile developer, in a building 10x as more prestigious than the one I bought originally (www.onebloorwest.com), a direct email asking if he'll accept my deal structure so I can purchase a unit paying the deposits monthly. The owner (whom I emailed) replied back to me at 10pm on a Saturday night and told me "I would be HAPPY to help you and congratulations on your success and I wish for your business to grow even more". This is what you call being "human" regardless of who you are. It doesn't matter if he was willing to help because I was looking to buy, no high profile building has EVER done monthly deposit instalments. So really, this is the same extent as to my "take back" request for the unit I have in the other building.
Sorry for the rant guys. Needed to get that off my chest as sometimes we forget, we all end up in the grave irregardless if you're a 4th generation $350m+ worth developer (whom by the way, was a product of their great great grandfather) or a solo young first generation entrepreneur learning as you run down your path that is constantly evolving.
Been away from the forum for literally 2 months now (I think). Needed a mental break. Still not 100%, but I don't think there's any point in not conversing with people. You guys are the only ones that resonate so much with me, so I think I'll be doing myself a favour by being active again.
Let me start with a mini rant (@Antifragile - you're on the vendor side, so maybe you can chime in through a "human" lens rather than a developer lens).
Remember that pre-construction unit I bought WAY back in 2019? It was on my e-commerce progress thread when my business was just off the ground. Tied myself up to a pre-construction unit in literally the best place in Toronto (Hospital Row/Financial District/Law). Anyway, last deposit was due last week. So now I have $250k CAD tied up which is good IMO as if I didn't get the unit back then, I'm sure the money would've been spent elsewhere. So I got a delay notice email recently because we had the union strikes in Ontario and COVID is still causing supply delays (tiles, cabinets, etc). The building was originally supposed to complete in 2025 (which is already 6 years from 2019...) but is likely going to get delayed by another 1-2 years. Now, could I use the $250k now and make 5x that in the next 4-5 years? Hell yeah I can... opportunity cost is very high right now and I kinda regret being "stuck".
Long story short, I personally emailed the developer CEO/Owner. They are a generational development family that literally owns every valuable piece of land in Toronto. Now here's the "ask". Keep in mind, I know damn well my wants mean nothing to them nor should they mean anything to them. I'm just kinda ranting because from a humanity standpoint, this is something I PERSONALLY would've done if I was in their position and a young entrepreneur reached out to me the way I did to them. So I proposed a structure for them in which they would take my unit back, I would sacrifice a full deposit to them ($60k CAD) for their lost time and the hassle of reselling the unit. Now my specific unit is sold out, and the last asking price was $350k over what I purchased the unit for. My unit also has a 2 year guaranteed lease back ($5k/month for 2 years if I don't live there), so if they did accept my structure, they could've resold the unit higher, received $60k CAD for their time, and they could've removed the guaranteed lease back for the new buyer. So I didn't get a reply from the person I emailed. I got a general email back from the sales team that my request was denied and to make sure I comply with the purchase agreement. Now I didn't really expect much, but I did get pissed off a little bit because not only is it rude to completely ignore someone that emails you, addresses you properly, but forwarding the email to sales and having them reach out is just low class IMO. 1 year ago, I sent a high profile developer, in a building 10x as more prestigious than the one I bought originally (www.onebloorwest.com), a direct email asking if he'll accept my deal structure so I can purchase a unit paying the deposits monthly. The owner (whom I emailed) replied back to me at 10pm on a Saturday night and told me "I would be HAPPY to help you and congratulations on your success and I wish for your business to grow even more". This is what you call being "human" regardless of who you are. It doesn't matter if he was willing to help because I was looking to buy, no high profile building has EVER done monthly deposit instalments. So really, this is the same extent as to my "take back" request for the unit I have in the other building.
Sorry for the rant guys. Needed to get that off my chest as sometimes we forget, we all end up in the grave irregardless if you're a 4th generation $350m+ worth developer (whom by the way, was a product of their great great grandfather) or a solo young first generation entrepreneur learning as you run down your path that is constantly evolving.
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