What a year! We found a building with 4 commercial tenants and 5 residential apartments. We made an application to make a crowd funding raise through AddyInvest. Rogers Management Group invested with 1061 investors through Addy, raising $550,000, for the purchase of the investment property in downtown Vernon, British Columbia.
The building was built in 1904, and was the home of R.E. Berry Drugs. The building has been home to many businesses over the years; a grocery store, barber shop, pool hall, leather shop and restaurant.
One of the interesting facts about the building is they built the building around a furnace, calling it a revolutionary heating system in 1904. It was a forced air heater where the system was in the basement and was originally a firewood based burn system but was converted to coal with a feeder mechanism.
The building still has good bones but will need continued maintenance. This year we were able to update some of the plumbing and do a bit of electrical work. While there is more to do We were able to make a distribution back to the investors of the Colton-Fox building through AddyInvest.
Here is to a new year and continued success through Real Estate investments.