CityVest invests in highly selective real estate private equity investment funds.
Mike and Sally are first-time homebuyers, and are looking for a home in the Seattle, WA area. They found a property they like with the following property details:
Both Mike and Sally have good credit scores in the mid to upper 700 range. They find a real estate broker to work with near the property. They schedule a tour of the home and really like the location. Prior to the tour Mike and Sally know they are serious about purchasing a home so they visit a trusted mortgage banker to obtain a pre-qualified letter. Prior to their tour, they compare the house they want with another home that was built around the same time, with the same square footage and number of bedrooms and baths. As a result, they notice a $155,000 difference. During the tour, they present their pre-qualified letter, and realize that the property has two fireplaces, new appliances, remodeled kitchen and bathrooms and walk-in closets for each of the bedrooms. They decide to make an offer for $675,000. Mike and Sally’s broker contacts the seller’s real estate agent with the offer price and they counter with $685,000. Instructed by their broker to counter one more time at $680,000, Mike and Sally end up with an agreed upon price of $680,000 for the home.
Mike and Sally move into the underwriting phase of the homeownership process, and decide to go with a lender that their broker suggested. As they move through the underwriting process they are required to prove their current residency, income, filed taxes, net worth, credit health, employment history, and other assets they own. After submitting all the paperwork, the move into how much they are willing to pay for a down payment, and how much they are willing to finance through the lender. They decided to put down 30% totaling $208,500. They opted for a fixed rate mortgage because they believe the rates will only increase over time, potentially costing them more money than if they chose an adjustable rate mortgage. So, with 30% down, Mike and Sally are looking at a monthly mortgage payment of $2,931 over a 30-year period at a 3.99% fixed interest rate. Prior to closing, they had an inspection of the property done where they found that most of the home was in excellent condition. At closing Mike and Sally, as the buyers, are required to pay closing fees which ended up being 2-5% of the purchase price ($13,900 - $34,750). They had their lawyer and broker with them to review any last-minute items and sign off on all the new paperwork with the seller present for the deed transfer. Mike and Sally leave the closing as first-time homeowners in their first real estate investment transaction.
Every CityVest investment undergoes a thorough due diligence process by our experienced underwriting team. Of the hundreds of projects reviewed each month, fewer than 1% are approved.
CityVest can help you:
You benefit through professional investment structures, which target passive returns for our investors in a range from 10% to 25% - often with a preferred return.
CityVest pre-screens investments for you through our underwriting and due diligence process. We partner with institutional investment funds and sponsors and we seek a preferred rate of return.
Since real estate investments typically generate cash flow income, while common stock does not, real estate valuations tend to be less volatile and less sensitive to market risk factors.
CityVest will handle all of the accounting and administration of your investment, while you can monitor the returns.
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