Raising over R2.6 million in the stokvel and changing our name
In this week’s episode, we share a recording of the webinar we did for the stokvel members updating them on deal number 5 and the name change of the stokvel.
We started off by explaining the Mission and the Vision of the stokvel and that the name of the stokvel has officially changed from Wealthy Ones Stokvel to Property Magicians Stokvel (PMS). In the webinar we explain why we had to change the name of the stokvel.
We also give an update on Deal 1 which happened in Oct 2021 shared the challenges that Villa Lisa was experiencing like theft of tools and material, security being injured on site as well as rain continuing to cause additional delay. But that does stop our investors receiving their pay out in Oct 2022.
We looked at the total amount of money raised (R2.6 million/ US$177,771) in the stokvel since its inception, we also took investors through deal 5 and explained the due diligence process so members understand what’s required for a property to be worth investing in.
Property Investor Credentials Management Accounts
Asset to secure loan
Finance application for new building
Timelines of securing finance from institution (Bank)
Dependencies
We also explain the concept of Hard Money Loan which means a loan that is backed by a “hard” asset, such as real estate and explain the pros and cons of this money lending process.
