Well, this is a very interesting and anticipated IPO for me as a real estate investor! I see Sijoitusasunnot.com as somewhat similar to Inderes for stock investors, but they don’t produce as much “educational material” and don’t have a similar community, but still have a large audience and a substantial email list of over 60,000 followers.
Sijoitusasunnot.com’s main business is real estate development, meaning they aim to buy entire apartment buildings or a large bundle of apartments, allowing them to acquire properties at a significant bulk discount. After this, necessary major renovations and repairs are carried out in the building and apartments, after which they are sold to investors through an investor list. Renovation activities and real estate development, real estate brokerage, and rental activities are conducted through their subsidiary Rajape Oy and Kauppa Käy LKV, respectively. In addition, their own real estate investment portfolio plays some role, but I don’t have exact figures on these.
Between 2016-2021, the company grew at an average annual rate of 75%, BUT extremely profitably, as the operating profit margin has always been over 20%. The company has gained a good reputation among real estate investors by selling good investment properties. They almost always sell investment apartments below the actual average prices of the area, which gives the investor the greatest value after buying a property from them.
The company has stated that the properties for sale are always selected so that they would work well in their own holding portfolio if the properties do not sell. Reasons why properties bought from them are good: location, usually well-renovated and repaired, often already rented, good rental yield, and most importantly, below market price, meaning cheaper ones are usually not found in the public market.
In reality, their good reputation has led to a situation where apartments are often reserved even within the first few minutes, and I see the risk as quite small that at least larger batches of apartments would be left to them.
Risks certainly include rising interest rates and a general weakening of the economic situation—do people have the means to buy as many investment apartments in the future, and can purchase intentions be postponed? On the other hand, even slightly larger players will certainly grow their portfolios almost always if suitable properties are found, and they find them.
One challenge in the current market is certainly the increase in construction costs, which, however, seems to be easing somewhat.
One risk is the same as with Inderes; if the reputation weakens and the audience leaves, there will be hardly any value left for the company’s operations. As long as things work, things work 
Many might also wonder if apartment buildings will run out if operations are carried out on a large scale. The answer is no. The company operates in the Finnish market, but there are a huge number of dilapidated apartment buildings here, and buildings are constantly aging, which is why there is a continuous need for renovation in properties.
A few things that interest me, which I hopefully will hear more about from the company.
-How do they manage to buy an entire apartment building? If there are several owners in a housing company, how do they get everyone to agree to sell, or where can they find parties who would directly sell the entire building?
-Buying a dilapidated entire apartment building certainly provides large bulk discounts, but at what point and how is such a large margin made when apartments are sold after renovation/repair still below market price? They have been able to repeat this with an incredibly good margin successfully for a long time.
-The company is quite a different player than others, but how will competition in the industry develop and affect the company’s operations?
-If I remember correctly, the number of apartments sold per year was about 450-550. What is the average profit per apartment sale after all expenses?
-In what proportion do all the company’s business operations generate revenue and profit?
Hopefully, we will have a good discussion about the company and the IPO price will be right! 
those apartments sold pretty quickly, and they promised rental yields of 7-12%.
Sometimes there are old city rental houses in weak micro-locations that you really won’t be able to get rid of at a good price after acquisition, because the reputation of the area and the building is known among locals. On the other hand, sometimes there are genuinely very smart and good properties, but these rarely offer a big discount; quality costs.
Pihlava was still an ok place in the 90s, but nowadays it’s a really bad area, like all of Meri-Pori. As the population ages, residents have been replaced by city-supported housing residents, etc., so the situation is what it is. Square meter prices are well under €1,000/m2, and demand is 0. Finding new tenants can be difficult, even if the apartment is currently rented.
