In this episode, you'll be able to:
- Understand the value of building and financing
- Understand lender requirements and strategies for building cash reserves
- Rapid growth in property acquisition
- Leveraging properties for further investments
- Utilize trust agreements for property acquisition
- Overcoming challenges and building a team
His real estate adventure started with an aborted pre-construction condo purchase. After fully understanding the financial implications, he calculated he'd be outmatched and backed out within the 10-day cooling period. Determined not to be defeated, he opened a map of Ontario. His research pointed him to Windsor, a city on an impressive growth trajectory.
In Windsor, he bought his first property, a single-family home, for $257,000. Thanks to creative financing, the down payment came from a mix of his savings, a loan from his parents quickly repaid via a line of credit. He was now cash flow positive, but his tenants stopped paying rent due to COVID-19. It was a hard setback but a lesson in due diligence and clear communication.
You can contact Myuren by visiting https://www.linkedin.com/in/myurenc/.
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