Real Estate

Locked: 32 year old owns 10 homes in Toronto

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  • Feb 12th, 2019 8:48 pm
[OP]
Deal Fanatic
Feb 9, 2009
9589 posts
7177 upvotes

32 year old owns 10 homes in Toronto

https://torontolife.com/real-estate/32- ... AEz9MhQrFg

True inspiration... beats all the bears who always talk doom and gloom on this site and missed out.
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125 replies
Deal Guru
Feb 29, 2008
12552 posts
7759 upvotes
Good for him. He got started after me and is doing better than me, I bet he is single Face With Tears Of Joy

Bears will come in and discredit him but how many would have done what he did? Give up going out, no trips, live in a crappy basement when he could have afforded to get his own condo? When he got a condo he lived with a roommate. Most would have maxed out on an expensive condo downtown without the roommate. Smart moves, some luck and some sacrifice.

Having a good job helped. Hope millenials paying attention.
Deal Addict
User avatar
Nov 5, 2018
1600 posts
2429 upvotes
Toronto
Very inspiring. I hope to achieve some success like this one day. The bears are jealous and refuse to accept the truth, so it’s no wonder they’ll hate on any article like this.
Penalty Box
Aug 11, 2005
4175 posts
1421 upvotes
Lol so one guy has a 5 mill net worth after investements and earnings from other people?

How old is zuckerberg and how much is he worth again?
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Deal Guru
Dec 11, 2008
10022 posts
1501 upvotes
Good for him. Although he technically co-owns most of his properties. But smart decisions. I wonder how his business is now as a real estate agent or if he does something else now?
Deal Guru
Feb 29, 2008
12552 posts
7759 upvotes
speedyforme wrote: Good for him. Although he technically co-owns most of his properties. But smart decisions. I wonder how his business is now as a real estate agent or if he does something else now?
That can actually be a very good thing as long as his partner is legit. Allows them to buy more. Have a good friend. Him and his wife own maybe 6-7 properties? Always looking for more. They do not have RE jobs.

If you and your spouse are on the same page, you can take over. Tried to get my wife in on it but it’s just not her thing.
Deal Addict
Jan 9, 2010
1881 posts
1144 upvotes
So in summary he's an immigrant boy that grew up in India and took smart, calculated risks in the Toronto real estate market while making social sacrifices in his 20s. Very inspirational. A couple of passages that jumped out at me:
Everyone was saying that Toronto’s housing was overvalued, but a $500,000 piece of land in Canada’s biggest city seemed like a bargain to me.
People in Canada really need to open their eyes and look at it from a global scale. For the largest city and the (one and only) financial hub in one of the most immigrant friendly countries in the world, Toronto real estate is still comparably cheap on a global scale.
All of my purchases were in the middle six figures, so I didn’t feel as though I was paying outrageous prices. And all of them were in areas well served by subways, which both boosted the rent I could charge and increased each property’s potential for price appreciation.
This speaks volumes as to how crappy our public transportation is, and the reason why RE near subways will always be a good investment long term until our government(s) get their act together to improve public transit (which may never happen). Also, it goes to show that subways is what people care about. Not streetcars, bikes etc. etc. The UP Express and the Scarborough RT were both having issues in our deep freeze, so people in Canada really need to realize that surface level transportation really is not the way to go in our climate. Instead, Torontonians continue to complain about their bike lanes not being shoveled in the winter and how cars on parked on the side of the street during the winter are blocking streetcars. The rest of the world's world class cities (to which we have an inferiority complex and are striving to be) is laughing at us while they continue to build more efficient and effective forms of public transit, which are mostly subways.
Deal Fanatic
Feb 22, 2011
7299 posts
7784 upvotes
Toronto
The funniest part of this is in 2010 when he bought a detached home for half a mil people were telling him it's over valued.

A decade later and the arguments are still the same lol. Annnnnnnnnny day now they will become affordable.

You can't even get a 1 bed condo downtown for that price anymore... good job waiting for prices to fall. Trying to time the market can ruin your life.
Newbie
Oct 5, 2018
7 posts
1 upvote
JayLove06 wrote: That can actually be a very good thing as long as his partner is legit. Allows them to buy more. Have a good friend. Him and his wife own maybe 6-7 properties? Always looking for more. They do not have RE jobs.

If you and your spouse are on the same page, you can take over. Tried to get my wife in on it but it’s just not her thing.
Are your friend's 6-7 properties in condos or houses? If houses, given that they have jobs outside of RE, how do they manage the tenant repairs etc.
Deal Addict
Dec 6, 2006
4960 posts
1352 upvotes
Toronto
118dmdx wrote: Are your friend's 6-7 properties in condos or houses? If houses, given that they have jobs outside of RE, how do they manage the tenant repairs etc.
When one own multiple properties (and perhaps busy working or busy retiring), can probably hire someone to manage the rentals. Just part of business, when it gets big, no different.
My first place was bought from a semi-retired couple(?) who owns multiple rental properties. They have their own contractor/team to do reno/repairs.
Deal Expert
User avatar
Aug 2, 2010
15193 posts
4898 upvotes
Here 'n There
Operative opening line in article: 'That’s not to say I had no help whatsoever'. He makes it sound like the help was trivial. His uncle was his major partner putting up a full one-half of the downpayment. Also, his Dad paid for part of his education so he had a smaller loan to pay off than he would have had otherwise leaving school. Guy had a lot of 'help'. That's for sure. He was also lucky enough to buy as the market started it startling ascent.

I could own 100 properties if I used partners. Where would he be if he didn't have a rich uncle to front him when he started out? Exactly nowhere or perhaps owning one property.

So, lucky having a rich uncle. Lucky timing. That's lotsa luck. Move along folks...nothing here.
Deal Addict
Dec 6, 2006
4960 posts
1352 upvotes
Toronto
eonibm wrote: Operative opening line in article: 'That’s not to say I had no help whatsoever'. He makes it sound like the help was trivial. His uncle was his major partner putting up a full one-half of the downpayment. Also, his Dad paid for part of his education so he had a smaller loan to pay off than he would have had otherwise leaving school. Guy had a lot of 'help'. That's for sure. He was also lucky enough to buy as the market started it startling ascent.

I could own 100 properties if I used partners. Where would he be if he didn't have a rich uncle to front him when he started out? Exactly nowhere or perhaps owning one property.

So, lucky having a rich uncle. Lucky timing. That's lotsa luck. Move along folks...nothing here.
Sure. But you have to lucky to be good, and good to be lucky.

He said his parents fronted for his tuition for 2 semesters, that's help but certainly somewhat limited.
Sure his uncle and friends partnered with him for the RE investment... but he's also investing for 1/2 the share (for his first RE with uncle). Yes there was help. But think about it.... how many people could & had the gut to afford even that half as 20s y/o? How many people could have the networking skills to convince people to partner up with investment in the $100,000s range?
And sure the RE market was cheaper... NOW that we know it was cheap. People were always saying the RE was overpriced and silly to buy this year, and 10 years ago.
Deal Expert
User avatar
Nov 15, 2004
19228 posts
3360 upvotes
Toronto
eonibm wrote: Operative opening line in article: 'That’s not to say I had no help whatsoever'. He makes it sound like the help was trivial. His uncle was his major partner putting up a full one-half of the downpayment. Also, his Dad paid for part of his education so he had a smaller loan to pay off than he would have had otherwise leaving school. Guy had a lot of 'help'. That's for sure. He was also lucky enough to buy as the market started it startling ascent.

I could own 100 properties if I used partners. Where would he be if he didn't have a rich uncle to front him when he started out? Exactly nowhere or perhaps owning one property.

So, lucky having a rich uncle. Lucky timing. That's lotsa luck. Move along folks...nothing here.
Seriously. "Have a rich family and gamble with their money". Why doesn't everyone just do this?!?!?!

Also, how does one save up $80,000 net after one year at an entry-level job straight out of university in New York City of all places? And how did he keep qualifying for mortgages when he admits he was deep in debt and had to take out loans (which would register on mortgage applications) to meet his down payment amounts? This dude's story is suspicious AF
Deal Addict
Jul 14, 2002
2451 posts
1049 upvotes
Not bad, anyone who invested in RE in the past ten years are sitting on extra equity.
It's good that he mentions the caveat so that newbs don't follow blindly.

"The market has changed radically since I got a foothold: buying practically anywhere in Toronto as a 20-something would be a huge challenge. If you partner with people, though, and if you look outside the city, to areas like Waterloo and York Region, where public transportation is starting to improve, it’s still possible to find detached homes worth investing in."

I personally think it's good to include the priority that new investors should be "investing" in their primary home first, before taking on additional places. Which is what he did with his first north york home.
Deal Addict
User avatar
Nov 5, 2018
1600 posts
2429 upvotes
Toronto
It's definitely a lot harder to invest in pre-construction in prime areas downtown...it's like $1,200-$1,500 + now for new developments.
I do not need approval, I do not need friends. I do what I want.

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