that in 2010 / 11 , the housing industry in San Diego was depressed . I tried to find out what this would mean to people like myself
“ I only invested in my first property in my mid 40s , and I got my friends to help me with this .” who wanted to invest and make more money , " he adds
The volatility of the real estate industry in San Diego meant that the market was favouring the buyers , and that Swan could buy properties to save up his money properly and probably use those properties in various ways to make rewarding returns .
“ I learned that I could buy properties , and they could cash flow more than $ 500 ( R7 000 ) a unit back then . I started investing in one rental property at the time which I managed by myself while working 60 hours a week on my other job as a teacher .”
Swan , who is also called Swanny , managed to get himself 10 rental condos , which made him $ 50 000 a year . In the following three years , his properties accumulated the returns of about $ 1.6million in equity . At the time this article was written , Swanny has more than 100 units around San Diego and makes more than $ 200 000 from these units . This follows a relentless commitment to studying the real estate market through mentorship , seminars and real estate books .
The Motivation Sharing his journey with REI Radio presenter , Neale Peterson , Swanny says upon finding his way around the first condo that he invested in , he consulted his friend who is in the real estate industry for guidance on his way up the real estate ladder .
“ My journey was pretty much different than most people who start out in the industry . I only invested in my first property in my mid 40s , and I got my friends to help me with this . They helped me manage the one condo , they helped with credit checks and helped me in buying the properties that I have ,” he said .
Leading up to his first investment , Swanny had studied some books to enrich his mind when it comes to real estate investing .
“ Among some of the study materials I used to study the real estate industry , I read a book by David Lindahl – Multi - Family Millions , I went to workshops , seminars and tried to get a lot of education in that respect .”
“ In this business you need to make sure that you have a good team . In the north east area , I had to have property managers , real estate attorneys , real estate CPAs , commercial brokers , lenders just to name a few . And getting this team together takes quite some time and there are land mines to step on .”
At REI , we always focus on equipping you with the relevant tools to get you ahead of the game . It gets quite interesting to hear all the messages of caution being conveyed by someone who has actually walked the route . Click here to listen to more of his top tips for investing in real estate .
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SOURCE Rei Radio
SA Real Estate Investor Magazine MAY 2021 21