I boughy my first property!

aorozco

Inspired Forum Member
Registered
Sep 27, 2011
37
4
8
#1
I finally bought my first property: a semi-detached house with a legal basement unit in Pickering.



The whole thing started when I moved to Canada in October 2008 with about $50 (borrowed) in my pocket.

(As Michael Ende says in my favourite fiction book: `But that is another story and shall be told another time.`)



In 2010 after reading several books on real estate, investing and personal finance, I decided to attend a free seminar in London, ON by Robert Kiyosaki's Rich Dad company about real estate. The seminar was promoting a package of real estate trainings on different strategies and I signed up for one of them. At the training I met Denise MacPherson who told me about Don's book and, of course, REIN.



I joined REIN in September 2011 hoping I would learn lots and lots and I was not dissappointed. I have to admit that I spent too much time feeling sorry for myself because I didn't have money or people I could reach out for funds. I kept reading and hearing stories of how someone got started in real estate with a gift from grandma, money lent by dad, equity from a primary residence or a large severance package while I was here all by myself with no savings, paying rent, no one to ask for help and no credit history.



Having very little money, I decided that my first purchase was going to be my primary residence so I could buy with 5% down and use my RRSP. It also had to have a basement apartment that was legal and needed little to no work and that was close enough to work. The search started in 2012 and I finally found what I was looking for in June 2013.



I put the offer and it was accepted right away which scared me a little bit considering the bidding wars that tend to happen around the GTA. (Why did they accept right away when they could've potentially get more if they waited a little bit? Was there something wrong that they were not disclosing?). I felt a lot better after the inspection was complete with no issues to report.



Andrew Galea from Calum Ross' team was my mortgage broker and I have to say that he did an outstanding job helping me secure financing. (Maybe the fact that I had my sophisticated investor binder ready helped too!)



I decided to live in the basement apartment (I'm a single guy with no kids) and rent the main floor where I can ask for a higher rent and have the tenants take care of a larger piece of the mortgage payments.



Right now I have a young couple that just had a baby. So far, they have paid on time, are very quiet and are taking care of the place as if it was their own. I guess I could say I got lucky but the truth is I was very thorough with the screening process thanks to all the tips and tricks I have learned from all of you during this time as a REIN member.



To not make an already long story longer, I just wanted to share with you the beginning of my success but most of all a big THANK YOU for all your insights, advice, suggestions and support.



Cheers!

Andres



P.S.: I become a Canadian citizen on January 28th! Good things just keep happening!
 

Dan Golby

Frequent Forum Member
REIN Member
Mar 17, 2011
133
29
28
Cold Lake AB
#2
Great story! Congratulations!

I like how you made the choice to take the basement to get ahead faster.

Congrats on becoming a citizen too, great things ahead!
 

ThomasBeyer

Senior Forum Member
REIN Member
#3
Congratulations to both. You joined a great incubator group.



I too became a Canadian in 1997 and arrived with less than $1000 in my jeans in 1986.A great country with much potential for the upwardly mobile, those willing to work hard and take calculated risks, with good fiscally sound governments (except in Ontario or of course Quebec right now), beautiful landscapes, much space, decent government services and decent healthcare.



More for you on how to continue here: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-10689-Educational_REIN_Posts_by_Thomas_Beyer.html



Viel Erfolg, Bon Chance & Bien Viaje !
 
Likes: aorozco

wader

New Forum Member
REIN Member
Feb 2, 2011
34
1
0
#4
Great job! I have a feeling if you purchase one more that you will be on your way to writing a book in about 10 years! :)
 
Likes: aorozco

JBagorio

Inspired Forum Member
Registered
Dec 4, 2007
263
10
18
Calgary
Hiccup969
#6
Hi Andres,



I just want to give my word of encouragement. We all have unique paths in life, but for some of us we do share the same values. In any situation, there is always the best way to surpass every stage or hurdle in life. After all, life is what we make it, so we just need to look ahead and choose the right option. Yours my friend is what I call a good step in the right direction!



One good step taken leads to another step of new opportunity...Congratulations to your recent success!
 
Likes: aorozco

angelapeng

Inspired Forum Member
Registered
Aug 19, 2011
162
10
18
Vancouver
#7
Congratulations! Andres,



I became Canadian citizen in 2006, that was the year I started seriously learning the real estate investing in Canada. In 2011, I joined REIN, this decision alone up level my game, I have raised the amount of capital within my objective in 12 months. Canada gives everybody a chance, unlike many other countries, you need special relationship with some special people to do business, here, as long as we put our mind into the work, be diligent and learn from masters, we will reach our goals in our journey. Just like the Chinese proverb indicated: A journey of a thousand miles begins with a single step. You have a wonderful beginning step, keep moving and share with us your stories.
 
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aorozco

Inspired Forum Member
Registered
Sep 27, 2011
37
4
8
#8
Wow! thanks everyone for your words of encouragement. It feels great to be connected to people that think big and are happy to share their knowledge.



AndrÃs
 
R

rob ohs

Guest
Guest
#11
Great story.I really like it is easy to understand and well written.A big thanks for sharing it with us.
 
Likes: aorozco

bb2

Frequent Forum Member
REIN Member
Sep 10, 2007
115
70
28
edmonton
www.vivarenttoown.com
#12
What I like about your story is that you took action under less than perfect circumstances. I admire people that have a passion for learning, but will also take action, because without doing that you will never get anywhere.

Congratulations! Keep the passion alive!

Brenda
 

IrishSean

New Forum Member
Registered
Jun 23, 2014
8
1
3
#18
Getting your post count up by congratulating people in numerous posts.....what's your motivation for that Shannon?
 

Marty Gordon

Inspired Forum Member
Registered
Jul 12, 2016
56
28
18
35
www.youtube.com
#20
Awesome! Basement apartments are definitely my preferred method of investing. I find it's one of the best ways to increase the cashflow on a property. 2 separate leases on 1 house. Good for you man!!!