My first real estate purchase - now a sale!

[KimFranz]

Hi everyone,

Here is my story... In 2001 I bought an apartment in Coquitlam, BC. At the time I had just got some money from a settlement and had $6000 burning a hole in my pocket. I decided that instead of blowing it on clothes or a car that I should buy real estate since I might not have that kind of money again for a while (at this point in my life I was living pay cheque to pay cheque and had no savings, my net worth was in the negatives).

I bought a one bedroom apartment for $74,000, put 5% down ($3700) and moved in November 2001. I joined REIN in the summer of 2005 and did a joint venture with another REIN member right away using the equity in my apartment for the downpayment - by this time my apartment was worth $125,000 and prices in the Lower Mainland were continuing to go crazy.

Jump ahead two years to September 2007 and I have just sold my apartment for $189,000 and am moving in with a wonderful man that I met a year and a half ago - he joint ventured with me this year and now we have two rental properties together. I am also planning to JV with my parents and use some of the money from the sale to purchase another property in Alberta. Received my bronze REIN pin this month and should have my silver by next year!

I made the first step on my own and am so proud of my accomplishments so far. REIN has been an great support and I would like to thank Russell for that first phone call that got me started on this amazing journey.

Cheers!! And hope to see everyone at the Edmonton Quickstart

Kim Franz

 

[PhilipMcKernan]

Hi Kim,

Well done!

You should be proud of yourself for the results and well done for sharing your story. Its amazing once you get going how things in different areas of your life start to move with it.

Take care and ask the REIN team to start polishing the silver pin as you are coming through!

Philip McKernan

 

[KimFranz]

Thanks Philip - we met at the book signing in Burnaby last week, it was good to meet you. See you at the Quickstart.

 

[grhutchings]

Congrats Kim,

Its always so amazing to read other peoples success story and I guess the biggest congrats would have to go to you taking the first steps and using that first little bit of money to invest in RE as opposed to doing what others may have done and run right to the shopping malls..LOL

Its amazing with how just thinking a little differently then others, you can position yourself to be in a much better situation. This is also very motivating for the newer investors or those who may not have a lot of money of their own to invest.

The JV option is incredible and I recommend getting a copy of joint Venture Secrets to anyone who is concerned that they need money to make this work.

Thanks again for sharing your story Kim.

All the best!

George Hutchings
www.sellmeyourhomefast.com
Hutchings Investments

 

[RussellWestcott]

Howdy Kim, I have been intending to send you a big CONGRATULATIONS on your actions, and I`m just getting around to this now.

I trust you are ok with your $115,000 tax free gain, over the past 6 years. By a quick calculation that looks like a little over $19,000/ yr and no taxes. Not a bad little `part time` job.

What makes this as impressive is your only $3,700, investment, now I know that you had to make payments on this property each and every month (mortgage, condo fees, etc.), but if you did not make a house payment, you would have been paying rent somewhere, and most likely close to the same level that you made in your house payments.

Nice little example of owning a home vs. renting.

For the record... I think my tenants (business partners) are all truly amazing, and I hope they do not read your success story and get any ideas about home ownership vs. renting

Cheers
RW

PS... good thing you decided to spend your $6,000 on a home and not on clothes, as I`m sure those clothes would be out of style by now