Act Quickly in a Buyers Market- 3 Easy Steps
Updated: May 10, 2022
“We have moved into our new home and are absolutely loving it! We want to thank you for being a critical part of us being able to make it here. Your ability to find the right lenders helped us feel confident in the numbers.” - Alice and Greg
This is a recent testimonial from some of my favourite long-time clients. They were able to keep their existing home and rent it out while purchasing a 2nd home. Their real estate empire just DOUBLED, and I’m so happy for them!
This type of success story is my passion. It’s my signature service- I love teaching clients how to build wealth through real estate. Curious about how it all starts?
Here’s three easy steps you can take right now:
1. Get into the real estate market ASAP
I encourage my clients to BUY property, and there couldn’t be a better time! If you’ve got your down payment ready, a good income and good credit, there’s no reason not to buy now. Covid-19 has brought us challenges, but it’s also brought us opportunities. In Toronto, there’s currently a huge supply of condos in the downtown area. We all know what a huge supply means in real estate = a buyer’s market. First time homebuyers, I’m talking to you! This is a great opportunity to purchase a condo in the downtown core at a competitive, fair price.
2. Pay down your mortgage aggressively
Ok! So you’ve followed Step 1 and you’ve purchased your first home. What next? For real estate investors, you’ve always got to be thinking ahead. It’s time to pay down your mortgage as aggressively as your budget allows. I teach Canadian families how to do this, since I’ve tested this multiple times as I built my own real estate empire. Instead of paying your mortgage monthly similar to how you used to pay your rent, I recommend paying bi-weekly accelerated. If executed well, this method can automatically shave years off your mortgage. You can also bump up your mortgage payments by rounding it up or adding an additional sum to it. This may not seem like a big deal, but compounded over months and years, it could be the difference of a lifetime!
3. Use the value in your existing home
Once you’re a successful homeowner, it means you’ve built up equity and the value of your property will start to climb. I recommend you use that dormant equity in your home, instead of letting it just sit there unused. By using that equity to purchase more properties, you’re maximizing the profits. Don’t sell your owner-occupied home, rent it out!
Want to learn more about my signature service?
Book a free chat with me!