Five years ago, I found myself at a crossroads, realizing that retirement was looming, and my hospital pension wouldn’t be sufficient due to limited years of service. The thought of becoming a burden to my grown children and grandkids wasn’t something I desired. Having been on my own for 17 years, pushing 60, and grappling with a lifelong handicap, the prospect of working full-time became increasingly challenging.
Inadvertently, I stumbled upon a Real Estate Event nearby and decided to attend, not knowing that it would become my “Ah Ha” moment. In that room, I sensed the potential to secure my financial future through real estate with the right education and unwavering perseverance, safeguarding against inflation.
My journey commenced with the purchase of a triplex near me. Despite the substantial work it required, I saw its potential, complete with a large backyard featuring a creek. I knew it had lots of potential and I afford to purchase this on my own. Little did I anticipate the constant repairs, dealing with renovations, tenants, and unforeseen weather challenges.
My most significant lesson learned was my initial hesitance in dealing with existing tenants. Fear and lack of experience led me to keep them, causing headaches. Only after overcoming this hurdle, experiencing tenant turnover, and seeing rents rise did I begin to enjoy positive cash flow. Successfully refinancing after two attempts allowed me to partner again with the same JV for another venture.
Reflecting on my partnership in New Brunswick’s duplex purchase, it proved challenging, leading to a sale after two years. However, it opened doors for me to become a private lender, requiring education on the do’s and don’ts. This paved the way for my fascination with real estate investment building blocks.
Navigating refinancing was a learning curve, involving endless bank steps, mountains of paperwork, and questionnaires. Despite setbacks, including having to repeat the process, I persevered, securing my HELOC. Now, I’m engaged in an international project in Costa Rica for short-term rentals, set to launch in early 2024, alongside my existing partner and others.
Looking ahead, my long-term goal involves partnering or securing financing for an apartment building in Eastern Canada, boasting around 20 units. This would allow me to step back from full-time work, managing the building remotely with a boots-on-the-ground property management team while staying actively involved in management.
Safety and providing a home for others are at the forefront of my aspirations. If I can balance this journey while working full-time, I believe anyone can. The key lies in setting goals, relentless hard work, and the resilience to face setbacks, get up, and try again. Falling down has been a constant in my life, but each time, I’ve risen to be perceived as a normal person.
As I eagerly anticipate what the future holds, I’m excited to see the next chapter unfold.
