Business
What you’ll learn in just 17 minutes from today’s episode: Find out the investment strategy he started out with that had cash flow pouring in steadily for him Learn about how he turned a very old single-family home into a multi-family investment without paying developmental fees. Find out how cash flows are generated after renovations of single-family homes in super expensive markets like downtown Toronto. Resources/Links Rich Dad Poor Dad by Robert Kiyosaki Meetup group: https://www.meetup.com/volition Summary: Ming Lim is the founder of Volition Properties, a real estate investment firm focused on Toronto. He began investing in real estate in 2001 and now has approximately 50 doors between him and his partners. In this episode, Ming shared how he started his first deal in real estate and has grown his portfolio since starting with buying old single-family houses and turned them into duplexes, and triplexes without necessarily paying development fees. And after which he turns them into cash flow generating machines. This is especially important in expensive markets like where Ming invests, like Toronto. Topics Covered: 01:06 – What was his area of concentration in real estate when he started 02:02 – How Rich Dad Poor Dad book paved his entry into real estate 03:44 – How he does his multi-family strategy out of a single-family home 10:04 – How he avoids development fees when building a triplex 13:43 – The process of turning a single-family home into a duplex and eventually into a triplex 16:32 – The cost of renovations for single-family homes and how they generate cash flows after Key Takeaways: “Another reason why we actually went to this model, single-family homes turned into duplex and triplex because it was easier for us to scale one property generating nine thousand, ten thousand bucks is like easier for us to scale than it is to have to manage 50 or a hundred units.” – Ming Lim “After we’ve done the renovations to refinance and get our money back, this is nothing more than a complicated strategy for us, but we get them rented out. And then we refinance and rents and these kinds of places are pretty good. Anywhere between 7,500, 8,000 for the property. So about 10,000 for the three units. So, we’re still cash flowing after we’re done.” – Ming Lim Connect with Ming Lim: Instagram LinkedIn Facebook Volitionproperties.com Connect with Dave Dubeau: Property Profits Podcast www.davedubeau.com www.investorattractiondemo.com Facebook LinkedIn Enjoyed the Podcast? Please subscribe on iTunes for updates