Many yearn to have a successful real estate portfolio, but only some truly understand the mechanisms behind it. Today, we focus on an inspiring story of creative financing and strategic investing with Myuren Chanthirakumar, a commercial appraiser and steadfast real estate investor, who shares his journey to owning an impressive portfolio of 14 properties and over 40 doors.
In this episode, you'll be able to:
- Understand the value of building and financing
- Understand lender requirements and strategies for building cash reserves
- Rapid growth in property acquisition
- Leveraging properties for further investments
- Utilize trust agreements for property acquisition
- Overcoming challenges and building a team
Myuren embarked on his real estate journey in 2019. Outside of investing, he works as a commercial appraiser for a global occupier services team, where he consults commercial real estate practices. Throughout his career, he constantly emphasized the need to think creatively, and so began his journey into real estate investing.
His real estate adventure started with an aborted pre-construction condo purchase. After fully understanding the financial implications, he calculated he'd be outmatched and backed out within the 10-day cooling period. Determined not to be defeated, he opened a map of Ontario. His research pointed him to Windsor, a city on an impressive growth trajectory.
In Windsor, he bought his first property, a single-family home, for $257,000. Thanks to creative financing, the down payment came from a mix of his savings, a loan from his parents quickly repaid via a line of credit. He was now cash flow positive, but his tenants stopped paying rent due to COVID-19. It was a hard setback but a lesson in due diligence and clear communication.
You can contact Myuren by visiting
https://www.linkedin.com/in/myurenc/.
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