I bought my first property in London, Ontario in 1985. I bought it with my younger and older brothers because I couldn’t buy one on my own. I bought in London because I couldn’t afford Toronto prices. My two brothers and I put together $4,500 to buy a $28,000, 1,000 square foot, four-bedroom townhouse. We rented it to four students attending Western. One year later we sold it for $55,000.
Over the next eight years I bought and sold homes from the original proceeds of selling that first townhouse. I lived at home and saved and invested. It was very hard but I stayed the course.
Every generation thinks real estate is too expensive and too out of reach. This is just not true. Expecting to buy a home without a struggle is not realistic. I was just a 1/3 owner of my first property, I never lived in the property nor did I want to live in London.
After eight years of saving and investing, and living at home with my parents, I bought my first one bedroom condo in Toronto to actually have as my home. I bought the condo from floor plans and waited three years for it to be completed. It was across from the “hooker Harvey’s” at Jarvis/Gerrard. Not exactly a premium area but it was all I could afford.
Today is not a whole lot different than yesterday. What I did can be done today, it’s still possible. If you want to know how to get started just email me at Brad@BradJLambRealty.com