What I Wish Everyone Knew About Real Estate and Retirement, says Sonia and Parul Puri
Parul and Sonia are an ordinary couple with an inspiring vision into the future. They had a dream of early retirement and after looking at various investment vehicles, they concluded they would use real estate as their main vehicle to accomplish this dream.
They started investing in real estate in 2009. Their primary focus was to begin in their backyard which was Milton, Ontario. It was easy to tenant and manage due to the short travel distance. Also, rental demand in the market was increasing and is still going strong. At that time, a typical property they purchased was under $300,000 and it rented for $1600 plus utilities. The cash flow was roughly around $500 per month. Today, the same property rents for $2400 to $2500 per month.
Once they got priced out of the Milton market, they decided to branch out to and Hamilton, Ontario due to the strong fundamentals. It has been nothing but a blessing, as prices in both markets have soared.
They have been involved in various real estate strategies including buying preconstruction homes to rent them out, rent to own, conversions to create secondary dwelling units, BRRR (Buy, renovate, rent, refinance) strategy and so on.
Over the years, they continued to polish their investment philosophy and acquisition criteria. Always on the lookout for the best markets to invest in, they came across the Cleveland market in Ohio. They decided to take the plunge when they discovered this market met all their investment objectives. They built their team in Cleveland, Ohio which helped them acquire and manage rental properties. This year has been a great success as they have been able to close on numerous properties in Cleveland. They are looking to close on more deals in the months to come. To give the reader an idea, an average three bedroom one bathroom detached home in Cleveland costs between $50K and $100K USD and can cash flow anywhere from $200 to $500 USD per month.
Now, they are being asked by family, friends, and people following their journey, the reasons behind their success. Most of them are not interested in the day to day operations but want to be a part of the action. Parul and Sonia thought about this problem and came up with two creative solutions to share their success with others. You can contact them at firstname.lastname@example.org to get more information on how you can get involved.
This is what they have to say: It was not easy to build what we have, it came with its own challenges, but every challenge we overcame made us bigger and better. We attribute our success to a lot of networking in the right groups, coaches, books, podcasts, and to relationships we have developed with people during our journey. When the passion and the desire to achieve something meaningful in your life is strong enough, the universe does this thing where it aligns you with people, things and situations that match your vibrations. The higher youre vibrating, the more you will attract the people, things and situations that are beneficial to your wellbeing.