Life- changing lessons for Building a Successful Property Investment Portfolio
In this podcast episode, we talk to Retha van Rooyen, entrepreneur and co-founder of M5 Property Addicts.
Retha bought her first property in 1998 as a protest to rentals. The property was a 2- bed townhouse that cost R127,000 (US$8600) at an interest rate of 24%, 5 years later she, sold the property for R550,000 (US$37,226) and used the profits from that sale to buy a new property and ended up living rent-free and started seeing the power of property.
At the time she was still employed (by Accenture); one day the company sent her to a mindset training which led to her launching 3 businesses in different industries. The businesses didn’t work out, but the training got her wondering about the career path and if that was for her.
One day someone at work told her about how they were buying a distressed property which led her on the path of property.
She refinanced her house and bought 4 properties at once - it was a property with 4 properties that needed fixing.
In this podcast she takes us on the journey of starting out in property and the learnings from there:
how the builder said the properties would take 6 months to build but it actually took 2 years
the challenges of completing the property - with Documentation (outdated plans), ran out of money and change of legislation (Spluma)
How her relationship with her best friend fell apart because bought in the wrong structure and didn't have clear job descriptions
The importance of communication when working with other people
bringing other people with you on the journey
She also shares how she met Taurai Jack (Episode 59) and how they ended up teaming up to start M5 Property Addicts and growing the business to where it is.
This is another jam-packed episode.
Click play to listen to this episode and leave us a comment in the comments section.
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