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Investor profile: Ankur Puri

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Among the most important traits any real estate investor should possess is resilience.

Ankur Puri is perhaps the poster boy for resilience. The strategic real estate investor, speaker and mentor who runs Ank Real Estate Investments Inc., has mastered the art of fixing and flipping homes, however, it hasn’t been without its tribulations.

“I started investing around three to four years ago because I’ve wanted to do real estate since coming to Canada from India, but I didn’t have the idea or the means of how I should start, or even what I should do. While I was working, I took courses to learn about flipping, as well as no money downs and assignments, but it was still like a puzzle because of how much information was thrown at me.”

Puri put his feet to the fire and learned heuristically. While working at a restaurant and earning a measly $29,000 a year, he decided to dive headlong and commit to being an investor. While a courageous decision, he remembers checking his bank account one day and only seeing $98.25.

Yet after much trial and error, Puri caught a break.

“There was a family in Markham—a mom and dad running a restaurant with two kids under age seven—and their property was around $400,000 with a private mortgage worth $360,000, and it needed repairs of $15-20,000. The father had to get rid of the house because he was behind on payments. He gave me a call through one of my ads, and when I did the numbers I realized there was no money to be made.”

That didn’t stop Puri from trying to conjure a solution, realizing he had to think outside of the box. The husband did not want to move his family, instead hoping to remain in the house for a year as a renter.

“He asked if it was okay if he stayed in the property and paid $1,800 a month for rent and we could buy the property so there’s no mortgage,” said Puri. “He’d pay $1,800 plus utilities for a year. But he didn’t want to tell the kids they didn’t own their house anymore and that touched me.”

Puri brought in an investor—of whom he built an impressive rolodex—and bought the home below market value, which freed his new tenant from creditors.

“I called my investor and told him he could buy the place for $370,000 with a renter in place, so he’d already have cash flow,” said Puri. “He only had to put a 20% down payment and he didn’t have to do any repairs because the guy was already living in it. He could do them when the guy moved out. That’s how I made my first $10,000.”

Since then, Puri has been riding a momentous wave, fixing and flipping homes in Ontario from as far as Sudbury to Cornwall, and everywhere in between, with no money down.

“I do my deals strategically and make a lot more on the same deal, but help my investors who put in all the money for all the deals they’re doing. I make a quick percentage or interest. I do everything apart from the money aspect, which my business partner provides.”

Puri has done about 18 properties in three years, netting $1.2m. He also recently picked up a fourplex for $8,008. Whether he flips this one or decides to hold it, he won’t reveal.

Asked the biggest lesson he has to impart on other investors, Puri said, “Don’t spend too much where you don’t need to, and don’t become emotionally attached to a property. Once it’s done, you sometimes feel like keeping it, but you have to look at it like a business.”

Puri will be speaking at the Harbour Castle in Toronto on Nov. 17 as part of a boot camp on raising capital. He’ll be hosting his own event on Nov. 25 where he’ll share all his tricks of the trade.

 

 

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Affordability driving demand for condos in Toronto

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The Greater Toronto Area (GTA) saw higher sales and demand for condominium units due to increasingly affordable prices.

Data from RE/MAX revealed that the GTA accounted for nearly 37% of the total residential sales on the Toronto Real Estate Board (TREB). Market share for this segment has been tracking higher since 2013, when the transfer of condominiums covered 30% of total sales.

Seen as the only property segment that rose above the 2017 market correction, the average price of a condominium apartment hiked almost 8% to $551,761 between January and October 2018, up from $512,552 during the same period in the previous year. Townhomes prices were at $571,058, compared to $568,165 in 2017. Meanwhile, prices of freehold properties, including single-detached, semi-detached, attached/row/townhouse, and linked townhomes fell year-over-year.

Despite the rising values, these home types are well-received because most Canadians still found it affordable and a sound choice for investment.

On the other hand, it was pointed out that the increased demand for condo apartments and townhomes was driven by immigration, population growth, and lifestyle choices. 

“Aging infrastructure, combined with a lack of transportation alternatives, longer commute times and the environmental component — with efforts to reduce carbon footprint — have all played a role in buyers choosing condominiums in Toronto proper that are close to both work and play,” RE/MAX noted in a statement.

The most popular area for condominium sales was still the downtown core, with 21.9% sold in the area bordered by Bloor Street to the north, the Lakeshore to the south, the Don Valley Parkway to the east and just past Dovercourt Road in the west.

However, supply remained low, which pushes prices higher.

“Limited inventory continues to place substantial upward pressure on prices, with fewer affordable housing options available — and that includes condominium rentals,” said

Christopher Alexander, executive vice president and regional director at RE/MAX of the Ontario-Atlantic Canada Region.

As a result, buyers tend to avoid the higher prices in the core and turn to condominium communities farther afield instead.

Currently, almost 51% of condominium sales in the GTA are below the $500,000 price point, but it is worth noting that builders and developers are currently facing skyrocketing construction costs and a land crunch within the GTA.

 

Related stories:
Revival of investor immigrant program stirs academic discussion
BC enters $1B deal to provide affordable homes

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate




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App matches you with the perfect real estate professional

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Real estate matchmaking platform Mortgage Sandbox recently beta launched a free web-based app called Match Finder in the Vancouver market. The app was conceived as a way for buyers to connect with suitable professionals that can help them find their perfect home.

“The beta program is dedicated to gathering feedback from users so that we can improve the product while rewarding participating home buyers and real estate professionals with better working relationships at no cost,” said David Stroud, founder and CEO of Mortgage Sandbox.

Similar to an eHarmony questionnaire, Match Maker asks 10 simple questions to match home buyers with three trusted, pre-screened real estate agents and mortgage brokers. Users can then make their selection to start their home-buying process.

The app was envisioned to provide a better home buying experience for all parties involved. Match Maker is a secure, cloud-based application that also provides real-time interest rates and property forecasts. It has advanced home buying calculators and can be used on a laptop or a smartphone.

“The tools are part of Mortgage Sandbox’s ongoing commitment to build the most complete home buying advice platform on the market,” said Stroud.

Stroud emphasized that Mortgage Sandbox tapped into the real experiences of Canadian homebuyers and real estate professionals to properly address issues that are encountered when purchasing homes.

“We’ve designed an easy to use, data-driven, matching tool that connects you with local, pre-screened real estate professionals who share your interests, values, and have a complementary work style,” said Stroud.

“We believe aligned values lead to better working relationships and a more successful home buying experience.”

 

Related stories:
Revival of investor immigrant program stirs academic discussion
BC enters $1B deal to provide affordable homes

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate




Source link

قالب وردپرس

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Headlines

App matches you with the perfect real estate professional

Published

on

By


Real estate matchmaking platform Mortgage Sandbox recently beta launched a free web-based app called Match Finder in the Vancouver market. The app was conceived as a way for buyers to connect with suitable professionals that can help them find their perfect home.

“The beta program is dedicated to gathering feedback from users so that we can improve the product while rewarding participating home buyers and real estate professionals with better working relationships at no cost,” said David Stroud, founder and CEO of Mortgage Sandbox.

Similar to an eHarmony questionnaire, Match Maker asks 10 simple questions to match home buyers with three trusted, pre-screened real estate agents and mortgage brokers. Users can then make their selection to start their home-buying process.

The app was envisioned to provide a better home buying experience for all parties involved. Match Maker is a secure, cloud-based application that also provides real-time interest rates and property forecasts. It has advanced home buying calculators and can be used on a laptop or a smartphone.

“The tools are part of Mortgage Sandbox’s ongoing commitment to build the most complete home buying advice platform on the market,” said Stroud.

Stroud emphasized that Mortgage Sandbox tapped into the real experiences of Canadian homebuyers and real estate professionals to properly address issues that are encountered when purchasing homes.

“We’ve designed an easy to use, data-driven, matching tool that connects you with local, pre-screened real estate professionals who share your interests, values, and have a complementary work style,” said Stroud.

“We believe aligned values lead to better working relationships and a more successful home buying experience.”

 

Related stories:
Revival of investor immigrant program stirs academic discussion
BC enters $1B deal to provide affordable homes

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate




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