In episode 37, we talk to Witness Mdaka who was born in Giyani and grew up in Tembisa, Johannesburg.
Witness' journey into real estate started in his teens, in 2007, when his mother found out she'd overpaid her mortgage by R150, 000 (US$8,000), she used part of that money to build 6 back rooms and a garage in their yard.
She tasked Witness with managing the rental income for the back rooms and explained to him that that that money would be used to pay for his university fees.
He did use that money to go to Wits University, but unfortunately he failed his first year and his mother encouraged him to apply to Pearson's Institute where he studied business.
When he got married he and his wife bought his first property for R440, 000 (US$23,750) in Kempton Park so they could use the rest of the funding they qualified for to get more property.
When his mom passed on, he and his wife gave his apartment to his younger brother and his niece and converted this mom's property into an 11 unit property that cashflowed at R16, 500 (US$890) per month.
He then gave the property to his brother to manage, which led us to a whole discussion on how powerful our family homes can be when it comes to helping the family financially.
In 2015, Witness' journey skyrocketed - he bought 4 properties in 1 year and walks us through how he did that in the podcast.
Today, his company has 70 units in the township, with an average of R2,500 - R3,500 per month and has now moved into buying rundown properties in predominantly White suburbs, rezoning them and building apartments.
Click play to learn more about Witness' property journey and let us know your thoughts in the comments section below.
Episode 132: What happens when someone owes you money and won’t pay
Episode 131: Creating financial freedom with real estate in Botswana
Episode 130: Growing a coffee brand throughout South Africa
Episode 129: Building student accommodation in the township
Episode 128: A fintech company that helps you go from first time homebuyer to property investor
Bonus Episode: The most common property investing questions with PropDocMom
Episode 127: Building a real estate portfolio through intuition and ancestral wisdom
Episode 126: Understanding your why when investing in property
Episode 125: Talking to the author of “Stokvels - How they can make your money work for you”
Episode 124: From sourcing deals for investors to investing in multi-lets
Bonus Episode: How to determine if a property is profitable or a good investment
Episode 123: How to earn passive income with short-term rentals as a full-time employee
Episode 122: How to make R27,000 (US$1,695) per month on your first property flip
Bonus Episode: Make 17% ROI per annum in your next property deal
Episode 120 (repost): From Being a Creative to making R100k (US$6500) in his first real estate deal
Episode 121: Buying your first property at 21
Episode 119: How to make a fortune developing low-income housing in South Africa
Episode 118: Making US$2,000 - US$4,000 a month with a guest house in Botswana
Episode 117: Using multiple strategies to build your real estate portfolio
Episode 116: How to own property in Rwanda
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