In this week’s podcast episode we interview Gavin Mkhabela who grew up in the North West with his great grandmother. In 1992 he went to live with his mom in Alexandra, Johannesburg. He then studied accounting at Wits Tech but didn’t finish because he went to work.
He worked for the bank in the homeloans department and moved into the property finance department, where he worked as an analyst to the deal maker. In the podcast he shares how his not good enough wound stopped him from taking up a mentoring opportunity to learn more about putting together property deals.
Even though he was working at the bank, he didn’t think of property investing. He was more concerned with a roof over his head and having his own bedroom.
He got into debt in his first year of working at the bank in 2004 after signing a lease agreement for someone he was dating; the lease agreement was double his mortgage. This debt then snowballed, he got into more debt to keep afloat, and he soon found himself in even more debt.
By 2011 he was so stressed and panicked about debt that he ended up resigning from his job. He started a cleaning business and decided to make cleaning sexy and brought in a business partner. That business eventually fell apart and found himself over indebted and blacklisted.
The only job he could get was to be a financial advisor, which was commission only. He started advising people on property. He met a client who was struggling financially, and had a house and 2 back rooms and a garage. He then advised this client to rent out the rooms and the garage and he started making R13,000 a month.
Word then spread and he got more clients and he found himself teaching people about property and soon changed his life and his finances.
Tune in to learn more.
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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