In this week’s Property Magicians Podcast, we talk to Thabo Mongoato, a father of 3 boys and a full-time property developer and coach.
Thabo started off as a pharmacist then did his MBA and worked in various fields, until 3 and a half years ago when he moved into property full time.
In this podcast, he shares how property has always been his passion but he invested in property the “wrong way.”
He bought his first property to have a roof over his head – the interest rates were at an all-time low and rent and mortgage were the same, so it made sense for him to buy.
The second property was an investment decision that went wrong, he attended property training courses that taught him that the property he buys doesn’t have to be cashflow positive and that property appreciates over time and he believed them, but then the property started draining his cashflow and he ended up selling it at a loss after 5 years.
When he had to leave his last corporate job, he realized that needed to think about wealth in a different way. He started reading a lot and attending seminars and workshops and learned about property and the right way of doing things and started flipping and moved into development.
After a few months of coaching, he attended an auction in Boksburg, bought a property, flipped it and made a profit of R151,000 in 5 months.
He then bought a development, which was a half structure for 84 units, which looked straightforward on paper but ended up taking 3 years to develop because of Covid and rising prices.
He is currently working on another development in Braamfontein in Johannesburg and has raised R9 million for that development.
This is another eye-opening podcast.
Click play to listen and leave us a comment 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
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Aligned Money Show
Dubai Property Podcast
IBKR Podcasts
The Ramsey Show
The Clark Howard Podcast