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 41: The Benefits of Working with a Niche Property Professional
Episode 40: Investing in guest houses in Lesotho
Bonus Episode: Property Kids Podcast
Episode 39: Changing the real estate landscape to reflect the demographics of South Africa
Episode 38: How to build a portfolio of 22 properties in an A-list area in 5 years
Episode 36: 9 Positive cashflowing properties in 5 years
Episode 35 BONUS: The ABCs of getting funding for your next property
Episode 35: The ABCs of getting funding for your next property
Epsiode 34: En-route to owning a street of properties
Episode 33: How to invest in property without any legwork
Episode 32: How to make money in real estate without owning or selling property
Episode 31: Emboldened at 27 to start a property portfolio
Episode 30: A sit down with the host of the Property Magicians Podcast to discuss personal finance and property
Episode 29: Tax planning: How to build a property empire that lasts for 400 years
Episode 28: How to build a portfolio of 105 properties in 13 years
Episode 27: Buying property for equity appreciation
Episode 26: How to go from 0 to 8 properties in 6 years
Episode 25: From domestic worker to owning a building that cashflows at R409, 000 per month
Episode 24: The ABCs of commercial real estate
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Dubai Property Podcast
The Ramsey Show
The Clark Howard Podcast