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 99: What happens when one discovers that property investing is not for you
Episode 98: Building a property portfolio using predominantly cash
Episode 97: Growing a property portfolio using different investment strategies
Episode 96: How to build an international property portfolio as an African
Episode 95: How Commercial Property Management is being changed by Covid
Episode 94: Life- changing lessons for building a successful property investment portfolio
Episode 93: How to ensure that the wealth you build through real estate is passed down from generation to generation
Episode 92: How to build 21 units in 2 years using other people‘s money
Episode 90: Formalizing & digitizing the back room market in South Africa
Episode 89: How to grow a property from scratch during the pandemic
Episode 88: How home staging can help you sell/rent your property faster
Episode 87: Identifying real estate investment opportunities in Nigeria
Episode 86: How to improve your credit score & grow your portfolio with bank money
Episode 85: How to accelerate the growth of your portfolio by buying properties cash
Episode 84: How to invest for appreciation and cashflow
Episode 83: Building a profitable portfolio of 12 short term rentals at the age of 23
Bonus Episode: How to own property in South Africa without Bank Funding
Episode 82: How to make money from flipping houses as a newbie property investor
Episode 81: Understanding additional costs in buying property & what makes a property a good buy
Episode 80: How the podcast has turned ordinary folk into Property Magicians - a chat with our listeners
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