Episode 105: How to own 6 properties in less than 12 months
In this week’s #PropertyMagicians podcast episode we talk to Precious Dludlu who works as an external auditing. She grew up in Hammanskraal, the last born of 7 siblings, raised by a single mother who worked as a domestic worker.
When her mother retired she moved to Bronkhosrtpruit, in grade 12, she decided she wanted to be an interior designer but her parents said no, so she ended up studying internal auditing.
She noticed that having an education and a career were not the way to financial freedom. When she fell pregnant she started to change her mindset and decided to build wealth.
In April 2020, a coach introduced her to a Bigger Pockets book
She started listening to the Property Magicians Podcast and hired a property coach in October 2020 and put in her first OTP in January 2021, by December 2021 she had 6 new properties.
First property made a profit of R1200 per month in Sunnyside.
Second property she was able to convert a 1.5 bedroom unit to a 4 bedroom unit and was able to make a R4,000 a month, on a property that she bought for R300,000.
The sellers offered her the third property since she had bought the second property.
She got 90% of the money from the bank to finance her properties; her savings were able to cover the down payment for the first 3 properties. For the fourth and fifth properties she worked overtime to make the money and then used that extra money to pay the 10% deposit and lawyer fees.
She also sold her house and moved to a rental place because the expenses of maintaining a house and paying rates was very expensive.
She plans on doing an AirBnB strategy and going commercial and moving into the salon industry.
>>>Click play to listen in
Books that have inspired Precious:
“Who moved my cheese” by Spencer Johnson
“The richest man in Babylon” by George Samuel Clason
“Rental Property Investing” by Brandon Turner
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