Buying 3 positive cash flowing multi-lets during a pandemic
In this week’s podcast episode we interview Eddy Mokobodi who is married to Emily Mokobodi. He and his wife are the owners of a solar energy company and they also invest together.
Eddy always thought he’d be a medical doctor, but one day he picked up a pamphlet at the Wits open day and it spoke about construction management so he signed up for construction management and fell in love with the building part of property.
When he started dating Emily, she mentioned that she may end up in property and he realized she may be the woman he would marry. During lockdown 2020, they got a mentor and decided to look for properties that could be converted into multi-lets.
Their coach helped them structure viewings and understand how to read lightstone reports; they viewed 28 places, sent out 12 offers and ended up buying two properties at the same time (these were their first properties) and got 100% finance.
They renovated the property, and because Eddy comes from a construction background, they had access to construction companies so the process wasn’t as difficult. By March 2021, their units were fully occupied.
After that they took a breather and focused on their respective properties. Later in 2021 they purchased another multi-let and they had to get pre-approval for the property.
They got approval from the bank in 3 or 4 days for the next property, which they’ve just taken possession of.
Tune in to learn more.
Click on the podcast below and leave us a comment on the comments section.
Books that inspired Eddy:
“Rich Dad, Poor Dad” by Robert Kiyosaki
“The cashflow quadrant” by Robert Kiyosaki
“Fake” by Robert Kiyosaki
“The slight edge” by Jeff Olsen
“The 10X Rule” by Grant Cardone
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