Lessons learned from having your Properties being Auctioned and Rebuilding a bigger Portfolio during a Recession
In this week's podcast episode, we talk to Dunisani Manganyi, IT expert, full-time real estate investor and mentor about his journey as a real estate investor.
Dunisani bought his first property at the age of 23; by the time he was 27 he owned 7 properties.
He soon started investing in land and flipping some of that land (selling it at a higher price than he bought it).
This was before the 2008 recession, so the market was good, no one had told him about market cycles, so he ended up with a portfolio that was 60% land.
When the market crash did come, the South African market felt its effects in 2012 and he'd already quit his job and was a full-time real estate investor.
He couldn't sell or develop the land because the value started to drop but he still owed the banks so his expenses were outpacing income, he started using his rental income to pay for his life expenses and soon defaulted on mortgages.
He lost 80% of his real estate portfolio and in the podcast, he shares the trauma of watching his properties being auctioned off.
He then shares how he worked with his wife, Thabile, using her credit record to rebuild their real estate investment portfolio during the recession and how they ended up refinancing their residential house to build a property that cash flows at R26,000 a month.
Dunisani now mentors people on property through, Riches and Beyond, an educational property company.
This is yet another inspiring episode that teaches us that losing everything, can actually be the start of something greater.
