Overcoming Addiction to own 35 Properties
In this week's episode, we talk to Leroy Slava about his property journey.
Leroy is a husband, a father to a 20-month-old daughter named Hope, a Christian and a full-time property investor.
He currently owns 35 properties but his property journey started by mistake - he was a drug addict for 10 years, since grade 10, when he was 20 his father passed away and left him a house, at the age of 25 he decided to move closer to his mom so he sold the house for R300,000 (US$18,000) to a buyer who then turned around and sold it for R600,000 (US$36,000).
This incident triggered his interest in Property.
He started going to auctions, looking for cheap properties, when he got there his perception of money was forever changed - he arrived at the auction and saw guys in Orlando Pirates and Kaizer Chiefs (South African soccer teams) t-shirts, buying 4 properties.
He befriended them and started asking them for advice on selling and flipping houses and they shared their knowledge with him.
A year later, he took some of his money and also borrowed money from his mom and bought his first house at an auction. He made a R60,000 (US$3600) profit from the sale of the house.
After that, he went and bought the wrong house twice and was able to make R224,000 (US$13,400) profit from the sale of one of the houses.
One day his sister, Candice Van Wyk (Episode 17), received an invite from the Rich Dad seminar, it was here that he learned about cashflow and deal analysis, which started him on a buy to let strategy and a focus on creating monthly cashflow.
