This week we passed another great event – the sale of our third investment condo. And as we finish the math on how much we made, we’re nearing the $100,000 mark.
And yes, I’m being totally serious, and no I’m not being braggy. I just want to be honest. In case you’re a girl that’s tired of slugging it out in your day job and scrimping together for your RRSP’s wondering how it’s all going to work out, or if you’ll even have enough money. If that’s you, listen up.
This condo was not technically an investment condo, since we actually lived in the unit for a while, but it was bought with the intention of being an investment.
We bought the unit in 2009 and I wouldn’t exactly say it was easy. I knew investing in condos was a great way to make money…because I’d done it before and made $50,000, but as the date to sign our papers got closer at the showroom in that fall of ’09 it was seeming more and more scary to me. You know, all those naggy, scary, “oh my god, what if I lose everything” kind of thoughts.
And to categorize them properly, I’ll say they are fears…not just thoughts. Thoughts have more logic and reason. Fears are not logical at all, and they prey and amplify your biggest worries.
Pushing through them is hard work.
But, I did.
So, we bought our condo, and pulled together our pennies (literally) for our down payment. Then we waited for the condo to be built. We waited 4 years. And finally it was ready. Here’s what happened.
When we were about to list the condo I was worried after hearing the news. Things like “Condos won’t sell!”. “The market is crashing”. “There’s WAY too many condos for sale, you’ll end up selling at a loss”. But to quote my buddy Brad Lamb, “When someone gives you Real Estate advice, look at them and see if they’re really rich from Real Estate. If they’re not. Don’t listen”.
It’s true, people will tell you all sorts of horror stories…thinking they’re protecting you. But in my experience, all it does is keep you where you area. And my dreams are too big for that.
So with the sale of the condo this past week I’m thrilled at how this has worked out…after all $100,000 extra can buy a lot of shoes…or trips…or Prada purses!
Of course, after my fantasy thoughts subside I start to think…”Wait a second…what If I put that money into 2 more investments…and make $200,000 next time!?”.
So that’s exactly what we’re going to do.
I will say that I’m happy to invest in condo’s because I’m familiar with the Real Estate Industry. If you’re not, it can be extra scary, and that’s where getting some decent advice comes in handy. And not the fantasy land “every one makes money in real estate” Reality TV shows kind of advice…although I do love them too! No, you need to get educated and learn how to take the leap properly. That takes time, and practice, but most importantly the courage to take the first step.