A Success Story

Each week our team scours the internet for stories and articles on real estate investing in hope to keep our followers up to date on the ever changing real estate market. It is always great to hear about new endeavors from REIs and even better when we come across a great success story. Last week we came across a young man’s story from Canada.  His name is David Toynbee and he flips houses as a part-time real estate investor. His portfolio contains nearly a dozen commercial and residential properties.

road to successHere’s his best advice to other REIs

“It is far too easy to quit when a few of the inevitable real estate problems arise … your vision must inspire stronger motivation and action than the paralyzing disappointments.”

He should know. Almost 10  years ago David Toynbee suffered a traumatic head injury at the age of 25. He was  given “a 50-50 chance of dying or being a quadriplegic.” With a strong will to continue his life, he defied the odds and walked out of the hospital three months later. The following year, he regained his ability to read, his driver’s licence and job.

Quite and inspiration to anyone in a devastating accident. But David went on to defy the odds and tried his luck at flipping houses. We picked his story because his strategy aligns so much with what we teach here at Part-Time REI. 

His Strategybooks to read

Like any good student, David read up on his subject. He found inspiration in books on real-estate investing . And furthermore gained the investor mind set and the motivation to purchase his first investment property. He also joined the Langley, B.C.-based Real Estate Investment Network to learn more about building a portfolio of properties. Something else we recommend; surrounding yourself with like-minded people.

He is primarily a buy-and-hold investor, focused on generating cash flow from his properties. Cash flow is “the most important factor in sustainability,” he says. Adding key points to finding good areas and opportunities to add value with renovation improvements and/or changes of use.

David soon realized that after a few years, his first investment property had more equity in it than what he could possibly save after 20 years in his day job. This was the first realization that real estate investing was an avenue worth investigating for him.

He has also learned valuable lesson on leveraging the right people in his business. Once he hired a property manager with out interviewing them and outlining his expectations. That hurt him more than it helped him he says. Lesson learned.

 

Do you have a success story that you would like to share with Part-Time REI?

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Erik Hitzelberger has been Real Estate Investor since 2007. While learning the ropes in the market down-cycle, he now teaches others how to use his systems and leverage other people’s expertise to achieve their own goals.

Erik Hitzelberger – who has written posts on Part Time REI.


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About Erik Hitzelberger

Erik Hitzelberger has been Real Estate Investor since 2007. While learning the ropes in the market down-cycle, he now teaches others how to use his systems and leverage other people's expertise to achieve their own goals.

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