April 5th, 2023 | Buyers
Seeing the bigger picture
Taj came to us years back, a young(er), eager & driven professional with a great story. No seed money, no help, just grit and determination – just our type! He wanted to make his mark in the real estate market. After a Buyer Consultation with Amir, we decided the best approach would be a condo as a start, both because it required less capital vs a house and allowed for him to get in earlier, but also because it’s great training ground … an easy way to get your feet wet, so-to-speak.
After searching for a bit, we came across a unique opportunity, an Assignment (vs a more typical resale transition). Aside – Assignments are when a Seller, who had previously purchased a home/condo directly from a builder/developer, is looking to ‘Assign’ their rights/responsibilities to a new ‘Owner’, effectively passing the torch. We won’t get into the pros/cons and details (DM us if you’d like to learn more about Assignments) – but suffice to say that they are their own market and come with their own nuances. Assignments aren’t for everyone – but for those who choose to explore this route, there are great opportunities to explore!
No surprise to us, Taj did just that, and we went on to secure an incredible upgraded Penthouse suite with parking for a ridiculous price – awesome!
Taj continued to pursue his real estate goals with us in the coming years, not stopping at one, but later acquiring another investment property which we rented out. Great spot, unique, awesome again!
What came after is the best part.
This young(er) professional, with no help, but just vision and the will to actually DO what he set out to do – i.e. not just sucking his thumbs but rather acting on his vision – decided he wanted to purchase another property, a bigger one, a better one, a true multi-unit investment, and this at a time when everyone else was very weary of the market conditions (understandably so!).
Taj, instead, decides to take a meeting with Amir, and explore the option of selling the penthouse and trading up. A great move! Why? Because in down markets, the more expensive asset often depreciates by more vs the loss of potential gains on your existing less expensive asset (in English please, Amir: the penthouse might have dropped in value, yes! But that drop isn’t anywhere near the drop of the multi-plex we sought & secure – so Taj made a good trade!).
What did we get? A super large 3-level, 2-unit, multiplex home, with laneway housing potential galore + a home right next door that had already extended up and back with 4-legal units (i.e. a next door precedent that would make getting permits to do the same super easy!). Oh, and by the way, the upper unit is larger than Taj’s existing condo/home – so an upgrade! Plus he’s steps from the subway in a central core location & has the bottom suite already rented at market rent .. awesome again!
How did all this come to be? Taj saw the bigger picture, period.
He didn’t stop with one action, he understood that each action was necessary to get him to the next point in what is a journey and not a destination.
Unfortunately, we don’t work with Taj’s as often as we would like. And it’s not uncommon or unreasonable to be a bit more reserved and risk averse. But, to make a dent, to make a mark, to pursue your dreams and goals .. sometimes you just have to be fearless and go for it.
Taj’s story is one that should encourage those who dream of doing something similar – it’s 100% doable. You just have to start. Somewhere, anywhere. What’s worse is sitting on your a$$ and doing nothing.
Seeing the bigger picture requires you to understand that all aspirations require movement – you have to climb the ladder, here and there you’ll meet a step that’s not so great and fall backwards, but guess what, if you don’t take the next step forward .. you’re not going anywhere!
Congrats Taj, and thank you for allowing us to be a part of your journey!