“In London you can get 4- and 5-bedroom properties for around $175-300,000,” London-based investor Kevin Miller told Canadian Real Estate Wealth. “So we specialize in that market. It’s still obtainable to get your 300- and 400-dollar-a-month cash flows, even upwards to 800-dollar-a-month cash flow, in a single-family home.”
Miller, who is 24, started investing almost straight out of school.
“I got a job in an office right out of school but I didn’t really like that. When I lived at Fanshawe, I was charged $400 for my room per month,” Miller said. “I did the math; there were six rooms in that building, so the landlord was making $2,400 a month. So my very first year at school I thought, ‘This is definitely what I want to do.’”
Currently, Miller owns four separate investment properties but, perhaps surprisingly, he has been focusing mostly on single-family homes in London.
“To manage single-family homes, it seems a little bit easier to do it by myself; when I do expand, diversify, get a few more people working on my team, then I definitely think I’ll be able to jump into student rental,” he said. As of now, I do have one up at Fanshawe College area that’s a student rental, but it’s right on the verge. So it could be a single-family rental or it could be a 4-bedroom, and we’re getting $1,200 a month there.”
“So I got into that one at a $125,000,” Miller continued. “I’ve put about $15,000 into it, bringing me to about $140,000, and now I’m renting it out for $1,400 a month, which is a great return on investment considering that it was the first home that I bought when I was 20, so I only had to put 5 per cent down.”
Along with his investments, Miller just recently earned his real estate license.
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He learned about the opportunities provided by real estate investment while in school, and his properties in that market may soon help him become a full-timer.