Unfortunately, nothing was coming up for sale, and owners were holding their cards close to their chests. In light of this, Kori initiated a personal letter-writing campaign to every owner in the building to see if she could tease out any potential sellers! And, lo and behold – she got three bites! After some back and forth, Kori managed to secure a lovely loft space at a competitive price for Lidia. And, with that one acquisition, Lidia’s excitement in Toronto real-estate was re-kindled! Lidia expected to make money, but she didn’t expect to make more in real estate than any other financial investment. And, so it began.
Over the next few years, their first investment property built significant equity – in fact, it tripled in value. And, not a month went by without a Tenant paying the mortgage down. Simultaneously, it became clear that it was time to sell their family home of 20+ years and downsize. With their adult children moving onwards and upwards, it was time. However, Lidia and her husband didn’t want to downgrade their lifestyle. They weren’t ready for a condo, and they certainly weren’t prepared to move out of the city. So, instead of their next move being investment-driven, this one was personal (and emotional). It’s not easy to let go of all the memories of raising their kids at their family home, nor is it easy to deal with a home full of stuff they had acquired along the way too! So, their real-estate goals evolved. They were now on the hunt to find a perfect house in a great neighbourhood while also preparing to sell their ideal house in a great community. Trying to make a smart house swap while keeping finances, investment, and a retirement plan at the forefront of the search is not easy to pull off. With that in mind, they embarked on the hunt, and they saw many homes – and a lot of rubbish homes, to be honest. It took time and perseverance to find the right fit – there was no point in making a move without it being the right one. After some time and persistence, they finally discovered that one-off gem! It was turn-key, priced right, and located in a fun, attractive (and walkable) neighbourhood!
It was time to turn their attention to their beloved character home on Strathearn Blvd with the purchase secured. It needed to be packed up, freshened up, staged, styled, and photographed to perfection. Not to mention, they were in and out of Covid lockdowns at the time – a changing real-estate climate that felt unpredictable and somewhat foreboding. In this case, pricing was paramount to selling fast – there wasn’t time to “test the market” or work from a place of self-interest. From day one, Lidia was on board with the timing, the strategy, and the valuation. With some old-fashioned hustle from everyone involved – Fox Marin pulled off a beautiful listing in record time, scoring multiple offers the day they hit the market. Though Lidia admits to feeling emotional about letting go of this property, she knew it had been her family’s nest egg that had served their long-term goals and even more significant gains.
After buying, selling and moving – Lidia and her husband returned to the drawing board with their acquisition and a sale behind them. Knowing they had some financial reserves in their pocket and rapidly appreciating market conditions, they decided to land on one final investment property to close the loop on their real-estate portfolio.
Kori loved that Lidia is only interested in properties that she would be willing to live in herself – eliminating cookie-cutter condos, cheap townhomes, and highly gentrified neighbourhoods off the bat. No trips to City Place, Liberty Village or Fort York are required! However, this makes those needle-in-a-haystack properties harder to find from an investment perspective – knowing that an end-user will always be willing to pay more than an investor.After a few multiple offers scenarios, a couple of HGTV moments, and a slight cooling in condo market conditions, they managed to land on another hard loft to seal the deal. They had come full circle from where their real-estate relationship kicked off with a second property in the very same building!
Talk about maximizing what she had and making her money work for her! This story is a prime example of the power of leverage.