Interview with Daria Hill on her Journey to Reaching her Financial Nirvana!

Hello FNM Community!

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Her goals are to live mortgage free, purchase other rental properties, and work toward making those rental properties mortgage free over the next decade, which she is well on her way to achieving.

If you ever wondered:

  1. what the easiest way to get started investing in real estate is?

  2. why having an income property is worth the effort?

  3. how to get started in your real estate journey?

Then, I think you’re really going to love this dose of inspiration from Daria Hill.  She is a true entrepreneur at heart, and has lots of valuable advice about the steps to take in order to create success in your real estate journey for yourself.

  1. You bought your first property at a very young age and got onto Income Property.  How old were you?  Why did you want to go on Income Property?

My husband and I bought our first property when I was 28.  A bidding war in the hot Toronto market left us with an overstretched budget and a fixer-upper on our hands. We were homeowners!

The bungalow we bought had a kitchenette downstairs. We were told the previous owners were renting the basement out to a relative. It got us thinking: maybe we could rent the basement out and get help making our steep mortgage payments?  Now if only shag carpets, wood paneling, and dark basements were in high demand… We spent our first year gutting the basement ourselves and contemplating how we could piece it together into an income suite.

A year later, we were fortunate to appear on Income Property. The experience was a turning point for us. We learned a lot from host Scott McGillivray on how to become a landlord and how to get a suite rental-ready. Despite taking a financial risk to renovate the property, we were convinced that this would set us up for financial reward over the long run.

  1. What are two or three things that you learned from being on Income Property that could help people who want to continue on an investment path?

a)     One of the easiest ways to get into real estate investing is to put a rental suite into your principal place of residence. Not only can you keep a close eye on your investment, it gives you hands-on experience in managing tenants and inherent issues of the home.

b)     Getting a cheque each month from tenants and putting it directly against the mortgage shaves years off the term.  That translates into thousands of dollars in interest savings and a faster road to becoming mortgage-free.

c)     A nice home attracts nice tenants. Having a great property location and a good quality renovation means that you’ll attract a good tenant profile. Tenants will take cues from the suite you present them.  Stained carpets, chipping countertops or ultra cheap finishes suggests the landlord does not care enough about the space. Bright lights, clean spaces and modern finishes indicate pride of ownership.

  1. With more than five years with an income suite, can you quickly summarize the pros and cons of having an income suite?

Pros

  1. Monthly income

  2. Mortgage and debt paydown

  3. Building confidence and experience as a landlord

Cons

  1. Sacrificing some privacy and space