The air feels cool outside. A thick layer of clouds sits atop the low-slung horizon. I sit outside, and a colleague joins me for lunch. It’s not planned and welcome.
We talk about life outside of work. He says he doesn’t take up employment that takes up time outside of work hours. He doesn’t even know his monthly take-home pay. A majority of his income comes from property.
He buys to rent, not to sell. The key to success is buying low and getting a good tenant in who pays both the mortgage/bond and levies/fees.
Once, a property owner asked for R2.3m, he offered R1.5m. The final sales price ended up being R1.8m.
When a property appreciates, he takes a loan against the appreciated value and puts it towards another property. He once used his pension fund as a surety against a purchase. Making his pension work double-time in his favor.
He says he does what he is told. He’s an employee, and so he does what’s required to take home his pay. Some time ago, he got bored of doing the same thing day in and out. To save himself, he created his own company to challenge himself. Taxes. Financial accounting. Operations. He had to learn. He had to do. That was probably 10 years ago already. He also cites his laziness being the driver of all that he does. He doesn’t want to work until the age of 65.
He doesn’t come across as a wheeler and a dealer, but the best ones rarely show their true colors.