Cory began investing in 2006 as a side hustle while working in the corporate world in Toronto. After realizing his salary only covered day-to-day expenses, he researched options outside his day job and purchased his first duplex in London, Ontario.
Between 2006 and 2008, Cory bought approximately 12 houses using minimal down payment programs and became severely over-leveraged. His properties were barely cash flowing, and when the market shifted, he owed two million dollars in mortgages against only one and a half million dollars in property value.
It took him almost five years to recover by liquidating most of his properties and reducing his portfolio from 12 to 4. He did all his own property management work to save money, and relied on his corporate job income and lines of credit to stay afloat during the crisis.
He met Dalia after a broker failed to do due diligence on pre-approvals for three pre-built condominiums in Vaughan. Dalia conducted a strategy session over the phone, asked about his goals and future plans, and successfully financed the three properties.
He advises new investors to make sure their foundation is strong and to avoid being over-leveraged. He emphasizes that real estate markets are cyclical and you cannot bank on them always going up.
