Real estate investing can provide reliable wealth growth and build long-term financial stability when one knows how to invest wisely. According to an article written for Twenty-Three Homes with Glen and Gift, real estate investing created 90% of the world’s millionaires and is one of the most reliable wealth-building structures available.
As with any form of investing, starting earlier gives one more time to build a financial foundation to grow from, and Dylan Suitor is one real estate investor who has been making impressive moves for many years in the real estate space.
Suitor started out in real estate at the young age of 18 years old after purchasing a house from his mother. This first house purchase taught Suitor many valuable lessons about responsibility and how to be smart financially. Five years later, he sold the house and put the money toward loans and investing in real estate, giving him the first taste of real estate investments.
Now, Suitor is a widely successful real estate investor who has acquired over 300 doors and owns one of the top 0.1% real estate agent businesses in Canada, Elevation Realty Network. Suitor also owns Keller Williams Co-Elevation and has made many successful real estate investments over the years.
Recently, Suitor has closed some of the biggest deals he has made, and June 2021 was a successful month for Suitor when he closed five apartment buildings for clients and two for Suitor himself. The first building was an 88-unit apartment in London on a 25-year government grant loan, which limited the leverage they have to only 25%.
Luckily, Suitor used his creativity and financial options to put $2.5 million down as the first mortgage along with his JV partner. Currently, they are working with the city and the CMHC application to be granted 70% leverage, which will provide six figures in wealth annually and will be worth two to five times more when the grants dissipate in 17 to 22 years.
The second building involved in the deal is a 60-unit retrofit project worth approximately $7 million in value after the six- to 18-month-long project. The project is mixed with commercial units, residential units, and tons of value creation through laundry, lockers, loft style unit conversions, and underground parking.
It is also located on the future LRT line (light-rail transit) and right across from Hamilton’s Gage Park, making it a more attractive building for new apartment owners. Suitor predicts this project will be a full BRRRR (Buy, Rehab, Rent, Refinance, Repeat), which will make it a long-term, sustainable investment.
Although both deals are exciting and are setting up Suitor and his partners for tremendous success and took a great deal of hard work to accomplish, Suitor likes to note he’s working harder toward a healthy work-life balance. Suitor explains that “there is no point in having money if you can’t spend it on experiences” and “experiences are way more valuable to me than any amount of money.” Suitor works extremely hard to run his businesses and investments, but says, “Changing my outlook and spending more time on all aspects of myself, not just my financial position, has been a complete game-changer.”
Suitor has many exciting plans for where he will take his real estate investments, and is always striving to scale himself to reach greater possibilities. His goal currently is to reach 1,000 doors in real estate, and to continue to coach his real estate agents and add value to their lives by giving them the means to develop their own life designs.
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