『Investing in Retirement』のカバーアート

Investing in Retirement

Investing in Retirement

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 Sylvia Ho talks with Filomena who, along with her husband, is utilizing the J.O.M.P program to finance the purchase of a rental property and future retirement home in Florida. Filomena shares how the challenges she initially expected to face were not as difficult as expected with Sylvia’s assistance.Filomena and her husband John have been married for 20 years and have two kids aged almost 14 and 12. After recently paying off the mortgage on their current home in Toronto, they began to wonder how they could tap into the value of that home and grow their assets. Sylvia confirms that the equity in owned homes can lead to opportunity to buy investment properties, which is exactly what Filomena did.While Filomena loves the Toronto area, she and her husband decided to explore property options in Miami Beach, Florida. She cites the beautiful weather as a deciding factor but also shares that a key thought behind Florida is to secure a place for future retirement. Something to invest in now that will also present a place to retire when they’re ready. Filomena’s advice to listeners is not to be afraid but to arm yourself with information and not assume that difficulty with a first property will lead to difficulty with a second.  To Get in Touch with Sylvia Ho | Mortgage Edge Agent 1 | LIC #10680 FSCO# M08003923: schedule a call | facebook | linkedin | youtube | instagramInterested in learning more about Sylvia's J.O.M.P (Just One More Property) program? Visit www.justonemoreproperty.caLearn more about Sylvia's services: www.sylviaho.ca— TranscriptionSylvia Ho  00:00Thank you so much for coming on, Filomena. Tell me a little bit about yourself.Filomena  00:05So I'm married, now coming on 20 years, believe it or not. 45. I have two kids aged almost 14 and 12. We're kind of at the point of our lives where we just finished paying off a mortgage and thought, how can we tap into that value somehow? And how can we make our assets grow? I mean you start to think about retirement - figure now's the time, and that's what's prompted us to pursue this strategy.Sylvia Ho  00:33Beautiful, beautiful. So what were you looking for when you first came to me?Filomena  00:37I was looking to find out what our financing options were. How to tap into the equity that's in our home.Sylvia Ho  00:43Right, right. Equity just sounds like a foreign word because people just don't understand what the word equity is. I have my definition of equity. What do you think equity means to you?Filomena  00:52My net worth.Sylvia Ho  00:53Yeah. You know what they say a lot of Canadians, their biggest asset is sitting in their floorboards. Right? And that floorboard is not making you any money. So right now you're looking to use that money that's sitting in your house to make more. Did you think that you could ever own another property?Filomena  01:09Originally I thought, given the housing market in Toronto, I thought it would be very difficult. But given how it's taken off of late, I started to realize, hey, there's potential there that we can kind of harness that growth and get another property as well. So did I think I could 20 years ago? No, but I'm starting to see my view has changed.Sylvia Ho  01:30Okay, beautiful. You're one of those clients that are like, hey, Sylvia, I don't want to buy in the Toronto area. What are you and your husband thinking of buying right now?Filomena  01:37We are thinking of buying in Miami Beach, believe it or not. We've done quite a bit of traveling over the years, and there's always lovely places that you want to go and see. But it was unique to us, because it was very much like Toronto, which we love, except it's got nice weather year round. And that's what attracted us. And plus the entry levels to get into the real estate are a little bit more attractive than they are here. And so we thought that, you know, why not combine investment property with what we hope will ultimately be a place that we can go and spend part of our retirement in. So that was the plan.Sylvia Ho  02:13Wow. Beautiful, beautiful. It's definitely warmer down there than up here. So where are you in the process right now in regards to the J.O.M.P. program? And what kind of obstacles are you facing?Filomena  02:23The obstacle we're facing right now is contrary to what I thought. I thought it would take a long time to sort of line up the financing, and all the legals and all the logistics, that part's actually been - thanks to you - quite easy. The challenge we're having is supply, we have our hearts set on a particular type of property - number beds, number bath - and for us right now the challenge has been a supply in those type of properties. There just isn't a lot right now. Trying to balance being patient with being afraid that what little there is there would be scooped up. So that's been the challenge for us.Sylvia Ho  02:56Right, right. Right. And then so your realtor down in Florida, what are they saying? Like ...
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