Just One More Property (JOMP)
Ever wonder how people get passive income streams and grow wealth? Last week Paul Fitzpatrick one of SVR’s owners and Broker of Record for Home Group Realty hosted a Webinar with Sylvia Ho from @sylviahomortgages. In the Webinar Sylvia gave a high-level overview of how she helps individuals and families grow wealth and passive income streams through cottage ownership.
Sylvia’s JOMP (Just One More Property) program explains how you can leverage the equity in your existing property to grow wealth and purchase other properties including cottages. She emphasizes that you don’t have to be wealthy to own multiple properties all you need is equity in your home to get started. Equity in your property is not earning you interest. She will take this equity and make it work for you in the purchase of another property. This other property will then be a rental property that will carry itself, grow in value over time and provide passive income for you. She is meticulous with her numbers and will go through all the risks and numbers with you.
Paul then spoke to the process of putting your cottage into the rental pool. He spoke about people who rent every single year considering the purchase of a cottage with their home equity. This way you can still have your cottage vacation and rent it out the rest of the time to grow more equity and wealth, cover your costs and provide yourself with a passive income. SVR partners with knowledgeable Realtors in all the cottage country markets and will personally introduce you to our preferred realtor in the market of your choice. We will be there when you find a property you want to make an offer on to help with rental numbers. Once purchased we will start the onboarding of your cottage so you can start earning passive rental income stress free!
That, in a nutshell, is how you can grow wealth with passive income streams.
As always, we look forward to hearing from you!