Managing your expectations and budget when renovating

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This week’s podcast guest Babar Moghal talks about his choice of Port Colborne as an investment location and which strategy he finds most effective there. Babar also talks about the importance of a power team, particularly those who understand the area you are investing in and are an investor themselves. Barbar and Sarah discuss budgeting for your renovation and why it’s important to manage your expectations and buffer your budget.

Babar began his real estate investment journey in Calgary, Alberta and moved to the GTA in 2020 with his wife and son. As a professional engineer with over 17 years in the corporate world as a business development expert, Barbar realized that even with his success in the corporate world, there were limitations but real estate took away that glass ceiling.

His portfolio consists of two flips and a very successful BRRRR project. He recently started a wholesaling and flipping business to grow his portfolio and help other investors get off-market deals. Babar is also actively JVing as a money partner for various flip projects. His philosophy in life is Success = Mindset + Action.

In this episode, you will learn about:

• Port Colborne market insights
• The process when purchasing a property
• Working with mortgage brokers and investing in experienced contractors
• Budgeting for a renovation and managing your expectations.
• The importance of having a Realtor who understands investing
• Understanding the refinance process