todd's First
mortgagE
"Real estate kind of snuck up
on me. I didn't get into it for the
money," says Talbot who was
working as successful actor when
he started renovating. "I've always
struggled with this: being an artist
and this financial fixation." Talbot
describes his first foray into the
real estate market.
"I bought a two-bedroom, two-
bathroom condo in [the Kitsilano
neighbourhood in Vancouver],
which happened to be the display
suite. I had no furniture so I tried
to negotiate in all the staging
furniture. They didn't go for it.
The only way I could swing buying
my first place was to convince
my buddy to rent the other room
from me and that ended up
subsidizing half my monthly costs.
I drew up what I would later learn
was a rental contract, literally on
the back of a napkin. We lived
together for three years before
that property turned into a rental
property. I refinanced it many
times and funded multiple other
properties with it. I learned huge
lessons owning that first property,
which I sold a few years ago."
hE said
Dominion LenDing CentreS OUR HOUSE Spring 2017
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