Indian-origin businessman, 33, earns ₹9 lakh a month by renting properties in Canada
Karun Vij always wanted to own property in Canada. He turned his dream into a reality after he graduated from college.
Karun Vij, a 33-year-old Indian-origin businessman, owns four properties in Canada and earns rupees nine lakhs a month through them. Yes, you read that right. Vij always wanted to own properties, and he turned his dream into a reality after graduating from college.
While attending McMaster University in Hamilton, Ontario, Canada, to pursue an engineering degree, Vij saw that nearby rental properties charged per room rather than the entire house. He then decided that instead of giving his house on rent to families, he would cater to students as it seemed more profitable. Even though it took him time to save money, he was able to purchase a house close to McMaster's campus by the time he graduated in 2016, reports CNBC Make It.
When Vij was 26, he put down about $64,781, (approximately. ₹54 lakh) for $323,904 (approximately. ₹2.7 crore) Hamilton property, and rented it out to seven college students. (Also Read: Internet shocked as woman offers to rent out half of her bed for 658 USD in Toronto: ‘So ridiculous’)
“I knew the area, I liked the area — not too expensive or too cheap. Plus, it’s like a top five university in all of Canada. It was solid,” Vij said to CNBC Make it.
After renting out the property, Vij didn't plan to become a full-time landlord. Once his college finished, he started working as an application engineer, and later an account manager, at a global workplace automation firm. Later, Vij bought several homes in southern Ontario with his higher salary and rental income.
He told CNBC Make It, "When I bought my first property, it was the most exciting and nerve-wracking time of my life. I had no idea what it would take to be a landlord, but I knew in my mind this was my business."
Now Vij resides in Chicago with his wife and daughter, earning a little over $183,000. He owns four rental properties in Canada, totalling a worth of almost $2.3 million.