Have you ever wondered how some people manage to retire at such a young age? Have you heard stories about people creating wealth through property investment but you don’t really know how they manage to do it?
Well, meet Lisa. Lisa is 32 years old, and she has a property portfolio that’s already worth about $2.1million. She has a pretty good job – as a photographer for a bridal magazine, but she certainly doesn’t earn a six-figure salary.
So how did she manage to achieve so much at such a young age? It all started when Lisa was 25 years old and she bought her first property. Lisa applied for a loan to purchase a modest 2 bedroom unit in a block of four. She paid $230k back in 2007, and within a few short years she was on her way to an excellent collection of investment properties, all achieving strong growth and producing a good rental return.
Here is the timeline:
2007- Purchased Property A – 2 bedroom unit. Purchase price – $230k
2009 – Property A valued at $320k. Used the equity to purchase another unit
2009 – Purchased Property B – 3 bedroom unit. Purchase price – $310k
2011 – Property A valued at $350k, Property B valued at $420k. Used equity to purchase a house
2011 – Purchased Property C – 3 bedroom house on 800m2. Purchase price – $405k
2013 – Property A valued at $390k, Property B valued at $460k, Property C valued at $580k (after $40k renovations) used equity to purchase another house
2013 – Purchased Property D – 3 bedroom house on 700m2. Purchase price $450k.
Today – Total value of all properties is $2.1million.
If you’ve been thinking about investing in property, there’s no time like the present. A reputable Mortgage Broker can help you work out your loan options, and an Accountant or Financial Planner can help you to decide if property investment is the right decision based on your personal situation.