Bad bad bad Journalism! Young Property Gun

Discussion in 'Coffee Lounge' started by TMNT, 18th Jun, 2015.

  1. TMNT

    TMNT Member

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    http://www.news.com.au/finance/real...ortfolio-aged-24/story-fndban6l-1227403856040


    Shame Shame shame, I trust journalists as much as used car salesman, so it doenst surprise me, however

    she's a self made property holder even though her family is rich

    shes saved her deposits from significant pocket money

    shes bought something from a $50k inheritance

    Shes been to 23 countries and went to a prestigious private school

    Parents as a guarantor
     
  2. redwing

    redwing Progress Not Perfection

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    I was surprised at this piece, no uni, wealthy family but
     
  3. MRO

    MRO Member

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    Good on her for trying to build wealth beyond her future inheritance but she doesnt qualify as a 'property expert' in my books. Maybe in a few years. I suspect her business may satisfy a niche for other 'trust fund kids' looking to build their own empire with a bit of family assistance.
     
  4. sanj

    sanj Member

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    People are so quick to pick on others success.

    She has been given some advantages in life and is clearly trying to take advantage of the opportunities, that is a bad thing?

    Sure maybe she isn't a property expert but well done to her, at 23 she's well on her way
     
  5. Biz

    Biz $17 DOLLAS YO!

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    Everyone wants to retire at 30 these days. :cool:
     
  6. datto

    datto Member

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    Definitely not a bogan (ette)
     
  7. TMNT

    TMNT Member

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    I have a problem in that whether its her thats saying "oh im a property gun and I did it without any help" like a lot of rich kids say, or whether the journalist said "oh she is a property gun"

    I respect her for giving it a go,
     
  8. Peter_Tersteeg

    Peter_Tersteeg Finance broker/strategist

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    Not sure what the problem is.

    * According to her she'd had very little handed to her from her parents other than an excellent education. She's clearly very intelligent.
    * She did receive good pocket money, but unlike most, she saved it and put it towards deposits instead of spending it like most people would.
    * The inheritance has nothing to do with her purchasing property in Australia.
    * Her Mum's guarantee was for $60k. I've seen people get guarantees for significantly more. $60k is actually quite a small amount in guarantee world.
    * Travelling overseas has nothing to do with property investing. It might broaden one's world view, but there's plenty of successful investors that don't even hold a passport.

    The real inspiration here is that she had a few modest opportunities, she recognised them for what they are and used them to the best advantage she could. You don't need rich parents to get access to similar opportunities, plenty of kids make similar 'pocket money' working a weekend job and their parents are quiet willing to help with a family guarantee.

    The real inspiration is that she's very wisely created opportunities for herself and has the will to move on those opportunities. Most people hold themselves back because they're afraid to take a risk. Whilst most people are complaining about property prices, she's taking advantage of them. I don't think her success is due to being born with a silver spoon.

    The tips at the end are excellent general tips for property investing.
     
    MarkB and sanj like this.
  9. willair

    willair xx

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    Go for a drink down the Nimbin Hotel front bar,everyone one talks too is retired by 29,but all are on the sit down money disability pensions,so who is the dumb one, the person that works for 45 years in a job they don't like with people they don't like,or the person who walks into Doctor how long and can sit in the front bar all day all paided for by hard working tax payers..
     
  10. Biz

    Biz $17 DOLLAS YO!

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    I HATE NIMBIM! Such a dissapointment. Awful road to get in there too.

    But yeah, everyone wants to retire by 30 these days. :cool: 30 is the new 65.
     
  11. sanj

    sanj Member

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    Good post PT .
     
  12. sash

    sash Member

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    I had a quick squiz...50k is not a rich family...sure htey paid her to go to private schools...but she seems to have a FANTASTIC head on her shoulders.

    Do you think many young people like her would have achieved what she has at 24...I can tell you I did not! She also scrimped and save...so lets not take that from her...

    2.5m at 24 years of age is awesome....lets just hope she keeps going and does not get caught up I am rich. I have seen a few people do this after years of pushing hard and then lost the lot. I don't that will be her...I can see here running a very successful business...she seems to have a great business head.

     
  13. Biz

    Biz $17 DOLLAS YO!

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    It is but i'm not sure I would waste anything more than a troll post trying to dissect a "news" story from new.com.au.

    It's basically all property hoopla or Kim Kardashian over there.
     
  14. Kinnon Bell

    Kinnon Bell Member

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    I thought this was a fairly balanced article for a change.

    Her situation once finished school doesn't appear to be out of the ordinary for a typical school leaver - it's just what she chose to do with the opportunities that set her out from the rest which would be available to a good portion of people her age.

    -She wasn't given any cash by parents so family wealth doesn't seem to have anything to do with it (other than highschool education)
    - Started working at 14 and saved her money
    - Didn't seem to have the sense of entitlement a lot of people seem to have
    - I don't think $125 a month pocket money is a lot - that' s just shy of $30 a week
    - Took the steps required to educate herself
    - Didn't give up after the first hurdle and claim it was all too hard when the bank knocked her back
    - Family g'tee - this isn't out of the ordinary for first property buyers
    - Now she wants to leverage on (albeit it rather limited) experience to diversify her business and help others

    Good on her.

    A gem from the article too:
    The only thing I thought to be out of the ordinary is to be a policy advisor at the age of 20....
     
  15. Azazel

    Azazel Member

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    It's overrated. Everyone else is at work ;)
     
  16. sash

    sash Member

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    Just read the article again...she does have about $450-500k equity...not bad for a girl who started with $160k of which she inherited 60k.

    I think she will do well in the future....lots also on SS who have done this....real test is where she going to be in 10-15 years....:D

     
  17. geoffw

    geoffw Untitled

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    Joe Hockey would love her. A prime example of anybody being able to start with nothing and buy a house.
     
  18. Burnhi

    Burnhi Member

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    Agree with you TMNT. I think its a bit of sensationalism journalism. C'mon "Sydney Property Guru"....really?

    However smart marketing/spruiking for her business, but I don't think anymore than that.

    We all know on here, the first property to buy, is always the hardest. Thanks to her powers of persuasion, Mum gifted by way of guarantor, so no outlay needed. Her real savings were used for the second property, with which capital gains from the first + rent return would have helped. It snowballs from there, and to her credit she is making it work.

    In terms of the lay person, they don't get given the first start in that way.
     
  19. ZOMG

    ZOMG Hungry

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    The article does have some good points like setting realistic expectations for where you can purchase, saving, paying down debt etc but couple of things stood out to me that suggested the article had a huge marketing aspect to it:

    *She says to buy positive geared properties but at the same time suggests people to go for 95-100% LVR. Even in regional places this would be extremely hard to do, much less places like the one she bought at.

    *Not everyone has a family that can be a guarantor

    *Policy advisor at 20 y.o.? What?

    It is a breath of fresh air compared to the usual "boo hoo I can't buy my dream home at Bondi Beach", at the very least it should promote some good discussion amongst coworkers of whom many have a big entitlement belief.
     
  20. Azazel

    Azazel Member

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    With a big enough deposit any property could be positively geared, not at 95-100% though.

    JB must've done Daddy a significant favour at some point to return it in that way - I'm sure it was all above board :confused: