You can make anything happen...

I thought I would share my story because I would like to try and inspire others and let them know that anything is possible. Don't be afraid to take a chance.


My DH and lived in Sydney up until 3.5 years ago. We inally bought a house and stupidly I fixed the rate when it was 9%. Then GFC hit and rates went to 4.99%. Our mortgage payment was $500 per week. We had 2 x car loans at 14%ish, a personal loan of over $20k and a pile of credit card debt. We had a new baby and was just surviving week to week. My DH also paid Child support.

I went to a course which changed my life.

We moved out of Sydney 5 weeks after the thought first came into my head. We rented for 18 months. Sold our Sydney house and paid off a big chunk of our what I like to call "Stupid debt". Hubby sold his boat and we saved hard for a deposit on a house. Bought our PPOR January, 2012.

We only had enough deposit to look at a house worth about $260k. I bought a half decent house in what I was told was a not so good area of town. I didn't care, it has a 4 car garage which I can always convert to a granny flat. Mortgage payments are about $320 per week. I was paying $375 per week in rent. This became Property #1.

Used the next 12 months to save and pay off the rest of our stupid debt. January 2013- helped my brother buy his first house. My parents helped out with some of the deposit and I helped out with the rest. I class this as an IP because my name is on loan and title until my brother pays me back.

Property #2 - Bought for $340k. My brother pays the whole mortgage. Located in Penrith. I don't use this property to leverage off for future purchases.


Then I came across what looked to be a good opportunity in July 2013. Very run down property. Advertised for $259,000. Bought it for $245,000. Put approx. $40k into renovations and was revalued at $350,000. Tenant moved in the day after renovations were completed and paying $380 per week. This is property #3.



At the same time I thought it would be a good idea to set up a SMSF (just because I didn't have enough stress going on at the time with a reno lol). Bought a property in Tamworth. Paid asking price of $265,000 mainly because it was going to take up to 2 months to get structure and loans sorted for SMSF to purchase. The vendor took the property off the market because I paid what he was asking. I know the tenants. They have signed a 2 year lease at $290 per week. I borrowed $100k against this property. Rent increases are $5 per year as per agreement and they have the option to save a deposit and buy the house after 2 years. This became property #4.


Went back to my broker, borrowed against equity in my renovated property. Just exchanged on another property in Tamworth. Advertised for sale at $145,000, bought for $121,250. Rent appraisal is $230 per week. No work needed to property and I have negotiated that property can be advertised for rent during settlement period with inspections the week leading up to settlement. This will be property #5.


To essentially purchase 5 properties in a period of 2 years IS achievable. What I feel has worked for me is cashflow positive properties AND an AMAZING broker. Without him I don't think I would have been able to achieve what I have.

Anything is possible and reading the forums and following your gut feeling in my opinion is very important. Don't be afraid to take a risk. Jump out of your comfort zone and believe that you can make it happen!!!

Anything is possible... if you believe and work toward your end goal. I really do hope this helps some other people take the first step.
 
Nice work, only the start as well I'm sure!

Can I ask are you from Tamworth? Also what's happening in that market (both property and general economy) at the moment? I have a CIP there on Marius St but haven't kept a close eye on Tamworth at all recently.
 
The course I went to had nothing to do with property investing. It was an alternative new age kind course. Life changing...
 
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