Wealth creation was Drew Evans' main goal when he bought his first investment property almost ten years ago, at the age of 23. It became his goal, after learning that "51 of Australia's 200 richest people made their money from property".
He chose to go beyond buying properties and expect passive income and growth, however.
He chose to go beyond buying properties and expect passive income and growth, however. "My strategy is to use the instant equity that I can create in real estate development to pay off the debt of my primary residence," he says. "I was determined not to spend 20 to 30 years paying off my house and having this personal debt hold me back in my wealth creation plans."
The house in question is a beautiful 2,000 m² five bedroom, three bathroom house located directly on the water in Lake Macquarie, New South Wales. At present, he is "on track to be completely debt free at home by the end of 2020".
"I'm glad I learned not to invest like your typical retail investor," he adds. "Instead, I invest in real estate whose market value is less than the market value, I add value by doing small developments, then I sell or I refinance to continue to develop my wallet!
AT A GLANCE
Best investment: Main place of residence at Coal Point, New South Wales
Purchase price: $ 1.43M
Most successful project: Corner subdivision in conjunction with the construction of two four-bedroom houses at Cameron Park NSW
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