As the founder and CEO of Propertybuyer, Rich Harvey has led a comprehensive career focused on creating wealth in assets and cash flow in the Australian property world.
"I trained in economics, so I've always believed in the power of leverage and wealth creation through real estate investing. Compound interest and capital growth are one of the seven wonders of the world, "he said.
IN BRIEF
Best personal investment: Cottage on a large block at Pennant Hills, NSW
Price to buy: $ 235,000
Price: $ 245,000 for the main house; $ 600,000 for a house at the back
President of the Association of Realtors of Australia (REBAA), Harvey launched his own real estate project with a classic post-war cottage located on a vast lot of over 1 000 m² in Pennant Hills, Nova Scotia. From this property, he was able to do magic.
"He needed a serious renovation. We paid $ 235,000 and completely renovated the interior. Then we subdivided the property and built a new four-bedroom house at the back, "he says.
"We sold the house before for $ 245,000 and then we settled in the house at the back. We lived there for several years while our kids were young and then sold for $ 600,000 in 2003. That would be more than $ 1.4 million today! "
Top suburbs:
Padbury
,
alexandra hills
,
Willoughby East
,
emerald
,
Hebersham
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