The finance director of the Queensland Real Estate Institute, Rod Facey really hit the ground running when he bought his first block of land at the age of 21.
"I bought it for $ 44,000. The value quickly increased, which then allowed me to borrow from the equity of this land to build the house. To date, the initial deposit of $ 4,000 is the only deposit I had to pay to buy a property, "he says.
"In 2004, we used equity from existing properties to purchase a downtown Queenslander, and we continued to use it to also complete two renovations."
Equity became the foundation for the growth of Rod's portfolio, allowing him to buy seven properties, including his main residence. He also applied net worth to the purchase of what now serves as a vacation / investment home for his family.
Photo credit: Naz Mulla Photography
"If I encountered financial difficulties or if I simply decided to simplify life and reduce the debt, we could sell all of our investment properties and almost own our owner-occupied property. It's worth around $ 1.3 million, so it's a fantastic position to be in your early 40s! "
AT A GLANCE
Best investment : Downtown Queenslander
First investment: A block of land
Purchase price of the first property: $ 44,000
YOU WANT TO BE FEATURED?
Do you live the good life thanks to your wallet?
We want to hear from you.
editor.yipmag@keymedia.com.au
Main suburbs:
Nundah
,
wiley park
,
willliamstown
,
collingwood
,
Westbrook
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in a property, it is important to make sure that you don't just have the
Simply fill in a few details below and we will then arrange an Australian mortgage broker local to contact you and work out what features or types of loans suit your needs. We will even help you with the paperwork. In addition, an appointment is free.
We value your privacy and treat all of your information seriously – you can verify
our privacy policy here
