24-Year-Old Property Investors First Purchase
Referral by a real estate selling agent led me to meet a remarkable 24-year-old eager to make his first time property investment. What struck me most was his enthusiasm, coupled with a strong grasp of the benefits and mechanics of property investing. Taking the time to understand his aspirations, risk tolerance, and future plans, we delved into crafting a strategy that aligned with his goals and provided high level information applicable to real estate investing for beginners.
Our search criteria were clear: find a property that not only complemented his lifestyle but also promised a reasonable return on investment, laying the groundwork for future acquisitions through capital growth. Our journey together involved exploring diverse property options, including a residential property in a commercial precinct that could have paved the way for future commercial ventures—an option he eventually passed on.
Ultimately, we secured a side of a duplex in a burgeoning area undergoing significant development, with expanding educational facilities, infrastructure enhancements, and rising demand. The property, a modern 3-bed, 2-bath, 1-car build with appealing depreciation benefits, was a rare find in the area. Acquired below market value at under $500,000, it represented a promising investment opportunity.
Our role extended beyond property selection. We introduced him to essential professionals—a Conveyancer, Accountant, Quantity Surveyor, Plumber, Property Manager, Cleaner and others—to streamline the purchase process and prepare the property promptly for tenancy. Within four days of settlement, the property was leased for $550/week, minimizing vacancy and ensuring immediate income.
As a property investment advisor, clients like him are a dream. Guiding them through property selection, acquisition, and tenancy, and witnessing their success, encapsulates the essence of our work. This journey exemplifies the potential of strategic property investing when aligned with an informed and motivated client.
The successful acquisition and swift tenancy of this duplex underscore the importance of meticulous planning and strategic thinking in property investment. For young investors like our client, this experience marks the beginning of a prosperous journey towards financial independence and portfolio growth. As advisors, our role is not just transactional but transformative, empowering clients to make informed decisions that lay the foundation for their financial future. This story reflects the possibilities that await those willing to embark on the path of property investment with diligence and purpose.
