An ambitious Millennial has done what many Australians only dream of. He mapped out his investment plan at the age of 16 and by looking beyond his home turf, now owns a staggering seven properties.
Regardless of whether entering the real estate market means purchasing a principal place of residence or beginning an investment portfolio, it’s easy to see why many people worry about preparing themselves financially for the future.
However, one 26-year-old says it’s not as difficult as it appears, and if buyers look beyond their own backyard at different property markets, they can begin their wealth creation plan.
Daniel Walsh told sister publication Smart Property Investment’s The Smart Property Investment Show that entering the property game was not as hard as everyone made it out to be. He says a decade’s worth of research on property investment led to his eventual success.
“I started investing in 2011 when I was about 20 years old [but] I’ve actually been studying investment since I was 16. It took me about four years to save for my first deposit and be able to build my first house,” Mr Walsh said, adding that a career as an auto-electrician apprentice and a weekly income of just $250 was no barrier for him entering the market.
“I went and bought another house in NSW about a year later and sat back for about two years and continued building, then bought another two properties in 2014 and continued building my portfolio from there.”
Seven properties and a sub-divided lot later, Mr Walsh credits much of his success to research, which led him to look beyond his hometown.
“Too many people live in Sydney and only look at Sydney, [but] for me, after my second house, I had to start looking at other states – Queensland, South Australia, Victoria – just because I couldn’t afford to buy that half a million dollar house anymore,” he said.
“I started looking for houses that had cash flow that also had the upside for potential for growth [and] infrastructure coming to the area. Those were the houses that I wanted to invest in, something that didn’t cost me $100 a week to hold, which Sydney does now.”
Mr Walsh said having a well-prepared plan and working with a team of financial professionals, such as an accountant or broker, will help buyers achieve their goals.
“Every day I do a plan, so six years ago, I planned for today. I have pretty much planned my property portfolio out and every asset that I put into that portfolio, I make sure it complements the other houses that I have,” he said.
“My goal is 10 properties and I want to hit $5 million in property. I’ve got about another two years to do that.”