We are thrilled to introduce the first of of three...Read More
ADF HOUSING INVESTMENT PROPERTY: SUCCESS STORY #33
Welcome to our latest success story and it won’t disappoint!
Mr R and Ms L came to us in August 20, looking to get started in the property market. He was an Army reservist, and she was an Occupational Therapist. They had approx $150K saved, so their money habits and mindset were purely aligned with our ethos and outlook around wealth creation.
Being posted to Perth, they were enjoying living in a private rental and receiving RA. Remember, using your RA is still benefiting from your ADF housing entitlements – cheap rent!
During the coaching sessions with us, we decided to holster the elements of their ADF housing entitlements (HPAS and DHOAS) and focus on buying an investment property in a high-growth area instead.
He had his intentions of being posted to Perth for an extended period; however, there was a rather significant hurdle that he’d have to overcome to gain certainty around that…
What you see here is the outcome of their first brand new build with us:
- Purchase price: $519K FULL turn-key
- Land settlement: 5 March 2021
- Key handover: 21 January 2022 (10-month build, 60-days of construction delays)
- Tenant signed lease: 23 January 2022 (2 days to find a tenant)
- Expected rent at EOI: $500pw
- Actual rent: $630pw
- Bank valuations of comparable properties are >$750K!
Naturally, they are bloody stoked with this outcome! Their willingness to work with a veteran property coaching firm has well and truly paid off! Increased cash flow & >$200K in equity is a decent result in anyone’s language!
Fast forward to now: He has successfully tackled that hurdle, and their long-term future in Perth is confirmed. We’re proud of him for achieving something that only a fraction of us get to complete!
They’re now looking to buy their own home (to side-step the private rental market circus & negate DHA wanting them to move into a MQ in whoop-whoop) miles away from their workplaces!
Their HPAS payment and DHOAS subsidy are coming their way. Then it’s full-steam ahead into IP#2 with us before they possibly pivot towards starting a family. Imagine that: 2 x IPs and their own home under their belt BEFORE having kids – their future selves will love them for it!