We are thrilled to introduce the first of of three...Read More
ADF HOUSING INVESTMENT PROPERTY: SUCCESS STORY #40
Welcome to another heart-warming Success Story!
Bron and Waz were referred to us by one of Axon’s long-standing clients back in Feb 2020. Interestingly, they are not from an ADF background – yes, we help ‘civvies’ as well.
They live in their own home (PPOR) in Toowoomba, and after watching our non-ADF video training series, they discovered they were ‘stuck in the 30-year mortgage trap’. Yuck!
They are in their mid-to-late 40s with two teenage girls in high school. Their end state is to live in their ‘DREAM home, somewhere near the water.’ They realised that doing nothing to improve their situation was not an option… enter Axon.
We put a plan together for them to acquire a brand new investment property. To preserve their cash holdings, we used equity from their PPOR for the deposit and costs. What you see here is the outcome of IP#1.
Full disclosure: Bron and Waz’s builder did experience significant delays in accessing trades and materials. There were many frustrating phone calls and emails — lots of them.
Here are the stats:
- Purchase price: $524K (FULL turn-key package)
- Site start: March 2021
- Key handover: June 2022 (incl. 216 days of construction delays)
- Expected rent at EOI: $450pw
- Actual rent: $530pw
- Comparable properties a few streets away are now selling for approx. $700K!
We recently did our end-of-build coaching session (EOBCS) with them. I am pleased to inform you that Bron and Waz are VERY relieved that the build is over, and they have tenants paying their mortgage.
Understandably, that could have been it with building houses for them. Their experience with their builder was unpleasant. Just so I am clear – they love the support we provided them – they’re just glad it’s over!
Looking ahead, we have already put a strategy in place, ratified by the financial planner, to acquire another brand new investment property. It shows the tremendous character and resilience of this amazing couple.
When the girls turn 18 in a couple of years, Bron and Waz will be double-income-no-kids (DINKs) again, so they can press on to create as much wealth as possible to allow that DREAM home to become a reality.