We are thrilled to introduce the first of of three...Read More
ADF HOUSING INVESTMENT PROPERTY: SUCCESS STORY #50
Welcome to this week’s success story.
This is a heartwarming tale of commitment and f to improve one’s position!
We first got introduced to Matt and Patina way back in April 2020. Both in their late 30s with 4 kids in tow, they needed assistance, like RFN. Enter Axon
As a late starter to joining the Army, Matt is a Fitter posted to Brisbane with only 4 years of service and Patina is working in aged care.
They owned an older property in regional QLD that had sat stagnant for 11 years. Whilst equity was in this property, the associated debt was limiting their ability to get a ‘decent’ property under their belt. And they had the better part of $60K in consumer debt that much of their week-to-week cash was committed to!!
Whilst Matt was hesitant at first, to their credit, they responded really well to our coaching to commence the sale of the original property and restructure their lives. Matt and Patina’s determined mindset to chip away at their consumer debt and really improve their position was a wonder to be involved in. I reckon we had about 10 check-in calls to support them in this endeavour. It’s funny what a different mindset can achieve… Axons!
Fortunately, the buyer of their original property was willing to pay more than they had hoped. This windfall allowed them to wipe out their consumer debt and still have approx $100K left over for the deposit and costs of a brand new IP#1.
It was not until July 2021 they submitted the EOI on the land, with the EOI on the build a few months later.
- *Purchase price: $493K (FULL turn-key package)
- *Site Start: Apr 2022
- *Key handover: Nov 2022
- *Expected rent at EOI: $420pw
- *Actual rent: $510pw (it only took 6 days to find tenants!)
- *Comparable properties a few streets away are now selling for approx. $650K!
Fast forward to now: Matt & Patina are ready for IP#2. Two of the kids have turned 18, so they’re off the ORBAT for new borrowing calculations. Their revised money habits remain and they have improved their position so much since we met them 4 years ago
There is more to come for this wonderful couple – watch this space!
Let us know what you think of this property and this success story!