ADF HOUSING INVESTMENT PROPERTY: SUCCESS STORY #52
Welcome to another ripper success story! (Apologies I missed last week’s, I was in Sydney).
Mr J first came to Axon in Oct ‘20. He was an Officer Cadet at RMC Duntroon, doing coaching calls with me in his dorm room, after hours. As a 21yo he had $120K in savings, and a $50K share portfolio – think about that for a minute – how many 21-year-olds do you know that are in that position?? Yep, not many, eh? Gaining the right money mindset and money habits as early as possible is how that happens!
We put a plan together for him to acquire his first brand-new investment property. This property is a terrace home. It has a common wall, yet there is no body corporate and it was still acquired as a land and build (only pay stamp duty on the land).
* Purchase price: $475K (FULL turn-key package)
* Site start: July 2021
* Key handover: Jan 2023 (this included 285 days of construction delays. The build occurred right in the middle of the widespread CV-19 delays and extreme demand on trades and raw materials)
* Expected rent at EOI: $440pw
* Actual rent: $550pw (it only took 2 days to find tenants!)
* Comparable properties a few streets away are now selling for approx. $667K
I won’t sugar-coat the build delays here – 285 days was a punish – it was not an enjoyable experience for Mr J, or the Axon Build Support team. But, we all got there, and the numbers above represent that it was all worth it in the end!
As you can see from the images, the fixtures and fittings are top-notch. The quality is superior and the floor plan is very functional, including a rear-loading garage. The property is located in a massive master-planned community in the western growth corridor of Brisbane. A University, Hospital, Train Station and Shopping Centre are all within 1.5km.
Fast forward to now – Mr J has now completed his further employment training and has been posted to a joint service unit. Clearly, he excelled at RMC-D and got the career of his choice. Also, a testament to Mr J’s absolute focus on his financial future, he has recently got his finance approved for his second investment property. The whole building industry has now recovered from the delays and he knows this build experience and timeline will be way better this time around.
23yo and 2 x IPs…this is something to shout about from the rooftops! We are humbled and honoured to be on this journey with this superstar!
Let us know what you think of this property and this success story.
We acknowledge and pay respects to the people of the Yugambeh language region of the Gold Coast and all their descendants both past and present. We also acknowledge the many Aboriginal people from other regions as well as Torres Strait and South Sea Islander people who now live in the local area and have made an important contribution to the community.