ADF HOUSING INVESTMENT PROPERTY: SUCCESS STORY #82

Welcome to the last success story of 2023. I sincerely hope 🙏 you have enjoyed the stories and gained some insights into what other people in the Defence community, just like you, are doing on their property journey. This one is no exception!

 
Becky first came to us in Sept ‘22. Her boyfriend (an Army Sniper, Barry) had already built his first investment property with us in 2021. Becky was observing the process Barry went through with Axon and liked what she saw. 🧐

She stated: 𝐴𝑓𝑡𝑒𝑟 𝑡𝑎𝑙𝑘𝑖𝑛𝑔 𝑡𝑜 𝑓𝑟𝑖𝑒𝑛𝑑𝑠, 𝑓𝑎𝑚𝑖𝑙𝑦, 𝑐𝑜𝑙𝑙𝑒𝑎𝑔𝑢𝑒𝑠 𝑎𝑛𝑑 𝑠𝑒𝑒𝑖𝑛𝑔 𝐵𝑎𝑟𝑟𝑦’𝑠 𝑗𝑜𝑢𝑟𝑛𝑒𝑦 𝑎𝑛𝑑 𝑠𝑢𝑐𝑐𝑒𝑠𝑠 𝑤𝑖𝑡ℎ ℎ𝑖𝑠 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 𝑝𝑟𝑜𝑝𝑒𝑟𝑡𝑦, 𝐼 𝑎𝑚 𝑟𝑒𝑎𝑑𝑦 𝑡𝑜 𝑠𝑡𝑎𝑟𝑡 𝑚𝑦 𝑜𝑤𝑛 𝑝𝑜𝑟𝑡𝑓𝑜𝑙𝑖𝑜. 𝐼 ℎ𝑎𝑣𝑒 𝑛𝑜 𝑖𝑑𝑒𝑎 𝑤ℎ𝑒𝑟𝑒 𝑡𝑜 𝑠𝑡𝑎𝑟𝑡, 𝑎𝑛𝑑 𝐼 𝑡ℎ𝑖𝑛𝑘 𝐴𝑥𝑜𝑛 𝑔𝑜𝑒𝑠 𝑎𝑏𝑜𝑣𝑒 𝑎𝑛𝑑 𝑏𝑒𝑦𝑜𝑛𝑑 𝑡𝑜 𝑒𝑥𝑝𝑙𝑎𝑖𝑛 𝑡ℎ𝑒 𝑝𝑟𝑜𝑐𝑒𝑠𝑠 𝑎𝑛𝑑 𝑡𝑒𝑎𝑐ℎ 𝑡ℎ𝑒𝑖𝑟 𝑐𝑙𝑖𝑒𝑛𝑡𝑠 𝑎𝑙𝑙 𝑎𝑏𝑜𝑢𝑡 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 𝑝𝑟𝑜𝑝𝑒𝑟𝑡𝑖𝑒𝑠, 𝑠𝑜 𝐼 𝑎𝑚 𝑣𝑒𝑟𝑦 𝑒𝑥𝑐𝑖𝑡𝑒𝑑 𝑡𝑜 𝑙𝑒𝑎𝑟𝑛, 𝑔𝑎𝑖𝑛 𝑒𝑥𝑝𝑒𝑟𝑖𝑒𝑛𝑐𝑒 𝑎𝑛𝑑 𝑡ℎ𝑒𝑛 𝑜𝑛𝑒 𝑑𝑎𝑦 𝑏𝑒 𝑎𝑏𝑙𝑒 𝑡𝑜 𝑏𝑢𝑖𝑙𝑑 𝑡ℎ𝑒 𝑑𝑟𝑒𝑎𝑚 ℎ𝑜𝑚𝑒.

During the coaching series, Becky’s guidance to me was to ensure she could own this first property 🏠 by herself. She had a good amount of cash saved up and was working 2 jobs, so on the surface, things were looking positive. However, one of the jobs was based in the US, so approx. 50% of Becky’s income was foreign. This presented issues with banks here in Australia.

 
After much consultation regarding the incomes with Deb, the mortgage broker, it was decided that Becky could not proceed with her first property alone. She was standing at a T-Junction. (Please take in what happens next closely).
Deb outlined a scenario where Barry could join Becky as a ‘co-borrower’. That is, Becky is solely on the contract, and Barry combines his income to make the numbers work. They live together. They are effectively in a de facto relationship, so it made sense to structure it this way. 👍

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐭𝐡𝐞𝐬𝐞 𝐬𝐭𝐚𝐭𝐬 𝐟𝐨𝐫 𝐁𝐞𝐜𝐤𝐲’𝐬 𝐟𝐢𝐫𝐬𝐭 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲; 𝐭𝐡𝐞 𝐩𝐡𝐨𝐭𝐨𝐬 𝐚𝐫𝐞 𝐬𝐭𝐮𝐧𝐧𝐢𝐧𝐠:
* Purchase price: $623K
* Land settlement: March 2023
* Key handover: November 2023 (zero delays in the build)
* Same land and build value now: ~$685K
* Rental income: $540pw (only took 5 days to find tenants!)

This property is located in a massive master-planned community in the South-Western growth corridor of Brisbane. They are building a new city with 150,000 residents over the next 15+ years, so Becky has 🦘 jumped in early!
Fast forward to now, Becky and Barry are already partway through the build for IP#3. This was done as a traditional 🫂 joint purchase, which makes things smoother in the finance space.

 
This week, we received a review from Becky about her experience using Axon:
𝐴𝑥𝑜𝑛’𝑠 𝑢𝑛𝑤𝑎𝑣𝑒𝑟𝑖𝑛𝑔 𝑠𝑢𝑝𝑝𝑜𝑟𝑡, 𝑤ℎ𝑒𝑡ℎ𝑒𝑟 𝑡ℎ𝑟𝑜𝑢𝑔ℎ 𝑡𝑒𝑥𝑡, 𝑐𝑎𝑙𝑙𝑠, 𝑜𝑟 𝑒𝑚𝑎𝑖𝑙𝑠, 𝑤𝑎𝑠 𝑖𝑛𝑣𝑎𝑙𝑢𝑎𝑏𝑙𝑒, 𝑎𝑑𝑑𝑟𝑒𝑠𝑠𝑖𝑛𝑔 𝑚𝑦 𝑠𝑖𝑙𝑙𝑦 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠 𝑎𝑛𝑑 𝑐𝑜𝑛𝑐𝑒𝑟𝑛𝑠 𝑤𝑖𝑡ℎ 𝑝𝑎𝑡𝑖𝑒𝑛𝑐𝑒 𝑎𝑛𝑑 𝑒𝑥𝑝𝑒𝑟𝑡𝑖𝑠𝑒. 𝑇ℎ𝑒𝑖𝑟 𝑐𝑜𝑚𝑚𝑖𝑡𝑚𝑒𝑛𝑡 𝑡𝑜 𝑘𝑒𝑒𝑝𝑖𝑛𝑔 𝑚𝑒 𝑤𝑒𝑙𝑙-𝑖𝑛𝑓𝑜𝑟𝑚𝑒𝑑 𝑎𝑡 𝑒𝑣𝑒𝑟𝑦 𝑠𝑡𝑎𝑔𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑝𝑟𝑜𝑐𝑒𝑠𝑠 𝑒𝑛ℎ𝑎𝑛𝑐𝑒𝑑 𝑚𝑦 𝑢𝑛𝑑𝑒𝑟𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 𝑎𝑛𝑑 𝑐𝑜𝑛𝑓𝑖𝑑𝑒𝑛𝑐𝑒.

𝑇ℎ𝑒 𝑒𝑛𝑑 𝑟𝑒𝑠𝑢𝑙𝑡 𝑜𝑓 𝑚𝑦 ℎ𝑜𝑢𝑠𝑒 𝑤𝑎𝑠 𝑛𝑜𝑡ℎ𝑖𝑛𝑔 𝑠ℎ𝑜𝑟𝑡 𝑜𝑓 𝑚𝑎𝑔𝑖𝑐𝑎𝑙, 𝑎𝑛𝑑 𝑤𝑖𝑡𝑛𝑒𝑠𝑠𝑖𝑛𝑔 𝑖𝑡 𝑖𝑛 𝑝𝑒𝑟𝑠𝑜𝑛 𝑤𝑎𝑠 𝑎 𝑡𝑟𝑢𝑙𝑦 𝑠𝑝𝑒𝑐𝑖𝑎𝑙 𝑚𝑜𝑚𝑒𝑛𝑡. 𝑇ℎ𝑎𝑛𝑘𝑠 𝑡𝑜 𝑡ℎ𝑒 𝑒𝑥𝑐𝑒𝑝𝑡𝑖𝑜𝑛𝑎𝑙 𝑡𝑒𝑎𝑚 𝑎𝑡 𝐴𝑥𝑜𝑛, 𝐼 𝑎𝑚 𝑛𝑜𝑤 𝑜𝑛 𝑎 𝑐𝑙𝑒𝑎𝑟 𝑝𝑎𝑡ℎ 𝑡𝑜𝑤𝑎𝑟𝑑 𝑎𝑐ℎ𝑖𝑒𝑣𝑖𝑛𝑔 𝑚𝑦 𝑔𝑜𝑎𝑙. 𝐼 𝑐𝑜𝑢𝑙𝑑𝑛’𝑡 𝑏𝑒 ℎ𝑎𝑝𝑝𝑖𝑒𝑟 𝑤𝑖𝑡ℎ 𝑡ℎ𝑒 𝑒𝑛𝑑 𝑟𝑒𝑠𝑢𝑙𝑡, 𝑎𝑛𝑑 𝐼 𝑒𝑥𝑡𝑒𝑛𝑑 𝑚𝑦 ℎ𝑒𝑎𝑟𝑡𝑓𝑒𝑙𝑡 𝑔𝑟𝑎𝑡𝑖𝑡𝑢𝑑𝑒 𝑡𝑜 𝐴𝑥𝑜𝑛 𝑓𝑜𝑟 𝑚𝑎𝑘𝑖𝑛𝑔 𝑡ℎ𝑖𝑠 𝑠𝑖𝑔𝑛𝑖𝑓𝑖𝑐𝑎𝑛𝑡 𝑚𝑖𝑙𝑒𝑠𝑡𝑜𝑛𝑒 𝑖𝑛 𝑚𝑦 𝑙𝑖𝑓𝑒 𝑝𝑜𝑠𝑠𝑖𝑏𝑙𝑒.

🔥 What a way to finish our success stories for 2023… I promise you, there are many, many more to come in 2024 🥂 – our clients are building cracking houses right now and I cannot wait to share them with you!