Property Secrets of Real Deal Australian Millionaires
Since my very first and successful property investment I have had a great love affair with property and have gone on to do multiple renovations and development projects.
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My hubby and I bought the worst property in the best street in one of the most expensive suburbs of Sydney- we could see the potential and had done a lot of market research. It was a two-bedroom apartment in a block of five.
Here are the before and after photos.
We featured in our own real life The Block!
Everyone we spoke to told us not to buy because the market was bad, it was the time of the recession we had to have, and interest rates were high (13% ) and we were too young and we should be travelling overseas. But it felt right to us so we went ahead.
I can remember literally having two cents in the bank after we bought it and being so excited for my next payday to come around so we could buy paint and start saving to polish the floor boards.
While renovating I was also working full-time and project managing the external renovation of the entire block (with no experience) for the other owners; we were adding garages and balconies and refurbishing the entire outside to take advantage of the stunning ocean views.
We used to refer to it as ‘the block’, as it was so unusual for five private owners to get together and do this kind of project. We used to have rotating dinner parties in each other’s apartments.
Our apartment was complete in time (just) for the arrival of our newborn baby boy. Our apartment was featured in magazines and later became a corporate rental and was rented during the Sydney Olympics for a phenomenal sum.
The equity in this apartment allowed my husband and I to buy an investment property in the same street several years later.
We had moved to Melbourne by then and so I flew to Sydney with a toddler on my hip going to open homes determined to buy an apartment during the week I was there, while sleeping on a friend’s floor. I made the offer while getting on the return flight home and flew back 6 weeks later to renovate it while stopping at Bunnings on the way for supplies! Who said property investing and renovating was glamorous?
This first property and subsequent sale allowed us to build a substantial property portfolio and we are now involved in boutique property development, which I love.