There was once a young couple, hard workers, both working FIFO (Fly-In Fly-Out). They earned good cash, over $200k between them. After a year or two making the big bucks, they looked at their joint savings account and groaned. One turned to the other and said, “Lucky we each have our own savings as well.” To which the other replied, “Wait, you have another savings account?”
It’s a tale as old as time, one partner is an accumulator, putting away every cent they can, saving their money for a rainy day; the other partner is a spender, living the high life, paying for the dinners and ordering the share rides. At Teach Me About Property, we call these Money Personalities.
Their Next Step
Now the couple had already bought a property – about six years ago in Perth, WA. But they’d always dreamed of owning an investment. After catching a post from a friend on Facebook, one partner convinced the other to chat with the TMAP team to find out more about what we have to offer.
After attending, they met with the team and they joined. They knew that they needed to take better control of their saving speed, find unity in their goals and money habits, and with both working difficult time consuming jobs, they wanted a one-stop-shop to assist them accomplish more in less time. For all of this, Teach Me About Property was the solution.
Their Strategies and Portfolio Building
As mentioned, the couple already owned Property #1 in Perth. They’d held onto the property for several years and the market had experienced an increase. This allowed them to grow the value of their property, and with that the equity. In order to buy Property #2, they used the equity from Property #1.
Property #2 was a co-living property in the greater Brisbane region; a high-yield property with a five-year rental guarantee. They had to wait for the land to register and construction to start, which required a little patience, but with the timeframe between registering and completion, they were also the recipients of an uplift in the property value, meaning even more equity.
In their mentoring sessions with Massey, they realised their initial goal did not need to be their end goal; and they continued moving forward. With great incomes they had solid borrowing capacities, combined with increased equity, they were able to purchase Property #3; a Low Money Down (LMD) property in Sydney. They locked in this property with just a $5,000 initial deposit.
But they didn’t stop there. Teach Me About Property introduced them to a team of experts along their journey, financial planners, superannuation specialists, and soon after Property #3, they acquired Property #4 and Property #5 through their self-managed super fund.
Their Result
- Property 1: Owned prior to joining Teach Me About Property in WA
- Property 2: Co-living property in Queensland
- Property 3: Low Money Down property in NSW
- Properties 4 & 5: Acquired through self-managed super fund
They now have a total property portfolio value of $2.5 million, using strategies like equity, co-living, LMD, and self-managed super. Initially, they felt like they hadn’t done enough, but now they can see the results of their progress, patience and hard work.
Your Turn
As you’re going through the process, it can feel like you’re moving slowly. But most good things take time. At Teach Me About Property we say sacrifice is making sure your tomorrows are better than your todays; that means patience paired with informed decision making. There will come a point where you turn around, look back, and realise all that you’ve achieved. Talk to us today about building your property portfolio.