11,99 €
Mehr erfahren.
- Herausgeber: John Wiley & Sons
- Kategorie: Fachliteratur
- Sprache: Englisch
**Finalist of the Personal Finance and Investment Book of the Year at the Australian Business Book Awards 2022** Find financial freedom through property investment with help from an Australian success story Drawing on his own remarkable rags-to-riches story, author Eddie Dilleen delivers a recipe for financial independence in 30 Properties Before 30: How You Can Start Investing in Property Right Now. In the book, readers will find a step-by-step roadmap to building an expansive portfolio of properties and advice to help them reach their financial goals sooner. The author includes powerful formulas and strategies that anyone can use to take control of their financial future. Readers will also find: * A straightforward starting point for all Australians looking to begin investing in property * A persuasive message that it's never too early (or too late) to get involved in property investment and the tips, facts, and techniques readers need to succeed * An informative guide for first-time home buyers just dipping their toe into the Australian property market 30 Properties Before 30 is the perfect book for anyone -- regardless of age, wealth, education, or background -- who hopes to build a better life for themselves and their family.
Sie lesen das E-Book in den Legimi-Apps auf:
Seitenzahl: 249
Veröffentlichungsjahr: 2022
Ähnliche
Table of Contents
COVER
TITLE PAGE
COPYRIGHT
DEDICATION
INTRODUCTION
PART I: MY STORY
CHAPTER 1: Breaking the cycle
Hard times
Growing up fast
My first jobs
CHAPTER 2: Purchasing my first property
Due diligence
Playing catch-up
CHAPTER 3: My second property
Getting real
The search
Growth vs cash flow
Negative gearing
CHAPTER 4: The buying spree
Property #3
Property #4
The side hustle
Property #5
The struggle for #6
CHAPTER 5: Achieving my property dreams
Career and lifestyle choices
Property #7
Property #8
Property #9
Mentoring others
Property #10
Founding Dilleen Property
PART II: INVESTMENT STRATEGIES
CHAPTER 6: Property vs stocks
The pros of investing in real estate
The cons of investing in property
CHAPTER 7: Other real estate strategies
Flipping houses
Build new
Buy, subdivide and sell for a profit
Granny flats
Wrapping properties
Commercial real estate
CHAPTER 8: My property strategy
Buy for capital growth, cash flow positive and under market value
Compound growth
A perfect fit: another great property example
PART III: YOUR INVESTMENT JOURNEY
CHAPTER 9: Your goals
Understanding property investing
What is your end goal?
What is your why?
Where are you starting from?
How many properties do you need to build a passive income stream to live off?
But how do I get started?
Is it best to buy a place to live in or to rentvest?
Property investing as a partnership / joint venture
CHAPTER 10: Understanding finance
Broker or bank?
Mortgage options
Valuations
Your credit file
Structuring your portfolio
Negative gearing
The truth about financial advisers
Monitoring your portfolio
CHAPTER 11: The deposit
Option 1: Personal loan
Option 2: Guarantor loan
Option 3: Using equity from a property you already own
Choosing the deposit
My tips for saving for a deposit
Delayed gratification
Self-managed super fund (SMSF)
CHAPTER 12: How to find a property
City vs regional areas
Why I love metro properties
An awesome example!
Do your research
Timing
How to use the property clock
Factors that affect property value
Investment potential
A distressed sale
How a property gets listed
Finding off-market properties
Using a buyer's agent
Buying my first home: a recent Sydney example
CHAPTER 13: How to buy a property
Your conveyancer
The offer process
Negotiating a better price
Another great example from 2020
CHAPTER 14: How to manage your properties
Property managers
Loan interest
CONCLUSION
Where I'm at now
INDEX
END USER LICENSE AGREEMENT
List of Tables
Chapter 3
Table 3.1: cash flow figures for property #2
Table 3.2: calculations for property #2
Chapter 4
Table 4.1: calculations for property #3
Table 4.2: calculations for property #4
Table 4.3: calculations for property #5
Table 4.4: calculations for property #6
Chapter 5
Table 5.1: estimated expenses for property #7
Table 5.2: calculations for property #8
Table 5.3: calculations for property #9
Table 5.4: calculations for property #10
Chapter 8
Table 8.1: calculations for a duplex property bought in 2020
Chapter 11
Table 11.1: calculations for the second duplex I bought in 2020
Table 11.2: calculations for my first SMSF property purchase in 2017
Table 11.3: calculations for James's property
Table 11.4: calculations for Alex and Danielle's Brisbane townhouse
Chapter 12
Table 12.1: calculations for the 2020 house and granny flat purchase
Table 12.2: calculations for Pete and Laura's first property
Table 12.3: calculations for Nathan's property
Table 12.4: Nathan's figures after two years
Table 12.5: calculations for Naomi and Jen's property
Table 12.6: calculations for our first home
Chapter 13
Table 13.1: calculations for a 2020 lowset townhouse purchase
List of Illustrations
Chapter 6
Figure 6.1: investing in a self-managed super fund without using leverage
Figure 6.2: using leverage to an investor's (huge!) advantage
Chapter 8
Figure 8.1: the power of compound interest
Figure 8.2: property price increases between 1993 and 2018
Figure 8.3: the power of compound growth and leverage over time
Figure 8.4: The power of owning and holding a property portfolio
Figure 8.5: how investors create wealth over time
Chapter 12
Figure 12.1: the property clock
Guide
Cover Page
Table of Contents
Title Page
Copyright
Dedication
Introduction
Begin Reading
Conclusion
Index
End User License Agreement
Pages
iii
iv
v
ix
x
xi
xii
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
23
24
25
26
27
28
29
30
31
32
33
35
36
37
38
39
40
41
42
43
44
45
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
30 PROPERTIES BEFORE 30
HOW YOU CAN START INVESTING IN PROPERTY RIGHT NOW
EDDIE DILLEEN
First published in 2022 by John Wiley & Sons Australia, Ltd
42 McDougall St, Milton Qld 4064
Office also in Melbourne
© John Wiley & Sons Australia, Ltd 2022
The moral rights of the author have been asserted.
ISBN: 978-0-730-39989-6
All rights reserved. Except as permitted under the Australian Copyright Act 1968 (for example, a fair dealing for the purposes of study, research, criticism or review), no part of this book may be reproduced, stored in a retrieval system, communicated or transmitted in any form or by any means without prior written permission. All inquiries should be made to the publisher at the address above.
Cover design by Wiley
Cover and internal image © Jandrie Lombard/Shutterstock
Disclaimer
The material in this publication is of the nature of general comment only, and does not represent professional advice. It is not intended to provide specific guidance for particular circumstances and it should not be relied on as the basis for any decision to take action or not take action on any matter which it covers. Readers should obtain professional advice where appropriate, before making any such decision. To the maximum extent permitted by law, the author and publisher disclaim all responsibility and liability to any person, arising directly or indirectly from any person taking or not taking action based on the information in this publication.
This book is dedicated to my mother,Elizabeth Dilleen. Without her I would not havegrown into the man I am today.
INTRODUCTION
I have written this book to inspire and educate readers interested in creating wealth and reaching their financial goals through property investment in Australia.
PART IMY STORY
As you'll already have gathered from my background, I'm not your typical property investor, and perhaps partly for this reason, over the years my story and strategies have been featured by multiple media outlets. Many people have reached out to tell me how my story inspired them. Because if I could do it with my initial disadvantages, they realised, then surely they could too. This feedback always makes my day! So after some consideration I decided to begin this book with a brief account of my own personal story.
My message here is simple: it's to never allow the personal challenges you start out with determine the trajectory of the rest of your life. Whatever your circumstances, your future is not set in stone. Only you have the power to create it.
If you have grown up around motivated people who work hard in a stable job and provide for their family, you are luckier than you might realise. But if not, it's never too late to break the cycle. Resisting societal expectations and peer pressures is not easy, nor is breaking poor cross-generational financial habits. Taking control of your life and educating yourself is the first step.
If you want to dive straight into the nitty-gritty of property investing, feel free to flick to Part II. If you'd like to learn a bit about my upbringing and the journey of acquiring my first ten properties (with all figures and details), then read on.
CHAPTER 1Breaking the cycle
My parents met in Escondido in southern California and got married in their early twenties. My mum had grown up there, the youngest of three siblings, in an average American lower-middle-class family. There wasn't much money. She finished high school but never went to university. No one in my entire family had been to university. I didn't even know what university was until my teens.
My father grew up in Brooklyn, New York. When he was 17 years old he enlisted in the navy, lying about his age. He was sent to Vietnam, where he was wounded and got a silver star for saving others' lives. Mum told me he had a lot of problems after he came home.
Thirteen years after getting married, they moved from the US to Sydney. My father had big dreams of getting rich through multi-level marketing schemes and various other plans, but they never seemed to work out. Dad was a self-employed welder. Later he worked for a company, but the pay was very low. He always wanted more. At the dinner table he'd say how we should always save 10 per cent of what we earn so we could build up a good amount of savings in 10 years. He really wanted to get ahead financially, but no matter what he tried, he just didn't get there. Even when my parents were together and very poor, Dad faced a massive tax debt when he tried to work on his own.
My parents had three children. I was the youngest, born much later than my sister and brother when Dad was 45 and Mum 41. I remember lots of financial stress — my parents were always fighting about money.
Hard times
We lived in a rough area in Mount Druitt. For those unfamiliar with it, Mount Druitt is a lower socioeconomic suburb an hour's drive west of the CBD that has long held a reputation for crime, drugs and domestic violence. But it was affordable and my parents were able to buy a house there in the late 1980s for $50 000 and settled into their new life. We lived right next to the shops in the neighbourhood of Whalan. I recall how we were forbidden even to pick up the mail because drug syringes often littered the ground.
My parents split up when I was eight. My father moved to Adelaide and my mum, sister and I moved to Austin, Texas, where Mum's sister lived. My brother stayed in Australia. We arrived in the US with just $300.
The family home was sold for $80 000. That house is now worth more than $500 000. If they hadn't sold it, our lives could have turned out very differently.
In Austin, Mum got a job as a secretary for an airline. We lived in an ugly two-bedroom unit in another very rough area. My sister had one bedroom and Mum and I shared the other, but we only had one bed in there so Mum would sleep on a pull-out couch. When I would ask for a toy, I was told no, we had to put food on the table.
We didn't have a car at first, so for about six months we had to walk miles to the store and back carrying all our groceries. People would yell out at us through their car windows. When I look back now, it's amusing, but at the time it caused a lot of pain for me. To help Mum, I'd take out the neighbours' rubbish for a dollar or two. I thought that was great!
When I was 12 we returned to Sydney. After the September 11 terror attacks, Mum feared for our safety, especially as she still worked for an airline. We landed in Sydney, and once again Mum had only a few hundred dollars and no job, house or assets. A local church allowed us to stay in a church-owned house until she pulled together enough money to rent our own place. But for a single mum in her mid-fifties, finding work was tough and she had to support us on a modest pension. After a long wait, we were finally approved for a housing commission house in Willmot, another suburb of Mount Druitt.
I still remember seeing the house for the first time. I wasn't expecting a palace, but this place was truly awful. There was a scrawl of graffiti on the back wall, the carpets were old and worn, and a distinct smell of mould permeated the place. Everything was in a sorry state of disrepair. The thought of calling this home filled me with despair. I remember begging Mum not to make us live there, but with private rentals in the area averaging more than $250 a week we had no choice. Mum's pension was only $180 a week. At $65 a week, this subsidised place was all we could afford.
Willmot was rough. There were ‘domestic disturbances’ every other night. Police cars regularly patrolled the streets and helicopters buzzed overhead. When I was 14, four houses near us were fire-bombed within about six months. It was scary. In our neighbourhood of mostly commission houses, people would move in and out, or the houses would stand vacant. Most tenants were unemployed and dirt poor. Many used drugs and some would go out, get petrol and just burn the places down. One family on our street had seven kids, none of whom went to school. They just roamed the street terrorising people.
I remember one evening very clearly. Mum and I hadn't realised the house across the street from us had been standing empty. We got home, had dinner and watched TV — normal stuff. At about 7.30 we started seeing light reflecting on the TV, and soon after there was a really strong smell of smoke. We didn't know what was happening, but in the back of my mind I thought, someone's torched a house or blown up a car. (When people in our suburb put out hard rubbish, someone would usually come along and set it alight). Six fire trucks came, the police were called and the entire street was lit up.
The next morning, in the light of day, people were still milling around and carrying on. The house was basically reduced to a pile of charcoal. The police had taped it off. Smoke still hung in the air. I think it stayed like that for about six months until the land was sold to a private investor, who built a rental property on it.
Our house was broken into a few times. When we first moved in, there was no front fence, so people would walk up and just take the furniture off the front porch. Then one night while we were sleeping they broke in and took stuff from the lounge. We only discovered the theft the next morning when we found the window open and stuff missing. Mum's jewellery probably wasn't worth much, but they took it anyway. Of course we had no insurance to replace anything. Thankfully they didn't take any substantial furniture, and we had one of those big old TVs that were hard to carry so they left that too.
Being constantly short of money caused a lot of stress for Mum, who was trying her best to provide for her family. We relied on government assistance and food stamps to ensure we could eat. I might have been a rebel in school, but if someone threw 20 cents on the ground, I picked it up.
It wasn't fun living with the constant stress of break-ins, fires and violent people on the streets, but we just had to deal with it — it was how we lived. I watched as kids from school or the neighbourhood would be drawn into the same cycle of poverty as their parents before them, falling into the traps of drug abuse, drinking, crime and welfare dependency.
