Gen Y Real Estate Success Story
02nd Oct 2017
News Limited recently wrote an article about a Gen Y couple who 'rentvested' their way from having $15,000 in the bank to owning a portfolio worth millions comprising of 25 properties.
Back in 2010, Scott and Mina O’Neil were like many other wannabe investors from their age bracket wondering how they would ever enter the property market.
After saving their money for three years, the couple found an old home in the Sydney suburb of Sutherland for $480,000 which they bought.
And so their property journey began. Since then their incredible tale of perseverance, determination, sacrifice and ultimately success has proven nothing short of inspirational.
In their interview they touched on three key points that Ayda Shabanz always mentions during her property investment workshops held across the country.
These are listed below: (1) Invest without emotion: “If you’re willing to think like an investor and invest outside of your comfort zone, or your local area, you can find what you need,” Mrs O’Neil said.
Put simply, they’re saying that investors shouldn’t buy because they’ve fallen in love with the appearance of a home. Instead, one should buy what they can afford for a better chance of long-term success.
(2) Don’t be afraid of debt: “There is good debt and there is bad debt,” Mr O’Neil said. After all, it’s not like they’ve carelessly spending money on credit cards, designer clothes or nights out partying.
Their debt-inducing actions are carefully thought out and approached in a controlled manner that has secured their future. Plus, they’re making the repayments with ease.
(3) It gets easier and easier: “The first property is definitely the hardest,” Mr O’Neil said. Don’t be disheartened if at first entering the property market seems foreign.
It’s not out of reach and with each investment the process gets easier to understand. In addition, there are perks of being an existing homeowner which make your next purchase a smoother transaction.
Visit www.growevents.com.au to find out when Ayda Shabanz is presenting The Road to Property Ownership workshop in a city near you.