In our last article for 2020, Taylors Strategic Partner - Elaine Davies, Buyers Agent and owner of New Road Property - shares six tips to get you started along a successful property journey.
Jennifer Hawkins Property Journey
Jennifer Hawkins and husband, Jake Wall have been super smart with their money and had success with their property journey.
Elaine Davies researched Jennifer and Jake's property journey which she says goes something like this:
2006: purchased a Newcastle home for $469K. Jennifer leased out and sold in 2017 for $782K.
2007: Purchased a Newcastle home for $620K. Sold in 2015 for $731K.
2007: Purchased a Bondi apartment for $895K. Jennifer and Jake sold it for $1.2M seven years later.
2009: in the midst of the GFC, purchased a knockdown in Sydney's Northern Beaches for $1.375M. Sold in 2014 for $4.1M
2009: Purchased a second 'knockdown and rebuild' on Sydney's Northern Beaches. Sold in 2016 for $5M.
2014: Purchased two adjacent blocks in Newport Beach, Sydney for $4M. After their 3 year labour of love, it sold this year for a reportedly, $20M.
2020: Purchased Dame Joan Sutherland's old pad in Newport, Sydney, reported to be the largest coastal estate in the area, for $6.9M. Elaine cannot wait to see what they do with it!
Disclaimer: there may be more properties and the numbers may be slightly out, but you get Elaine's drift.
So, What About You?
Are you going to finish reading this article and then think, 'ah well, how lovely for them' or are you going to say to yourself, 'right, how do I get started?'
Elaine continues by sharing her six tips to get started.
Elaine's Six Hot Tips
#1 Mindset: Like I say in my book, 'Mind, Body, Sold!' without mindset, skill set is academic. In other words, no matter how much you know, if you don’t believe in yourself, how are you going to make things happen?
#2 Education: No one is doubting that buying any kind of property is expensive so always go in with eyes wide open. Go see those auctions, follow campaigns from beginning to end, know how each real estate agent works, know the market your buying in REALLY well.
#3 The Numbers: The purchase price is just the beginning of your costs. Before you negotiate that killer deal, you need to understand how much it will cost to service the property, yields, how much capital gains you’re likely to make and so much more due diligence.
#4 Good Debt And How To Leverage It: Leverage is not a dirty word. Don’t think for a second that Jennifer and Jake didn’t take some strategic gambles to end up where they are today, especially in the middle of the GFC when EVERYONE would have told them not to buy. You have to block out the noise and run your own race.
#5 Different Money-Making Ways: Will the property give you good yield from a tenant? Would it be a good one to spruce up and 'flip' or should you hang onto it for capital growth?
#6 Talk To Elaine: As a consultant or a full-time Buyer’s Agent, Elaine will ensure that you buy the best property, at the best price for you, right now. After all, you make your money when you buy, so let’s make sure you buy the best possible so that you can reap the rewards of long-term wealth growth.
Like To Learn More?
If you're ready to build long-term security through investment properties or to buy your first or next home, contact Elaine Davies
on 0412 362 133