Carrie & Felix

A Real Zero-To-Hero Couple Who Went From A Fresh Start In Australia To Millionaires

Carrie Li and Felix Wang have an amazing immigrant success story.

See, they left China on a whim because they made the incredibly risky decision to move to Australia… And they did it with nothing in their pockets!

But everything paid off in the end.

It was a huge sacrifice to make because Carrie and Felix were born and raised in China. And from an early age, they were taught very traditional Chinese traditions and beliefs. One of those beliefs was going to university and getting a good job in the city.

Now, before moving to Australia, the couple was able to achieve the Chinese dream. It also seemed like everything was perfect in their lives.

…Yet it just didn’t feel right to them.

As Carrie put it:

“On the surface, we were living a very happy life, but I don’t know why, but something was missing. So, I wanted a change. We quit our jobs and came to Australia as international students.”

So, to get to Australia, Carrie took up a master’s in accounting, while Felix took up a master’s in supply chain and logistics management.

After some time, Carrie and Felix were able to purchase and fully pay off their PPR at $368,000. This signalled the start of the couple’s property journey, although Carrie did it alone for the first five years.

She already had a passion for property, but she didn’t know how and when to start.
When she learned about ILRE in 2012, she checked it out. There was an instant connection, so she immediately joined.

While Carrie was buying property and making deals… She wasn’t listening to the pieces of advice she got. Nor did she implement her learnings perfectly.

Her first deal was a buy-and-hold worth $668,000. But the position changed, and she lost half of the money as a result. Her next deals were also buy-and-holds that continued to reduce their cash flow. For the fifth deal, she bought another PPR. While it earned her a positive cash flow of $13,000, it wasn’t enough.

The result?

Carrie had a negative cash flow of $40,000 at the end of 2017.

Bringing on Felix and Joining Platinum

Carrie knew that things had to change.

So, by November 2017, she joined Platinum and brought in her partner, Felix. This was a real game-changer for both of them… and things started to head in the right direction.

The couple’s first platinum deal consisted of strata titling, cosmetic renovation, and a flip in Perth. It involved a five-week renovation for two houses, with both houses sold in six weeks. They profited $120,000 from that deal, which was amazing since Perth had a particularly depressed market at the time.

Soon after that deal, they formed an A-team and hired experienced people to help them out.
Now, their 2nd deal led to a moral dilemma. See, they bought a property that was making good cash return for the first two years. But the market turned, and they soon became saddled with debt.

But Carrie and Felix knew a banker that could get rid of the debt for a fraction of the fee. But this wasn’t what they wanted. So, they asked for advice from their coach, Tam, who gave them two choices:

Be debt-free legally and unethically, or carry the pain but follow the heart.

Felix said:

“There was a voice in our hearts. This was not aligned with the traditional core ideals we learned from our parents. So, we decided to carry the pain.”

It was this decision that allowed them to move forward and continue succeeding. And since they’ve experienced dealing with catastrophic failure, they felt like they can handle anything.

Their third platinum deal was a retrofit rooming project for a property they bought before joining Platinum. For this deal, they turned a 4×1 into a 6×4 in six weeks. They had an equity increase of $88,000 as a result and rented out the home room by room.

This deal allowed Carrie and Felix to turn negative cash flow into positive and helped them learn what they were good at.

This was why their next deals were the same retrofit rooming projects that made their old properties profitable. Deal four turned a 5×2 into a 3×4 in four weeks, and they had an equity increase of $145,000. As for deal five, they turned a 3×2 into a 5×4 in five weeks and increased equity by $223,000.

They found their cookie cutter.

Through this, Carrie was able to free up more of her time to work on real estate, and they expanded their A-team.

From their success, they were able to upgrade their second PPR and add a granny flat. After the revaluation, they staged the house and increased equity by $186,500.

Shopping Centre and the Aftermath

The couple’s next and most recent step was unexpected – they suddenly bought a shopping centre!

Carrie shared:

“We always ask ourselves what will fit our portfolio next. We need cash? We need equity? So what kind of deal can we do? Commercial! Go for commercial!”

It involved a difficult process for Carrie and Felix.

After all, they had to deal with seemingly non-stop negotiations with a commercial property valuer. He was known as a commercial “god” and owned the centre.

Other matters also needed to be addressed. For instance, risk factors had to be covered. And they needed a release vendor of guarantee on leases and outgoings.

It took Carrie and Felix three whole months to complete negotiations… But their efforts paid off.

Somehow, they were able to negotiate the price down from $865,000 to $706,000. There was also a quick settlement, which was good.

After the settlement, Carrie and Felix did a brave DIY refurbishment of the property. Social and marketing were handled, and they negotiated leases with vendors. Management of the centre was also fixed.

Currently, the shopping centre’s 8% CAP rate value is $1,250,000. But once it reaches the full 8% CAP rate, it will increase to a staggering $2,460,000.

This is by far the couple’s most successful deal.

Though Carrie and Felix’s ILRE journey was filled with ups and downs, they made it… and even emerged on top.

Before meeting Dymphna, they only had a single PPR worth $368,000.


They have total property values worth $6,067,500…

Own equity of $3,538,500…

And a positive cash flow of $203,00.

Through Dymphna’s guidance and the support from ILRE’s amazing community…

Carrie and Felix went from owning a single house to multiple properties worth millions.

And looking at them now, it’s hard to fathom that they started their life in Australia with nothing in their pockets.

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These stories and the results in them were captured at a specific point in time. The real estate market and the investing strategies used to succeed are constantly changing. The achievements and results of these investors may have changed since these stories were recorded. Each of these investors engaged in in-depth training, coaching and mentoring to be able to achieve these results. Their results are not typical and should not be taken as a guarantee of the results you may achieve. Your personal results will be in-line with the training, education and hard work that you personally conduct.

“We always ask ourselves what will fit our portfolio next. We need cash? We need equity? So what kind of deal can we do?”



Value: $368,000
Loan: $0
Equity: $368,000
Cashflow: $0



Deal 1
Value: –
Loan: –
Equity/Profit: $120,000
Cashflow: –

Deal 2
Value: $350,000
Loan: $668,000
Equity/Profit: -$318,000
Cashflow: -$10,000

Deal 3
Value: $800,000
Loan: $606,000
Equity/Profit: $194,000
Cashflow: $0

Deal 4
Value: $700,000
Loan: $580,000
Equity/Profit: $120,000
Cashflow: $0

Deal 5
Value: $655,000
Loan: $455,000
Equity/Profit: $200,000
Cashflow: $0

Deal 6
Value: –
Loan: –
Equity/Profit: $160,000
Cashflow: –

Deal 7
Value: $1,100,000
Loan: $0
Equity/Profit: $1,100,000
Cashflow: +$16,000

Deal 8
Value: $1,250,000
Loan: $500,000
Equity/Profit: $750,000
Cashflow: +$100,000

Current Position
Value: $4,855,000
Loan: $2,809,000
Equity/Profit: $2,326,000
Cashflow: +$106,000