We’re all familiar with the struggles of everyday life. You work day after day for a paycheque, only to spend it all on expenses. So you have to wait for the next one.
And so the cycle continues…
This is a familiar story for Ed and Emily. Before they found success in property investing, they struggled with their finances.
And then they committed to the idea of generating enough passive income so they wouldn’t have to toil to survive. Although this didn’t happen overnight, they’re now enjoying all the wealth and freedom of their dreams.
You’re going to find their story highly inspiring.
Ed and Emily come from different backgrounds, neither of which were particularly well-off. Though Ed had more experience in property, his first investments weren’t fruitful.
He bought his first property at the age of 23 when the market was at its peak. As a result, when he sold the property nine years later the profit was just $10,000.
Unfortunately, his second investment performed even worse. Ed and his ex-wife bought a property for $740,000 but only managed to sell it for $699,000 four years later. It’s safe to say that Ed needed more property investment knowledge.
For her part, Emily worked as a singer and dancer. Never knowing when the next gig would turn up, Emily’s cashflow was anything but stable. She also started a business and tried to run it from home, but it never took off.
As you can imagine, Ed and Emily had to struggle quite a bit. It wasn’t until the couple learned about the I Love Real Estate (ILRE) community that their life turned around.
After moving to the Gold Coast, Ed and Emily decided to go see Dymphna Boholt on stage. Prior to that, Emily had actually seen Dymphna in person four times. However, she had never found the courage to take the final step and join the ILRE community.
This time, however, Ed and Emily finally did it.
At about the same time, they got invited to do a Channel 7 show regarding renovations. As the couple already had some reno experience, they accepted the offer. However, they were unsure about the prospect of doing the show long term. They still wanted to build a strong portfolio to rely on.
As soon as they joined the ILRE community, Ed and Emily realised what they’d been missing – high-quality education.
“I wish I knew then what I know now. We would be five years at least ahead of where we’re at right now,” says Emily.
Thankfully, after the couple took the big step and joined the community, their life started to go in the direction they’d had in mind all along.
Ed and Emily joined ILRE in 2013, when they were $50,000 in debt. With the help they received from the community, the couple got out of debt and started to build a valuable portfolio.
Their first investment property together was a $336,000 house in QLD. Doing what they do best, Ed and Emily renovated it to maximise its value. The total spend, including renovation, stamp duty, and other expenses, was $480,000. According to the second valuation, the property’s value had risen to $580,000.
But they didn’t want to sell it just yet. They thought they could make good money renting it out on Airbnb. They were right, to the tune of up to $25,000 in cash flow per year.
It seemed that the couple had found their cookie-cutter strategy. All they had to do was to repeat the process and keep growing their portfolio.
They bought a second property for $400,000 and poured another $40,000 into the reno. After everything was done, they sold the property for $550,000 – approximately $110,000 in profit.
Ed and Emily kept plugging along, and eventually built up an impressive one million dollars in equity! Plus, they now have a stable stream of cash flow from their rental properties. Not too bad compared to $50,000 in debt, don’t you think?
The couple surely learned a lot along the way. Here are some of the biggest lessons:
As mentioned, Ed and Emily went to see Dymphna five times before they decided to sign up. Even though their success has been great, they totally regret not doing it sooner. They’d have likely built an even bigger portfolio by now.
This proves that you shouldn’t waste time, as it’s more profitable to start investing sooner rather than later. Assuming you know what you’re doing, you can reach your goals quicker and have more time to enjoy the spoils.
It makes no sense to invest without the proper direction or knowledge. In the case of Ed and Emily, they’d probably have continued to make the same mistakes if they hadn’t sought knowledge and education.
Investing in property with blinders on can be incredibly costly. Take your time and learn as much as you can so that you can start your journey prepared.
A sound portfolio is a diversified portfolio. This means owning multiple properties and employing different strategies.
Ed and Emily flipped some of their investment properties, but they knew enough to keep the others for cash flow purposes. They looked into the future when trying to identify which strategy to use.
To protect your wealth, you need to learn how to do the same. Rather than following one strategy, mix things up as you decide what to keep and what to sell.
Thanks to a few smart moves, Ed and Emily went from fear to wealth in a short time. It only took them 18 months to build the portfolio of many investors’ dreams.
This goes to show that there’s no limit to what anybody can achieve, as long as they’re willing to commit. Ed and Emily gave it their all, and the result speaks for itself.
Remember that your current position shouldn’t put a limit on you. Opportunities are out there, and you’ve just got to know where to look.