Single mothers face lots of challenges. They have to juggle everything life throws at them without help from anyone else. In this situation, taking on a project as loaded as property investing might seem impossible.
But that didn’t stop Gloria from giving it a go. To build a better life for herself and her children, Gloria worked up the courage to overcome the worst period of her life. And she came out a winner.
Interested to find out how?
Let’s take a closer look at Gloria’s fascinating story.
Before she joined the I Love Real Estate (ILRE) community, life was tough for Gloria. Not only was she a single mum, she was also a repeat victim of domestic violence and sexual assault.
Back then, Gloria’s only stream of income was her job, which paid $45,000 per year.
After going through back surgery, she was afraid that she might not be able to provide for her children if she ever had to stop working. So she did her research and decided that property investing would be her way out.
At the same time, Gloria made another momentous decision. She quit living in her toxic family. She said “Enough!” and moved out.
From this point on, she began her healing.
When Gloria came across an ad for I Love Real Estate, she signed up and went to see Dymphna Boholt live on stage. Partly because Dymphna was a single mother too, the presentation really resonated with Gloria.
She was on the edge of her seat with only one thought in her mind:
“I have to work with this woman!”
And so she did. Gloria joined the ILRE community, which was the moment her life started to turn around.
That’s not to say that Gloria started buying properties immediately. Instead, she spent a full year studying and healing her wounds. She read books, listened to podcasts, and picked up investment knowledge wherever she could. At the same time, she quit smoking and started jogging. After that her life got better, seemingly by the day.
Eventually, Gloria was ready to take the big step towards financial security and freedom.
A year after Gloria had left home because of domestic violence, she decided to go back. It was her home after all. With her children, Gloria moved back in and came up with the idea of renovating the property.
Back in 1997, the property was worth $167,000. Gloria bought it back for $247,000 and did a major reno. She put $60,000 into the renovation and another $122,000 for the construction of a granny flat.
Guess what? The property value skyrocketed to $890,000! And this was only the beginning for Gloria.
Somewhere around this time, she met her current partner Andrea. He encouraged her to embark on the investment journey to reach financial freedom for herself and her children.
Mostly because of the lower entry point, Gloria chose to invest in South Australia. Her first target seemed like it was too old to be worth her time and effort. But she did her research and saw that it had great potential for a buy-and-renovate strategy.
This turned out to be a good call.
After all the renovations, Gloria was able to rent out the property for $997/week. Subtracting all the ongoing expenses, this left a positive cash flow of $31,000/year.
Not long after that, Gloria bought another property for $210,000. For this deal, she moved away from the renovation strategy. Since it was a furnished property for rental purposes, it didn’t need a lot of work. After closing the deal, the property brought in another $22,000/year.
Including the granny flat that she’s renting out, Gloria’s cashflow now stands at $62,000/year. That’s enough to replace her employment income and then some. And she did it all in a relatively short three years.
There’s little doubt that Gloria’s story can teach others, particularly aspiring property investors, a lot about life and wealth-building. With that in mind, here are the biggest lessons to be had.
Investors have a tendency to focus on instant gratification. They want profit and they want it now.
But that’s not a realistic approach to any investment assets. Such thinking can result in costly mistakes.
That’s why Gloria took her time and educated herself. She didn’t venture anything for a year, not until she had enough knowledge to do it properly. This has certainly paid off for Gloria.
Many people in Gloria’s position would have just given up. But Gloria rose above the hardships and turned her life around.
Remember that it all starts with you. No matter the state of your life, it’s up to you to overcome the problems and do better. You’ll see, there’s a certain power that comes with this realisation.
You may recall that Gloria had to look beneath the surface of her first investment property. The house was old and unkempt, but that didn’t prevent Gloria from figuring out its potential.
Just that property alone is now generating $31,000 in positive cash flow for her.
This shows that you should look beyond the superficial. Extend your focus past the property’s current status to what it can become in the future.
Gloria’s story is an inspiration to all. In just three years, she managed to transform her life and achieve the financial freedom of her dreams.
If you ever think you’re in no position to invest, have faith that your goals are more attainable than you think. You’ve just got to dare to make a start.