His background in property was limited, shaped by basic knowledge and family experiences. This is the story of how Michael transformed his life and built a thriving property portfolio through education, determination, and strategic investments.
“Before joining, I didn’t really know much about property to be honest.”
Michael’s initial foray into property investment was marred by challenges. His first property purchase with his wife was fraught with indecision and conflicting advice, leading to a long and cumbersome process.
Additionally, assisting his parents with the purchase of four investment properties in Brisbane revealed the pitfalls of relying on unverified advice. These experiences motivated Michael to seek proper education in real estate to better navigate future investments.
In 2016, Michael and his wife joined ILRE and quickly adopted council auctions as their initial strategy.
They successfully purchased three properties, with their standout deal being a house in regional New South Wales for $18,500.
After spending $20,000 on renovations, they rented it out for a year before selling it for a $100,000 profit. This initial success laid the foundation for their confidence and future investments.
Capitalising on their momentum, Michael and his wife built a granny flat on their property, generating $450 per week in cash flow.
They also ventured into more complex projects, such as purchasing a property in Sydney with the intention of developing townhouses or a boarding house.
Despite facing challenges with the council and DA submissions, they ultimately sold the property for a profit and moved on to more promising opportunities.
In 2020, Michael initiated rooming house projects for family and friends, which led to numerous successful deals. His wife questioned why they were helping others without owning rooming houses themselves, prompting them to add three rooming houses to their own portfolio.
Over the years, they completed more than 20 rooming houses, significantly boosting their passive income.
One notable project involved converting a property in Brisbane into a rooming house for his parents. Despite purchasing it for significantly less than the vendor’s price, they transformed it into a profitable venture generating $74,000 in passive income.
This success story repeated with another property in Brisbane, further cementing their rooming house model.
Michael’s most recent achievement was securing a 1 into 2 subdivision deal to build two more rooming houses. This project is set to generate substantial income, allowing his wife to quit her job if she wishes.
With construction underway, they anticipate an annual income of $296,000 from their portfolio, enabling them to live the lifestyle they desire.
Throughout his journey, Michael faced numerous challenges, including managing complex renovations remotely and dealing with difficult tenants.
His first major renovation project in Moree involved purchasing a fire-damaged house which required extensive repairs and tenant management.
Despite these challenges, Michael’s determination and strategic approach led to significant profits and valuable learning experiences.
Michael’s success in real estate allowed him to step away from the family business and focus on property full-time. Their financial independence will enable them to travel overseas for up to six months, with plans to visit Japan, Portugal and other countries.
Managing projects remotely, a skill honed during COVID-19, will facilitate this extended travel.
Michael’s journey from a novice to a successful real estate investor is a testament to the power of education, perseverance, and strategic planning. With the support of ILRE and continuous learning, he has built a life of financial freedom and flexibility.
His story is an inspiration to aspiring property investors, demonstrating that with the right mindset and tools, achieving significant success in real estate is possible.
“I am now full time in property after stepping away from the family business. “
Discover how YOU could create a new and exciting life with our unique real estate system to create passive income forever.
Schedule your exclusive, personal Property Genius Blueprint Call today and create a customised plan to potentially never worry about money ever again.
Book Your FREE Blueprint Call Here
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’ve built the life we want and we’re very grateful for the learnings and support we’ve received from I Love Real Estate.”
PRE-ILRE
PPR
Value: $956,000
Equity: $191,200
Cashflow (Net): $0
Total
Value: $956,000
Equity: $191,200
Cashflow (Net): $0
POST-ILRE
PPR (sold November 2023)
Value: $2,005,000
Equity: $1,155,000
Cashflow (Net): $0
Rooming 1 (in progress)
Value: $1,250,000
Equity: $625,000
Cashflow (Net): + $33,000 pa
Rooming 2 (in progress)
Value: $1,250,000
Equity: $625,000
Cashflow (Net): + $33,000 pa
Rooming 3 (in progress)
Value: $1,250,000
Equity: $625,000
Cashflow (Net): + $33,000 pa
Family roomings (my share)
Value: n/a
Equity: n/a
Cashflow (Net): + $100,000 pa
Family SMSF (in progress)
Value: $325,000
Equity: $178,000
Cashflow (Net): $20,450*
Chunk Deals (in progress)
Value: $500,000
Equity: n/a
Cashflow (Net): n/a
Total Position
Value: $6,580,000
Equity: $3,208,000
Cashflow (Net): + $199,000 pa