David and Rosemary were no slouches. They worked hard for a living. However, David felt like a slave to the system having consistently put in 12-hour shifts as a Power Station Operator over the past 18 years.
He also had a solar business side-hustle with his wife Rosemary, which turned over a million dollars a quarter. But with nine staff and being on call 24 hours, they both had their noses to the grindstone. David would often put in 80-hour weeks.
“We wanted the early retirement. We wanted the lifestyle. But we just couldn’t find a way to make it happen.” – David
David and Rosemary both felt like property might be their ticket out of the rat race, but they didn’t know how to make it happen.
They had heard of people getting good results with sub-division developments and charged headlong into one of those.
“It was an expensive lesson. I could’ve bought a really nice new car for that.” – David
However, sometimes you don’t know what you don’t know, the costs blew out, and they lost $67,000 – as well as several months of their lives!
When another property they bought with a “buy and hope” strategy went nowhere, they were totally demoralised.
At this stage, David and Rosemary had quite literally, worked themselves sick.
Stress had taken such a toll on David that he found himself bed-ridden quite often. Rosemary also needed surgery – one that meant she would no longer be able to put in the work hours she used to.
“We had no time to give each other outside the business. We had become business partners rather than a husband and wife.” – Rosemary
Not only were they both in poor physical health, their family was in a heap. David says ‘The kids grew up around us. We were terrible role models; we just weren’t valuing our kids or each other as a couple’.
As tough as things were, when David’s beloved mother was diagnosed with cancer, they knew things really had to change.
They realised they had to work smarter, not harder, and they needed to invest in their education. They closed the doors on their solar business and plugged into the I Love Real Estate community. It was there that they built up the skills and contacts they needed to really make a go of it.
The first thing David and Rosemary did was a strategic review of their portfolio. This showed them that the subdivision and “buy and hope” properties were never going to fly.
So they bit the bullet and cut those properties loose, freeing up cash to put into more profitable deals.
The first of those deals was a duplex site which they purchased for $320,000. They oversaw the build of two duplexes, which they then sold for a profit of $52,900.
“Once we got educated and once we connected with our coaches, then things really took off.” – David
David then found a ‘money partner’ through Dymphna’s community and spent 7 months researching a single suburb until he knew it inside out. He identified a major renovation site and settled just two days prior to Covid19 lockdowns.
Rosemary and David lived onsite. But with Covid causing chaos with planning and building schedules, this was a project that had disaster written all over it.
Nevertheless, David and Rosemary put their heads down and got creative, and managed to walk away with over $10,000 profit.
It could have been worse. Much worse.
“When you’re living on site, your tradies don’t just have to be good on the tools, they have to be good company round the dinner table.” – David
With the banks watching Covid cautiously, David and his partner from the previous deal reached out to Dymphna Boholt’s community in order to raise the capital they needed to purchase their next property. They were able to find a metro site and purchase it outright. They then subdivided it and completed renovations on the existing house.
It took them less than a week, through Dymphna’s community, to raise the money they needed.
And after 30 weeks on the job, David banked his profit share of $65,000.
Their next deal was a quick flip renovation, structured as a joint-venture deal with the existing owner. This project ran concurrently to the previous project but David oversaw operations and was able to create a sales uplift of $150,000 of value in just 4 weeks of renovations. The owner was stoked and David banked $7,500 for his efforts.
The owner was stoked and David banked $7,500 for his efforts.
David then set his sights a little higher. Even though he had done his research and thought he had bought well, he also knew that he also needed the property to sell for $2m just to break even. In the end, and through some strategic alliances, they were able to build and sell the property for a suburb record of $2.45m, creating a profit of $261,000 for his share.
“At $2.45m it was a suburb record. We couldn’t believe it. But we really understood our audience.” – Rosemary
David and Rosemary’s community has grown, as has their portfolio. Opportunities are a-plenty. A previous money partner came to David with this subdivision property and said “Do you want to be part of this? You finance it, we’ll just make it happen.”
It’s currently under contract with a profit share projection of $400,000.
With the kind of numbers they’re achieving now, David and Rosemary have been able to really dial back and give themselves time and space for life and family. This has had a huge impact on their health and their outlook.
Property investing has given them their life back… and the funds to really live it.
“We’re not going through the motions anymore. We’re really living.” – David
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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’re not going through the motions anymore. We’re really living.” – David
Project 1 Profit: $52,929
Project 2 Profit: $10,500
Project 3 Profit: $65,760
Project 4 Profit: $7,500
Project 5 Profit: $261,000
Project 6 Estimated Profit: $400,000
Expected Total Profit: $797,689