Back in 2015, Basia wasn’t doing very well. She’d spent most her life in what she would call a ‘supportive role’. As a dedicated and loving mother to her four children, and as an employee in her husband’s training business, she was used to giving a lot.
With a lot of debt and a negatively-geared investment property also heavily drawing on the family’s finances, Basia hit rock bottom 2015. She was exhausted and she knew something had to change.
Basia joined Dymphna Boholt’s Platinum Program in 2016 out of gut instinct. She’d always had an interest in property and had a fire in her belly to launch into apartment development. When Dymphna heard that Basia was planning to develop apartments in Perth – what many economists at the time were calling a ‘disaster market’ – she knew that Basia needed support.
“We travelled a lot and you do whatever it takes to create a calm and loving home for your children, but you tend to do that at your own expense.”
The program was the perfect fit for Basia. With the aid of all the resources and mentoring available, she built her first seven-unit apartment complex in early 2018, for a profit of just short of a million dollars. With two similar deals already in the works, Basia has become the empowered developer she knew she could be – and an inspiration to her family.
Throughout the Platinum Program, Basia found a supportive community that believed in her and encouraged her to dream big. And when she told people that she wanted to launch straight into apartment development, they didn’t ridicule her or tell her she couldn’t do it. “Of course you can do it,” they said. “Let’s just get you the help you need.”
The Platinum Program gave Basia close mentoring supervision and a wealth of contacts and resources, while the I Love Real Estate community put her in touch with a builder who was willing to enter into a joint venture. Together, they put together Basia’s first deal: a complex of seven two-bedroom apartments.
The deal was completed in April 2018 and would have given Basia a profit of $950,000 if she decided to sell. Basia decided to hang on to the apartments to improve her long term asset equity and cash flow. This was an impressive start and, at a time when there was a lot of negativity surrounding the Perth market, it proved that there’s good money to be made in every market – if you know what you’re doing. Becoming an area specialist and developing a phenomenal A-team were imperative factors to Basia’s success.
Basia currently has two similar projects underway and several more on the horizon. Basia’s financial and personal transformation has seen her fully step into her power. These are the deals that made that transformation possible.
“People ask me, “How did you get so much done so quickly?’ But that’s what I learnt in 2015: time is precious. You have to act now.”
One of the first things Basia learnt with Dymphna was that if you’re relying on natural growth, then you are putting your fortunes in the hands of the market. Holding her first negatively geared investment property through a soft patch in the Sydney market taught her that the hard way.
Basia wanted to take her fortune into her own hands. She started looking for land to develop apartments in ‘poorer cousin’ suburbs – those that hadn’t seen the growth their ‘richer cousins’ had enjoyed. While many people tried to warn her about the Perth market, she believed the market would turn. In addition, Basia saw recent zoning changes in Perth made it an attractive city to develop in.
“Some days you just need someone, a mentor, who can really listen to you and push you when you need it – who says ‘you can do this.’”
Basia found an old house on a large block of land in a suburb just 16km from the Perth’s CBD. She purchased it for $870,000 and was able to build seven two-bedroom units on the land for a little over $1.5M.
With each apartment worth $530,000, there’s over $130,000 worth of equity in each one, for a total equity gain of $956,000. Basia has decided to keep all seven units for equity and future cashflow.
Basia had such a successful experience with her first development that she decided to do it again. Keeping her focus on Perth, she has found a parcel of land on which to develop five three-bedroom and two-bedroom apartments, specifically tailored to the downsizer market.
She purchased the land in March 2018, and construction was due to commence in in January 2019. All told, the apartments will create $810,000 profit.
After being made an offer on the land above, Basia was approached by a neighbour who asked if she was interested in purchasing his property. Basia looked at the numbers and saw that if she purchased the land off market, she could do a cookie-cutter repeat.
Basia purchased the land just a month after the parcel above, and she expects it will also deliver a profit of $810,000.
Sometimes I drive past that apartment block, just to remind myself of what I’ve done. I look at it and say, ‘Hey, I did that. I’m proud of that.’”
With a string of successful deals, Basia renegotiated the lease on the commercial property housing of her husband’s business with great results. She negotiated a 50 per cent reduction in the lease, saving them $38,000 a year. Not only that, but she scored another three car spaces for free!
Basia has come a long way from the dark days of 2015. She’s stepped into her power as a mother, wife and a million-dollar property developer.
She credits ILRE & Platinum program with gaining the specific educational skills and personal development growth to achieve her goals. Basia has taken off pressure off her husband and the business as a sole income stream, created deals to pay off a negatively geared investment property and turned her interest in real estate into a profitable career.
Through her involvement with I Love Real Estate and the Platinum Program, Basia has also done extensive self-development work that has created a more balanced approach to her family, work and personal life, leading to a renewed belief in herself, her strengths and abilities.
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“I’m grateful for the community and the friendships – for the people who pushed me and said, ‘Why not you?’ Through them I have really grown a lot.”
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.
“Sometimes I drive past that apartment block, just to remind myself of what I’ve done. I look at it and say, ‘Hey, I did that. I’m proud of that.’”