Imagine living your ideal life. You have enough passive income and freedom to do whatever you want. You can travel around and close one property deal after another while growing your wealth.
Actually, it’s not an imagination or a dream. It’s the life that Michael is living. And he does it in a unique way.
You see, Michael lives in his Winnebago. He drives around Australia in a motorhome, exploring the nation and closing property deals. Over the past few years, Michael has executed a number of incredible investment manoeuvres with great success.
What’s his strategy exactly and what did he do to build this lifestyle? Let’s look at his story.
Michael has been investing in property for 30 years. He jokingly says that he’s been doing it since the age of three. He bought positive cashflow properties before he knew what that meant. He went into joint ventures before he found out about the legal definition of it all.
However, Michael’s portfolio came with an expiration date. At the time, he’d built it up to six properties. Whenever he ran out of money, he would sell a property and live off the proceeds. It goes without saying that this strategy wasn’t going to take him places.
Fortunately, Michael came to realise that he needed more in-depth property guidance. And that’s when he stumbled upon the name of Dymphna.
Michael received an email from a man who claimed to “go after bad property investors.” In the video, there was a photo of Dymphna Boholt, with a caption along the lines of:
“Beware of this woman. She’s a con, a liar, and a cheat.”
Michael watched the video and didn’t think much of it afterwards. And then, some time later, he came upon an invitation to a seminar called Millionaire Phenomena. In the invitation was a photo of Dymphna Boholt.
Through the power of suggestion, Michael didn’t think much of her at first. He signed up for the program just so he could “see that vixen in person.”
He entered the room brimming with scepticism and saw Dymphna walk out onto the stage. By the middle of the presentation, Michael had completely transformed his opinion. During the first break in the program, Michael signed up to work with her.
From this point on, his portfolio started to flourish in earnest.
One of the first properties Michael bought after he started working with Dymphna was a burnt-up home in Tumbi Umbi, Victoria. It was a joint venture with another student, with the idea of buying the property to renovate.
At first, the property looked as if it were beyond repair. But the damage turned out to be mostly superficial, and Michael knew that fixing the property up would pay off. And pay off it certainly did.
This was the start of a strategy that would work out well for him over time…
In 2013, Australia experienced one of the biggest floods in its history. Needless to say, many properties were severely damaged in the aftermath. Michael saw an opportunity to buy cheap and fix up the properties for sale later.
His first property investment with this strategy was in Bundaberg for a total cost of $133,000. After the renovation, the property was revalued at $200,000. In the meantime, he rented it out for $275/week, which secured a positive cash flow.
Not long afterwards, Michael bought another flooded property at auction. He got it for less than half the original price – so cheap he felt bad about it. But then Michael’s agent informed him that the insurance payout was actually double the home’s price, so the owners were more than happy to unload it. As a true believer in karma and creating win-win situations, Michael was very relieved to hear this.
Deal by deal, Michael’s portfolio got better and better. He soon doubled his equity and created multiple streams of passive income. After taking a long service leave from his job, he bought the Winnebago and started to live the life of his dreams. He now calls himself the “homeless investor” and couldn’t be happier with his lifestyle.
So, what can you learn from Michael’s story?
Here are the top three tips:
Michael didn’t automatically believe the video he saw warning him against Dymphna. If he hadn’t gone to see her for himself, much of his success probably wouldn’t have come to pass.
Luckily, Michael stayed objective and open to new opportunities, a quality which has spurred on his success tremendously. Michael and Dymphna have been working together for nine years and counting.
Rather than blindly trusting what others tell you, you should look for first-hand experience in the matter. You’re bound to raise the chances of making your dreams come true.
As you can see from Michael’s story, he’d have had a much harder time turning his portfolio around on his own.
That’s why he gives out the following advice:
“Follow people who know more than you do.”
A good mentor can teach you how to create the wealth-building portfolio you’re looking for. You just need to find a trusted mentor and see what you can do to follow in their footsteps.
For his final piece of advice, Michael says that you should always do what you love. Then it will be like you’re not working at all.
Even before he knew what he was doing, Michael loved property investment. And his passion turned into a great source of wealth for him.
Sure, you’re going to have ups and downs. Michael certainly did. But his love for property investing always pushed him forward.
If there’s one thing to be learned from Michael’s story, it’s that you should always be on the lookout for new opportunities. More importantly, you don’t want to let opportunities pass you by. That means you must be courageous and ready to take advantage of them when you find them.
By keeping an open mind, you’ll attract many chances to grow your wealth. And then you can have fun building the life you’re dreaming of.