After joining Dymphna Boholt’s Ultimate and Platinum Programs, Dan and Leanne streamlined their property holdings into a $2.8M ‘performance portfolio’. This is their story.
Growing up, both Dan and Leanne were taught the rules of the status quo: the only way to get ahead is to get a good education, a good job, put your head down and work hard. After completing university, Dan worked as a real estate agent only to find that he didn’t have enough secure employment for the banks to give him a mortgage. To gain more stability, he got a secure job as a police officer.
With Dan in a profession that ‘teaches you to mistrust everyone’ and Leanne working in public service, they lived a conservative life. Despite growing to a family of six and creating property portfolio of six, Dan and Leanne were still disillusioned, time poor and stressed. Dan’s annual income was $110,000, which was enough for the family to stay afloat but not enough to truly get ahead.
Attending Dymphna’s one-day event kick-started the rapid growth of Dan and Leanne’s property portfolio assets. Despite having several investments, Dan lacked professional knowledge and an understanding of the property market. Dymphna’s training showed them that they needed to step outside the box.
Dan and Leanne soon realised that there was a better way to accrue wealth and financial security. Using Dymphna’s methodology, they streamlined their property portfolio, kept the properties with the most potential, and paid down their debt.
In just a few years, they’ve successfully reduced their debt from $1.35M to $950,000 and increased their equity by $400,000. They also have asset protection on their $3M portfolio. With a cash flow of $30,000, they’re just one year away from replacing Dan’s income and embracing more financial freedom.
“After half an hour I was like, ‘Oh, my God, this woman [Dymphna] has so much to say that I need to hear’.” – Leanne
Most importantly, Dan and Leanne’s results have been felt on a deeply personal level. Thanks to Dymphna, they’ve been able to get their portfolio working for them and attain the lifestyle they were yearning for. This is how they did it.
Dan and Leanne’s first deal was the sale of a property they bought over a decade ago, which sat untouched. They looked at renovating, adding a granny flat and subdividing but a sewer line down the middle of the backyard limited their options.
After completing the training with Dymphna and learning how to do a feasibility study, Dan and Leanne discovered that selling their house in its current condition was the best course of action. The sale netted them a gross capital growth profit of $187,000.
Another property gem that Dan and Leanne owned was a block of three units in Armidale, NSW. In early 2017, vacancy rates were rising and they found themselves in a tricky situation.
They wanted to sell and thought they needed to undertake a renovation. However, Dymphna’s training showed the effectiveness of a ‘partial renovations’.
They spent $15,000 on a partial renovation and increased the occupancy rate and the rent by $60 per week for each unit. By getting higher rental income and full occupancy on the units, Dan and Leanne could show that the value of the property had gone up. They sold the units for a seven per cent return on value and a profit of $183,000.
Through implementing the strategies they’d picked up in the Quantum Program and the sale of their first two properties, Dan and Leanne started to regain control of their lives and finances.
This newfound confidence enabled Dan to help a colleague and enter into a joint venture. Dan’s colleague was desperate to retire and was stuck with a property – a five-lot subdivision in rural NSW – that hadn’t sold after two years on the market.
The owner hadn’t been advised well and was trying to sell the subdivision with a DA approval, even though the plans mandated that a sewer connection was over two kilometres away. This made the sale of the property very unattractive to potential buyers.
With the advice of their mentors in the Quantum Program, Dan and Leanne struck a deal to finance and manage the project, and rework the DA plans into something more practical. All told, their projected profit for this deal will be around $200,000.
With their momentum building, Dan and Leanne turned their sights on their principal place of residence, which is positioned on a farm alongside a national park with a beautiful gorge and a waterfall. Although they bought the land with the intention of farming, they discovered that the land is tragically dry, meaning that their home functioned as a lifestyle choice, rather than an investment.
They started thinking outside the box and decided to share their private access to the national park and utilise an approved eco-tourism permit. They’ve undertaken comprehensive research and plan to build three deluxe eco-cabins which will be cash flow positive to the tune $66,000 a year.
“Get out of your box! If there’s just one person that gets something out of our journey … I’d be happy.” – Leanne
Having extricated themselves from some tricky deals and streamlined their property holdings into a performance portfolio, Dan and Leanne’s financial future is no longer a cause of stress. They’re confident about future opportunities and Dan expects to leave the police force and replace his income within the next year.
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.
Having streamlined their property holdings into a performance portfolio, Dan and Leanne’s financial future is no longer a cause of stress.