How school dropout came on the property ladder after 18 years of working 70 hours a week to buy a five-bedroom house
- Jacob Cooke-Taite worked 40 hours a week to buy his first home
- Teen quit school at the age of 16 to work longer hours and increase his savings
- He met investors Trish Keogh and Blake Kael who went 50-50 with him
- He contributed $ 50,000 to the property before it was transformed into a 7-bedroom
- Cooke-Taite hopes that others will teach himself before following his footsteps
A teenager bought his first property investment property at the age of 18 only after leaving high school at the age of 16.
Jacob Cooke-Taite worked 40 hours a week to buy a $ 400,000 Masterton house with five bedrooms in Wairarapa. NZ Herald reported.
He saved $ 50,000 to cover his share of the down payment on site by working long hours after school and at Masterton Hell & # 39; s Pizza on weekends.
Pictured: Jacob Cooke-Taite worked 40 hours a week on a $ 400,000 Masterton five-bedroom home with his partners Trish Keogh and Blake Kael
As his savings increased and he saw his interest in school diminish, Cooke-Taite decided to inquire about real estate investments that led him to investors Trish Keogh and Blake Kael.
The young man spent two weeks renovating a house with the two, which led to a close friendship among them.
Not long after, he quit high school, which increased his weekly hours from 40 to 70.
Once he had enough savings, Cooke-Taite started looking for a property worth about $ 250,000, but instead got the five-bedroom home with $ 400,000.
Pictured: as soon as he had enough savings, Cooke-Taite went looking for a home worth about $ 250,000, but instead met the five-bedroom home with $ 400,000
The opportunity was too good to pass up, so he agreed to invest 50-50 in the investment with Keogh and Kael.
He deposited $ 40,000 as a down payment on the house and added $ 10,000 on top for renovations matched by the two investors.
The group predicts that they can spend $ 15,000 to turn the house into a 7-bedroom home, while bringing in $ 600 a week for the trio to share with each other.
During all the chaos, the teenager still found time to start powerlifting training, winning a national title for 14-18 year olds weighing less than 83 kg.
The teenager still found time to start powerlifting training, winning a national title for 14-18 year olds weighing less than 83 kg
Cooke-Tait said that growing up with very little motivated him to change his life through hard work.
& # 39; I was happy to scrub floors or do anything to save money – hard work has always been important to me & # 39 ;, he said NZ Herald.
He also insists that no matter how his mother looks, he does not encourage children to leave school.
& # 39; My message is more to educate yourself, & # 39; he said.
Cooke-Tait said growing up with little motivated him to change his life through hard work
& # 39; The art is to buy a home at market value and then add value through renovations, where the value gain is used as a guarantee for the next one, & # 39; he added.
Andrew King, executive agency of the New Zealand Real Estate Investors Federation, praises Cooke-Tait for his great performance and says his hard work shows that it can be done as long as you are focused.
Cook-Tait is determined to own 10 properties by the age of 21 and aims to become a real estate investor before he turns 30.
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