Meet the former McDonald & # 39; s employee who became a real estate investor who bought his SIXTEENTH house on 27
A 27-year-old real estate investor with 16 houses under his belt has revealed how he can enter the housing market – and unpaid claims of an affordability crisis.
Eddie Dilleen, from the west of Sydney, worked at McDonalds and lived in a & # 39; rugged & # 39; when he bought his first property at the age of 18.
In less than a decade, Mr. Dilleen's property portfolio quickly grew to the teenagers, where it now stands at an estimated $ 4.5 million.
In a speech to Daily Mail Australia, Mr. Dilleen stated that it is easier to buy an investment property than people think.
& # 39; I don't think there is an affordability crisis, & # 39; he said. & # 39; When people say that there is an affordability crisis in Australia, I think they are generalizing.
A 27-year-old real estate investor (left with partner) with 16 houses under his belt has revealed how to enter the housing market amid claims that Australia is facing a crisis
Eddie Dilleen (left with partner), from the west of Sydney, worked at McDonalds and lived in a rough neighborhood when he bought his first house at the age of 18
Mr Dilleen laughs for one of his properties in Parramatta, the western suburbs of Sydney
& # 39; In Sydney and Melbourne there are areas that are a lot more expensive and the cost of living has increased … that's just a small part of Australia.
& # 39; A car is expensive, you don't really distinguish between a Ferrari and Toyota. & # 39;
Mr. Dilleen became & # 39; passionate & # 39; about buying property during his teenage years, to make sure he had a certain future.
& # 39; I grew up in western Sydney and came from a family where no one owned anything at all, "he said.
& # 39; From very humble beginnings, a pretty rough neighborhood, that was my motivation. I didn't want to struggle and grow up like I did. & # 39;
Dilleen, who at the time lived in Mt Druitt, bought a two-bedroom apartment one hour away in the Central Coast, north of Sydney.
Mr. Dilleen introduced himself with some of his qualities in Brisbane. The city has become one of his favorite places to invest
Dilleen opted for homes within a 20-kilometer radius of Brisbane when Sydney and Melbourne have flattened in recent years after prices have risen
MR DILLEEN'S FIFTH TIMES
1. Start small
2. Try not to get emotional about where you buy
3. Focus on rental returns
4. Buy real estate below market value
5. Read real estate investment books
& # 39; My first job was at McDonalds, I started working when I was in high school, only part-time of course, & he said.
& # 39; I saved one and a half years, two years and bought the first building at around 18 years.
& # 39; I really wanted a home to start with, but I couldn't afford it. I thought I would just buy one that I can afford and get on the market. & # 39;
He rented the $ 130,000 apartment for around $ 220 a week and made a roughly seven percent rental income.
Mr. Dilleen's next investment property was in Adelaide, followed by Brisbane and then the Gold Coast.
& # 39; I am a big fan of buying metro areas such as Sydney, Brisbane, Melbourne, Gold Coast, Adelaide, not in the middle of nowhere, & # 39; he explained.
He chose houses within a 20 km radius around Brisbane, because Sydney and Melbourne have become flat in recent years.
& # 39; I'm a big fan of buying metro areas such as Sydney, Brisbane, Melbourne, Gold Coast, Adelaide, not really in the middle of nowhere, & # 39; said Mr. Dilleen, pictured in Parramatta,
On the photo: one of Mr Dilleen's three investment properties in Adelaide
& # 39; One thing I've learned over the years is that different states go through different growth cycles at different times & # 39 ;, he said.
Dilleen gave Daily Mail Australia five important tips on how to start investing in real estate.
He said it is important to start small to get your foot in the door.
& # 39; You don't have to start with something for a million or $ 500,000, you don't have to buy a house & # 39 ;, said Dilleen.
For the second tip, Mr. Dilleen urged potential investors not to & # 39; emotionally & # 39; about the area in which they shop and what they are looking for.
& # 39; I have noticed that most people want to buy a lot in real estate where they live & he said.
Dilleen gave Daily Mail Australia five important tips on how to start investing in real estate
He said it is important to start small to get your foot in the door and encouraged potential investors to not & # 39; emotionally & # 39; about the area in which they shop and what they are looking for
Mr. Dilleen learned a lot by informing himself, he said: & I worked out a formula and strategy, it came through a lot of research and I read many different books about investment property although I didn't like it at the time to read it. forced myself to learn a lot & # 39;
& # 39; Most people get emotionally attached to it and I've tried to remove the emotion from it and just focus on the numbers and data. & # 39;
Dilleen said that people were telling him for the first time that the & # 39; stupid & # 39; was to buy in Wyong, but he proved the no-sayers wrong because the area was growing rapidly.
The other tips from Mr. Dilleen include focus on rental returns, buying real estate below market value and reading property investment books.
& # 39; The higher the rental return, the more it will pay attention to your costs, & # 39; he said.
Where are his real estate investments?
NEW SOUTH WALES
TWO in Parramatta, the western suburbs of Sydney
ONE in the Central Coast, north of Sydney
SEVEN in Brisbane
ONE in Cairns
TWO on the Gold Coast
THREE in Adelaide
& # 39; The rental price almost covers the mortgage, actuarial interest and the costs. & # 39;
Regarding buying below market value, Mr. Dilleen said that he should look out for owners who want their property to be very fast & # 39; had to sell because there is likely to be a price drop.
Mr. Dilleen also learned a lot by teaching himself, he said: & I worked out a formula and strategy, it came through a lot of research and I read many different books about investment property although I didn't like it at the time to read it, I forced myself to learn a lot & # 39 ;.
The enthusiastic real estate investor, who now lives in Parramatta, has since written an e-book, which is available on his website.
In response to his experiences, Mr. Dilleen concluded: “I built it up, I started small, with small properties and gradually equity increased.
& # 39; I absolutely believe it's important to do something, even if it's just something small, it's better than nothing at all.
& # 39; It's better to be on the market than waiting on the sidelines or saying it's too hard and not trying at all, that's not the best attitude in life. & # 39;
The enthusiastic real estate investor, who now lives in Parramatta, has since written an e-book about what he has learned, which is available on his website.
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