A couple in their twenties who work for Woolworths are about to buy their third property and they did it without any help from their parents.
Terry Talarico and his fiancée Monique Chetcuti work as manager and assistant manager respectively at two different Woolworths supermarkets in Victoria.
The couple, both 23, also work second jobs as disability support workers on weekends and evenings to make their homeownership dreams a reality.
Mr Talarico said that although he and his partner spend a lot of time apart now because they work so many hours, they are preparing for the years ahead.
“You have to sacrifice for the future if you want to get ahead,” he said. realestate.com.au.
Having grown up with his mother and three siblings, and having spent several years with the family living in a rental house, Mr. Talarico wanted to have his own place as soon as possible.
He bought his first house in MelbourneThe northern suburbs of New York in 2022, which is where he and Ms. Chetcuti live.
They also own a house in Fraser Rise in the north-west suburbs and rent out the property.
Terry Talarico and his fiancée Monique Chetcuti (pictured), both in their 20s, are about to buy their third property and did so without any help from their parents.
And they have also purchased land in Ballarat, 124 kilometres west of Melbourne, where they plan to build their next investment property.
Although he was eager to set up on his own, Talarico said living with his mother during Victoria’s long pandemic lockdowns helped him immensely.
At the time he was earning around $70,000 a year and paying no rent, which helped him save a $50,000 deposit for the house in Mickleham that cost around $500,000.
He also received a $25,000 HomeBuilder grant from the federal government.
Ms Chetcuti is also a keen saver and amassed around $90,000 in two years, which the couple invested in their first investment property.
They then used the capital they had accumulated to purchase the Ballarat block.
Mr. Talarico has shared some tips he has used on his path to building a real estate empire.
The first thing is to seek professional help from an expert in the real estate market.
“At school they don’t teach things that I would consider important,” he said.
Speaking to the expert, he said that one has to remember that they have “all the knowledge and experience and (are) able to convey it in a really digestible way.”
The couple, both 23, each work second jobs as disability support workers on weekends and evenings to make their dream of homeownership a reality. File image
Mr. Talarico also said that many questions should be asked and that “there are no stupid questions.”
Her second piece of advice is to be prepared to make sacrifices, such as getting a second job or not taking vacations every year.
Thirdly, he told them not to be in a hurry to move out of their parents’ house.
“A lot of young people want to move out as soon as they turn 18, but that will set them back dramatically in terms of trying to save,” he said.