How A Buyers Agency Flipped A Mortgage Brokers View On Property Investment
“I didn’t know what areas to look in. The areas I was looking were more of an emotional buy rather than for investment purposes.”
Janine Wade, Sydney Australia
Janine Wade, Mortgage Broker
Starting savings: $100,000
Starting equity: None
Key Achievements with Binvested
Number of properties with Binvested: 4
Current Binvested property total worth: $1,195,000
Current Binvested property net worth: $195,000
Current Binvested property rental income: $1,255 per week
Current Binvested property mortgage repayments: $894.84
Duration with Binvested: 9 months
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Janine Wade grew up in South Africa and immigrated to the United Kingdom, where she lived for thirteen years.
Whilst living in the UK, Janine had her first experiences of owning property. However, the experience was a negative one because she says that ”the rental income was well under what the estate agent had mentioned…and I lost quite a lot of my own money putting it into the property”.
Three years ago, Janine decided to settle in Australia and began working as a mortgage broker in order to gain experience for setting up her own business in the future. She was always on the lookout for new properties to invest in, but was hesitant to do so. “I sat on the equity of my property for 3 years because I was unsure of which properties to invest in”.
She says that the demands of her day job meant that she found it difficult to devote enough time and energy into looking for the right properties to invest in. Also, Janine felt that she did not have a support network to guide her through the process.
In 2015, she came into contact with the team at Binvested. Janine admits that before being introduced to Binvested, she didn’t have a clear buying strategy in place. “I didn’t know what areas to look in. The areas I was looking were more of an emotional buy rather than for investment purposes. I didn’t really know even where to start in regards to knowing the area I was buying in”.
Having discussed a buying strategy with the Binvested team, Janine decided to go ahead and buy property. “Binvested changed my mind about what properties to buy, and which areas to look for properties in”. She says she learnt how to structure mortgages better and what the optimum deposit is when buying an investment.
In January 2015, she instructed them to purchase four properties by putting down a deposit. Within 48 hours, Binvested had found four properties which Janine was able to settle in just over a month.
The first property Janine purchased with Binvested’s help was a unit in Sydney purchased for under market value. The rental price is $280 per week. From there, Janine was able to buy a townhouse in the Gold Coast which is renting for $335 per week. The rent on the townhouse will soon rise to $350 per week. Her third property was a duplex in the Gold Coast, which has a rental price of $315 per week. Finally, she purchased a property in Brisbane with a rental income of $300 per week.
Janine has been extremely impressed by the guidance she has been given. “Whatever questions I had, Nathan was able to answer straight away. He took my calls within 24 hours”. Her properties are positively geared and the result is that she does not have to pay much towards them each month.
She says that “Binvested taught me that I should continue living where I wanted to live whilst using the equity from my previous house to invest in other properties...if I’d used that money to buy a property to live in I probably would have ended up moving somewhere that I really didn’t want to live”
Whilst Janine admits to not having a support network when arriving in Australia, she believes that the lack of parental advice has benefited her because Binvested’s strategy goes against older generations’ attitude towards money. “They would have thought debt is a bad thing, when actually it’s not because that’s how the Binvested crew have all managed to build up their portfolios, through having mortgage debt”. Janine was able to leverage “good debt” which is able to pay for itself.
She is relishing the prospect of investing in more properties in the future. “It really is addictive. I’m already saving now for…a 20% deposit to buy another property”. She likens the thrill of property investment to the rush that comes with buying clothes.
Janine has a clear plan for the future. “I would like to ideally have 10 properties and an owner occupied house”. In five years she wants her portfolio to have grown to the point where she can take money out to buy her dream home and bring her family over from South Africa.
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