How Roy and Rowena Went From Making Costly Investment Mistakes To Owning 4 Properties In Just 6 Months
“We wanted 6 properties in the first year, then 12 in the next 2 years and the 20 in the next 5 years. So when we initially wrote that it seemed unbelievable and now it seems very ordinary and achievable”
Roy Pallesen and Rowena Ebona. Parramatta, Australia
Roy Pallesen, 32, Security Industry and Rowena Ebona, 35, Relationship Manager
Starting savings: $60,000
Starting equity: $0
Key Achievements with Binvested
Number of properties with Binvested: 4 properties
Current Binvested property total worth: $1,080,000
Current Binvested property net worth: $112,000 +
Current Binvested property rental income: $794 per week
Current Binvested property mortgage repayments: $788 per week
Duration with Binvested: 1 year
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Roy And Rowena’s Story
Roy Pallesen and Rowena Ebona have always been interested in alternative income streams which would help them to secure financial independence. They are both aware that they “we don’t want to be working for someone else for the rest of our lives”.
It was while working in the superannuation industry that Rowena had an eye-opening realization, “superannuation was not going to get me through retirement and age pensions will be gone when I retire”. Rowena knew that she could not solely rely on the government to provide for in her retirement, and so she began to research alternative streams of revenue.
It was this thought that spurred Rowena to dive into property investment, she bought her first property at age 24 in Sydney’s western suburbs. However, her initial inexperience in the property market caused Rowena to pay too much for a house which wasn’t primed for growth. She held onto the property for 7 years before eventually selling it for $30,000 less than she bought it for! What’s worse the property was negatively geared throughout the 7 years and the rent did not cover Rowena’s expenses.
Although scarred by their first experience, Roy and Rowena didn’t give up. They began to research property investment as a way to gain alternative income which would help them in retirement.
This is when they ran into Nathan’s videos on YouTube and immediately decided to book in for a MAP session, as they were impressed with what they saw. Rowena says, “That week we attended and met Daniel. We are both the type of people who need to know why we should do something or not do something and understand the ideas behind it”.
Rowena is a firm believer in having long-term goals. “I like to have a vision of a 3 – 5-year plan and that involves a vision of how that can possibly stack up. Daniel provided some very sound reasons for why building granny flats and renovating to sell was not really a great strategy for us”.
Binvested’s transparency impressed the couple. “What we liked most was how very generous the team was with their knowledge. I have come across other investors who are very guarded and secret, whereas Binvested was very generous and genuine”.
“The reason why we trust Binvested with our investment journey is [because of] how genuine they are… Everyone at Binvested has been more than helpful, if there’s anything we’re worried about, we just pick up the phone and everyone is so knowledgeable”
After the MAP session, they agreed to buy a property through Binvested because of the company’s open approach. Roy says “we just pulled the trigger and the moment we did everything fell into place”.
They purchased their first property on the NSW Central Coast in early 2015, with $30,000 in savings. It was a 2 bedroom unit purchased at $255,000 with a market value of $275,000. They renovated the house for $7,000 in order to increase the rent and market value.
At the same time, they purchased a 2 bedroom unit in Western Sydney for $289,000 which had a market value of $309,000. Three months after initial purchase it was revalued at $330,000 and they were able to withdraw $69,864 in equity to fund their next purchase.
Looking back at when they first started with Binvested they say, “We’ve evolved since our first goal writing exercise with Binvested. We wanted 6 properties in the first year, then 12 in the next 2 years and the 20 in the next 5 years. So when we initially wrote that it seemed unbelievable and now it seems very ordinary and achievable”.
Roy and Rowena were able to purchase 4 properties within the first 6 months. Roy and Rowena remain confident that the will reach their long-term goals with the help of Binvested.
“We have achieved about $100,000 in equity growth in 1 year. And we have been able to leverage that equity into purchasing more properties.”
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