I Own 150 Homes Worth $100M: Meet the 33-Year-Old Property Enthusiast
- Learn more: My children have to consent to prenuptial agreements or they won’t receive their inheritance.
Each morning, when Eddie Dilleen rises, he prepares himself some coffee and then settles onto the couch to browse his phone.
But unlike many Sydney Millennials scrolling through social media aimlessly, he is actively browsing the newest and top real estate listings for sale.
The individual, who is 33 years old, is addicted to the dopamine surge experienced when finding a listing that meets all his criteria.
However, he isn’t a novice looking to enter the housing market for the first time; rather, he’s an experienced property investor who boasts an impressive portfolio of 150 homes, including 40 acquisitions made within just the last seven months.
Eddie’s ‘fixation’ started after purchasing his initial two-bedroom property on the Central Coast in 2010 at the age of 18.
Since then, he has learned the ropes of the game and self-taught himself about understanding the property market entirely due to this. plenty of 'trial and error'.
Mr Dilleen started from humble beginnings after growing up in housing commission in Mt Druitt with his single mum. As he grew up he was determined to 'never be poor again'.
Following his time working hard at McDonald's during his teenage years, he managed to save up sufficient funds to venture into business at an early age.
And he has no plans to stop anytime soon with a hefty goal of having 2,000 properties to his name - admitting it's a form of 'addiction'.
In his conversation with FEMALE, Mr. Dilleen stated that he aims to demonstrate that he is the 'top property investor in Australia.'
"Each person adopts a distinct approach regarding real estate, and I aim to demonstrate that my method surpasses all others. It’s akin to sports; everyone strives for first place," he stated.
Currently, this father of two owns 30 properties in Perth, 70 in Brisbane, 20 in Sydney, 6 in Adelaide, and 30 in Melbourne. These holdings consist of various types including houses, townhouses, apartments, and complexes of apartments.
Mr. Dilleen has developed his investment portfolio over the past fifteen years, and it is currently valued at approximately $100 million.
He rakes in $70,000 in rent a week and has $35million of debt to his name. The giant number used to stress him out.
Now he believes it's 'not enough'..
Friends and family support his success and lofty aspirations, but at times urge Eddie to 'relax'.
Eddie doesn’t have any intentions of doing that anytime soon.
Mr. Dilleen stated, "My fixation on real estate has taught me that inflation is an ongoing process; it doesn’t cease."
He pointed out that as property values rise, inflation follows suit; thus, it’s crucial to attempt staying ahead by boosting either your income or your assets. The good news is that the fixed mortgage debt loses value over time.
Not long ago, he bought a group of five units in Melbourne for $1.67 million, which equates to $320,000 per unit. In comparison, the median price for units in that region stands at $580,000.
He claims each unit can generate $440 rent per week, or $2,200 for all five. This would generate $114,000 of rental income a year with a 6.5 per cent gross yield.
Although numerous young Australians may view possessing several investment properties as 'unethical' or 'greedy,' Mr. Dilleen argues that individuals such as himself are not responsible for the rise in housing prices.
He admitted that he will probably face criticism for buying several properties simultaneously, but he brushes off this perspective since he is now focused on acquiring entire blocks of apartments.
He points out that this is an option many homeowners looking to buy will find unaffordable. Additionally, he contends that he is inadvertently supporting the rental sector.
"I don’t have time for those who want to be negative about it," he stated.
Eddie's property secrets
Mr. Dilleen shared his "golden guidelines" for property investment: acquire assets below their market price, opt for locations within major cities, and make sure the rental income yields at least six percent.
Furthermore, he aims to locate properties that are already occupied by tenants because it reduces the level of competition.
This often leads to an automatic exclusion of first-time homeowners, families seeking a long-term residence, retirees planning to scale down, and international investors.
Although the markets in Sydney and Melbourne have declined, Mr. Dilleen has redirected his attention to these very same cities.
"I search online at least once daily. While people swipe through Instagram and Facebook, I get more thrilled by browsing realestate.com and Domain — that’s where my habit lies," he explained.
On the search engines he filters by the type of property, such as a block of units, and the location.
He doesn't particularly stress over the quantity of bedrooms or bathrooms in a property, but he does focus more on the real estate agent's level of experience.
Since he typically does not visit the properties himself, he depends on buyer’s agents and real estate agents instead. If a property is occupied, he requests the most recent routine inspection report.
Although many believe that apartments, units, or townhouses make poor investments, Mr. Dilleen firmly opposes this view.
He thinks that assets like this are an excellent entry point into the market, and from an investing perspective, it doesn’t make a difference whether it’s a strata property or otherwise.
"There’s a stigma associated with stratas, but my very first purchase was an apartment even though people advised me to save up for a house instead. Had I waited and saved, the property would have cost more," he explained.
Mr Dilleen explained that the mindset of a first home buyer differs to an investor; couples or families are often looking for homes to live in while investors are searching for properties to grow in value.
To source these properties, Mr Dilleen said it comes down to experience and knowledge - buyers would need to do their own CMA (comparable market analysis) and learn how to compare properties to one another.
Certainly, this process requires time, and as Mr. Dilleen mentioned, hiring a buyer’s agent for their expertise could make things simpler and help reduce both stress and risk factors.
Given the proper conditions, Eddie believes Australians have the potential to purchase their initial two investment properties within twelve months.
'One can purchase with just a five percent down payment... When I was 18, I began with a 10 percent deposit,' he mentioned.
He suggests exploring various lenders and mortgage brokers to boost your borrowing potential, being both imaginative and steadfast, and getting informed about the process.
To assist young Australians in entering the real estate market, he has authored a book called '30 Properties Before 30,' now available for purchase. order for free here.
Read more
0 Response to "I Own 150 Homes Worth $100M: Meet the 33-Year-Old Property Enthusiast"
Post a Comment