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When expert help pays off

Date Added: October 26, 2009 10:54:38 PM
Author: chris
Category: Real Estate

In February of 2002 Brian and Carmen began inspecting the property market and familiarising themselves with the world of investment. However, as they soon found out, choosing the right property isn’t an easy project.“We were babes in the woods when we bought out first property for investment,” says Brian.

“We chose to buy older style two bedroom apartment with waterfront glimpses in Wollongong, NSW because it was close to Sydney and it’s a beautiful area. We were rapt with the place but we later realised that the $270,000 we paid was way too much.”Buying with their hearts and not their heads was their first mistake, says Brian. Still the Doughan’s decided to hold onto the property and today, it is worth $310,000 and rents for $245 a week.

Brian and Carmen wanted to continue buying investment property but thought it was necessary to seek some expert advice to ensure success with their next purchase.“Some friends of ours told us that they had an acquaintance, Ian Hosking Richard from Rocket Property Group (an investment real estate and finance company), who had helped them find investment properties which have performed well,” says Brian.

“So we met up with Ian and we were impressed with his knowledge, honesty and complete lack of pushiness.”In March 2004, Brian and Carmen used Ian’s services to purchase their next property – a $198,000 one-bedroom unit on Chevron Island, Queensland.“The price was right and the area was steady so we bought it. The property is now worth $235,000 and rents for $240 a week,” says Brian.

Brian says the most comforting thing about seeking Ian’s advice was that he invested in the same locations he suggested to his clients. “It certainly lends a lot of credibility to what he is doing,” says Brian.

Since 2004 the Doughan’s have purchased four more investment properties. While they have taken gambles that put them outside their comfort zone, Brian says it has all paid off.“In late 2004 Ian told us about an off the plan house in Townsville, which we were going to buy sight unseen. This went against all my instincts and I was very skeptical about the purchase because I had never been to Townsville (and still haven’t),” says Brian. “But we trusted the advice we were given and this has been one of my best investments. We bought the house for $230,000 and it is now worth $320,000!”

Today Brian and Carmen’s portfolio is worth $1.5 million – a figure that Brian says he is “completely astounded” by. Now 55, Brian enjoys investing in property so much that he has qualified for his Real Estate Agent’s license and helps others to get started in property investment. home loan calculator tools are just so important to the planning process.“Investors aren’t multi millionaires, they’re just ordinary people like me, but what prevents many people from buying a successful portfolio is lack of knowledge,” he says. “I am still teaching but I am gradually spending more free time talking to friends and colleagues about property. Maybe one day I’ll make it my full time career.”