Chris Duong’s investment journey began with a question.
“I had a high school friend ask me, ‘Chris, can you give up having one coffee a day if it meant you could buy an investment property?” he shares.
At the time, Chris was 21 and had just started working in IT. Flush with his first paycheques, he purchased a new car and spent his salary on going out to dinner and to the movies. Meanwhile, his friend had started investing his money in property.
“That friend bought in neighbourhoods I wouldn’t have even dreamt of buying in at the time – old run-down apartments in Hurstville, followed by Eastwood.”
Five years later, in 2010, Chris and his wife Mandy bought their first PPOR in the suburb of Castle Hill in NSW, where they both grew up. They began toying with the idea of property investing but didn’t know where to begin.
Since then, they have amassed a portfolio of six properties with equity of almost $1m.
Here, Chris shares his top tips for new investors entering the market today:
1. Understand the laws in different states. When diversifying property to buy interstate, make sure you know the local regulations.
2. Talk to other investors. Don’t just seek out advisers, seek out peers who can motivate and share experiences with you.
3. Don’t be emotional – There’s a difference between a property you’re going to invest in and one you will use as a PPOR. Don’t project your likes and needs.
4. Risk smart – It’s good to take risks, but ensure that you still do your research and calculate that risk before taking it.
5. Have a strong team. This is especially useful if you want to invest somewhere unfamiliar – an expert hand will keep you from making mistakes.
To read more about Chris and Mandy’s
inspiring story of property success,
pick up the January 2019 edition of
Your Investment Property magazine
on sale at news agencies and
Coles supermarkets 6th Dec to 10th Jan
or download the magazine now.
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