As the founder and CEO of Propertybuyer, Rich Harvey has had a full career that’s been all about creating asset and cash flow wealth in the world of Australian property.
“I trained in economics, so I always believed in the power of leverage and creating wealth via property investment. Compound interest and capital growth is one of the seven wonders of the world,” he says.
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AT A GLANCE
Best personal investment: Cottage on a large block in Pennant Hills, NSW
Purchase price: $235,000
Sale price: $245,000 for front house; $600,000 for house at the rear
Now president of the Real Estate Buyers Agents Association of Australia (REBAA), Harvey made his own real estate start with a classic post-war cottage on a large block of land measuring over 1,000sqm in Pennant Hills, NSW. Out of that one property he was able to make magic.
“It was in need of serious renovation. We paid $235,000 and renovated the interior completely. Then we subdivided the property and built a new four-bedroom house at the rear,” he says.
“We sold the front house for $245,000 and then moved into the house in the back. We lived there for several years while the kids were young, and then sold that for $600,000 in 2003. It would be worth over $1.4m today!”
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