AT A GLANCE
Favourite investment: Two-bedroom apartment in Darlinghurst, NSW
Price paid: $2.9m (sold for $5m three years later)
Future plans: Aims to settle three off-the-plan
properties in the next 12 months
Ian Hosking Richards
Hosking Richards pursues an active lifestyle. He completed the Kokoda trail in Papua New Guinea in September 2017.
Ian Hosking Richards first saw property investment as a way to generate passive income, but it has now become his way of life.
When Ian Hosking Richards started investing in property in 1999, it was driven by his concern for his financial status –or lack thereof.
“I had already been working for many years, but I’d accumulated no assets to speak of, and I had very little superannuation,” he explains.
He entered the property industry, and now, almost two decades and dozens of transactions later, he has gained plenty of business savvy. He applied this to his favourite investment, a two-bedroom apartment in the popular Sydney suburb of Darlinghurst. Purchased in 2014 for $2.9m, the property’s value appreciated so swiftly that by August 2017 he was able to sell it for $5m.
“The buyer was a friend of mine who was familiar with the apartment. Everything was done off -market without going through a real estate agent, which was a big bonus for her, and I made sure that the experience was easy and seamless, which she really appreciated,” says Hosking Richards.
The proceeds from the sale have afforded Hosking-Richards enough financial independence that he no longer has to rely on loans, bringing him closer to his goal of owning a profit-generating portfolio that enhances his annual net worth.
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