CFO of the Real Estate Institute of Queensland Rod Facey really hit the ground running when he bought his first block of land at the age of 21.
“I purchased it for $44,000. The value quickly increased, which then allowed me to borrow against the equity on that land to build the house. To date, the $4,000 initial deposit is the only deposit I have had to outlay to purchase any property,” he says.
“Back in 2004, we used the equity in existing properties to purchase an inner-city Queenslander, and we continued to use it to complete two renovations as well.”
Equity has become the foundation of Rod’s portfolio growth, having enabled him to buy seven properties, including his main residence. He also applied the equity to the purchase of what now serves as a holiday-let investment/vacation home for his family.
Photo credit: Naz Mulla Photography
“If I were to run into financial difficulties or just decide to simplify life and reduce debt, we could sell all of our investment properties and almost own our owner-occupied property outright. It’s worth around $1.3m, so this is a fantastic position to be in in my early 40s!”
AT A GLANCE
Best investment: Inner-city Queenslander
First investment: A block of land
Purchase price of first property: $44,000
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