With more than 15 properties in her portfolio and a seven-figure net wealth, Crystal Palmer is an inspirational investor – especially when you consider that most of her properties were purchased for under $200k . Congratulations to Crystal – our 2017 Strategic Investor of the year!
“I started when I was 19. I was fortunate enough to know someone who had a number of negatively geared properties and that strategy clearly didn't work for him or his cashflow,” Crystal shares.
“We spoke at great length about investing in property with a positive cash flow strategy and together, we purchased low-priced investments for strong rent returns. I was only just out of high school with a part time job!”
Though she wasn't yet convinced of her career path at that stage, Crystal knew she needed to find something that she was passionate about – and it didn't take long to realise it was in property.
She began with just $30,000, and leveraged it from one deal to the next, doing cosmetic renovations along the way to maximise profits and improve yields.
“Generally, when I purchase a property, if I include, paint, heating/cooling, floor coverings and maybe a new kitchen or bathroom plus general handywork around the property, I'd be looking at a $15,000 renovation. For this $15,000, I look to put $50,000 equity onto the property as a minimum,” she shares.
“My latest purchase was in Glen Innes, NSW. I purchased this property for $110,000, which I knew was well below market value. It was a deceased estate so they wanted a quick sale. I wasted no time in inspecting it and moving on an offer. It needed a bit of work, so I spent more than what I normally would – around $40,000 in renovations. But I knew that when it was complete, the property value would be between $200-210k, giving me the $50k equity. I have successfully rented it out for $280 per week. With a loan repayment of $300 per month, this investment was a home run!”
This is just one of Crystal’s incredible property ventures – and demonstrates how she caught our judge’s attention.
Read Crystal’s full story in the February issue of Your Investment Property magazine, out now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.
We value your privacy and treat all your information seriously - you can check out