How to Pay-Off Your Mortgage in Three Years by "Rentvesting" | Steve's Australian Property Journey
🏠 Steve Elbourn went from being evicted and living in a granny flat to have a debt free PPOR in three years.
❌ He grew up in NSW Central Coast (Woy Woy) in housing commission, with no family history in property investing.
💸 After initially buying & selling a couple of properties at an early age, he found himself renting for over 20 years.
🎓 After re-marrying, and being evicted from his rental, he decided to get financially educated. Steve dove into research, podcasts, forums, trend analysis and decided he would "Rentvest".
📈 Through this strategy he bought three properties, often under-market value, which had huge growth as Covid induced a property boom.
😮 Hear how he made mistakes along the way, how he structured his properties, how he overcame borrowing power hurdles and his best advice for other investors.
💡 It's an inspiring story how an everyday person gained the option to become mortgage-free in just three short years.
0:00 - Introduction
1:32 - Steve’s property journey
8:12 - Was property investing popular in the 90s?
11:10 - Steve got kicked out of his property
13:22 - How did Steve make use of Covid times?
16:55 - What did Steve cut back on expenditure?
19:02 - National Rental Affordability Scheme
21:27 - How Steve bought his first property?
25:30 - What gave Steve the confidence to buy his first property?
28:43 - Steve developed his 2 properties simultaneously.
30:36 - What is Steve’s next 10-year strategy.
32:23 - How supportive was Steve’s wife?
36:46 - How did Steve set up his team?
38:46 - Steve’s biggest advice for new investors
42:13 - Conclusion
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Пікірлер: 28
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Good job Steve. For those that say it is impossible to get into the market, watch this one. Steve, be careful with moving into your SMSF rental property and using as your PPR, I think that is against the rules.
That's awesome Steve. Great to see a man on the channel that earns closer to what I earn and doing really well. 👏
Whether you think you can, or you think you can't - you're right. - Henry Ford. Very motivating.Congratulations and all the best with your future endeavors.
@AusPropertyMasteryWithPK
9 ай бұрын
Love that!
To offset your capital gains you may be able to backdate some super contributuons up to the max concessional rate for 5 years. Also check if you can make spouse super contributions
@elbowsroom355
9 ай бұрын
Yes I looked at that option, and whilst that offsets the CGT, the contributions I would make are added back onto my income for child support payment purposes. So from my calculations I would get stung with an approx $25k child support bill. I have no issues paying child support, but it seems unfair that the other parent should get a nice financial lump sum for all the sacrifices and hard work we have done as a couple. Doing this strategy would though provide for another deposit for a property with my SMSF. So it's an option I'm very confident the Brisbane market will continue to rise over the next year, so will hold off on any decision til mid 2024 as the tenant has a lease until Nov 2024.
@OilBaron100
9 ай бұрын
@@elbowsroom355 great story, thanks for sharing with us.
Yes. Love this video. So easy to relate. Good on you Steve
@AusPropertyMasteryWithPK
9 ай бұрын
Glad you enjoyed it
I learned a lot from rhis podcast.. Thanks PK
@AusPropertyMasteryWithPK
9 ай бұрын
Good to hear!
Loved this.. good on you Steve!! Thanks PK
@AusPropertyMasteryWithPK
9 ай бұрын
Glad you enjoyed it
@elbowsroom355
9 ай бұрын
Thanks, I had a very supportive partner who believed in what I saw when others panicked
Yes ❤
@ramonriveralaffont8126
9 ай бұрын
real people living real lives
@AusPropertyMasteryWithPK
9 ай бұрын
@@ramonriveralaffont8126totally!
Property investing was gaining some momentum by year 2000. I was right into it, read all the books, flipped a couple properties. Unfortunately, I got out of it right before the last boom, tried to do someone more productive
@AusPropertyMasteryWithPK
9 ай бұрын
Ahh.. maybe not too late to get back into it?
@colinp1233
9 ай бұрын
@AusPropertyMasteryWithPK we r just going to buy a cheaper PPR property a little further north. But yeh, might buy an investment property again one day when the time is right
Hi Pk, did he offer unconditional purchase contract? So he could do renovation. Could you pls explain a bit more? Thank you
@elbowsroom355
9 ай бұрын
No I had the standard building and pest and finance clauses. But upon finance being approved and the contract going unconditional my other clause enabled me to gain access to the property via the onsite manager. Gave the whole interior a fresh coat of paint ( white) to brighten it up, put in some shelving in kitchen , new window coverings, changed all door handles to modern fittings, including cabinets in bath and kitchen, pressure cleaned the exterior of house and driveway and pathway, painted the street side of the old timber fence at sides of property to increase street appeal. Also had a clause that I could use their photography in my rental listing if needed
@entbook6171
9 ай бұрын
@@elbowsroom355 thank you, it is very helpful.
@OilBaron100
9 ай бұрын
@@elbowsroom355 that is a pretty clever clause to put into a contract. I wish I had thought of that.
He created his own luck. Good story. Seized an opportunity
@AusPropertyMasteryWithPK
9 ай бұрын
That’s it!
@elbowsroom355
9 ай бұрын
Thanks. Saw an opportunity and made it happen.