Posted on 17^th February 2021

Jason Smith

Occupation

Former Army Soldier, Full-Time Student

Objective

Build multiple income streams

Portfolio

4 properties

Through Ironfish, we have been able to access seminars and resources which have changed the perspective of the way we invest. That’s the biggest thing we’ve taken away from this experience and will continue to help us in our future.

— Jason Smith

“Our savings were sitting there, not getting much interest”

Following a career in the army, Jason Smith is now a full-time student at the University of Melbourne. He and his wife recently moved from Sydney to Melbourne, and prior to that, they lived together in Darwin for three years.

“When I left the army, we had quite a bit of savings sitting there, not getting much interest. We knew we had to do something more productive with our money and were tossing up on different assets to invest in. After doing some research, we decided that investing in property was the lowest risk with good enough returns, and it was an asset class we understood more than, for example, the stock market at the time.

“It was really important for my wife and I to be financially free in the future and be supported by multiple income streams.”

Investing interstate

Jason and his wife then set about researching where to invest. Based on affordability, they felt Tasmania was a good option and eventually settled on two second-hand houses.

“As interstate investors, we had to do so much homework and due diligence on what was a better location, what worked for our investment strategy etc. This is the challenge of doing it entirely on your own.

“When we moved to Melbourne and were looking for information on Melbourne property, my wife put an enquiry into a local Facebook group, and [Ironfish Glen Waverley Strategist] Nicole Liu responded with some great info. From there we were introduced to Ironfish, we came along to some webinars which helped to shape a new perspective on investing.”

From apartment to townhouse

Jason and his wife were initially planning to buy a 1-bedroom apartment in Melbourne, and then upsizing after starting a family.

“Through Ironfish, we learned that we didn’t necessarily have to be limited to a 1-bedroom within our budget, but we could buy a townhouse off-the-plan.

“Our off-the-plan knowledge was very limited previously and sounded very scary. But with Ironfish, we had all our questions answered with Nicole holding our hands through the process, so it was very reassuring. We made the decision to buy and this fit exactly with our future plan – the whole process was very eye-opening.”

Investing during Covid

With Melbourne in lock-down during the global pandemic, Jason and his wife spent all their initial conversations with Nicole and Ironfish on Zoom and only met in person very recently. Through these Zoom meetings. Jason and his wife purchased a townhouse as their home, and an additional investment property during 2020.

“We were lucky with our income not too affected by Covid, and understanding we could build up a continuous flow of income through property, gave us confidence to look into opportunities during Covid. We had capital to work with, and Ironfish presented a positively geared investment opportunity which fit with our strategy – the delayed settlement period fit perfectly with our own future plans.

“Meeting Nicole, finding opportunities tailored to our position, knowing that with Covid there was opportunity – we decided to take it!”

Jason Smith’s property investment tips:

Really understand what investment strategy you want to pursue – high capital growth or positive geared etc – as that will tailor / direct what you need to do to achieve that.
Invest in your personal knowledge of what property investment entails – read blogs, watch webinars such as the ones Ironfish provides. These give you the knowledge and in turn confidence. Understand the process, market and suburb level research and do your due diligence.
Manage your cashflow well, understand how your inflows add up so you don’t find yourself in financial hardship.
The other aspect we learned through Ironfish is tax deductions and how investment property tax deductions work. Make sure you work with a great accountant to help you maximise your tax benefits.

Really understand what investment strategy you want to pursue – high capital growth or positive geared etc – as that will tailor / direct what you need to do to achieve that.
Invest in your personal knowledge of what property investment entails – read blogs, watch webinars such as the ones Ironfish provides. These give you the knowledge and in turn confidence. Understand the process, market and suburb level research and do your due diligence.
Manage your cashflow well, understand how your inflows add up so you don’t find yourself in financial hardship.
The other aspect we learned through Ironfish is tax deductions and how investment property tax deductions work. Make sure you work with a great accountant to help you maximise your tax benefits.

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