Where the grass is greener
In his early 20s, Will was in a career that left him uninspired, and as he set to the task of considering different options, he started reading about property, having always had an interest from a young age. After consuming a significant number of books in a very short period of time, he realised this was something he was truly engaged with. So, he studied a Masters of Property Development, secured his first job in the industry, and started saving towards his first investment. This journey eventually led him to Ironfish.
“The Ironfish culture is incredibly supportive. It’s fantastic to be surrounded by a group of colleagues who are passionate about what they do and most of whom are active investors or working towards their first purchase. Investing does have its challenges and everyone questions their investments from time to time; whether the hot water system needs replacing or a tenant moves out – there’s always a reason to want to get rid of an investment. But having the positive reinforcement and encouragement from people around me is quite powerful and acts as a strong reminder to hold onto property long term. Consistent and ongoing education is so important too; as a group, we’re constantly exposed to education on the markets along with long term investment strategies. Having this consistent messaging is very motivating.”
Making a start
Once Will decided to make a start as an investor, he was committed to saving to achieve his goal. He was fortunate enough to be living at home, and by making some compromises and saving hard, over a 2-year period, he managed to save enough for his first deposit.
“I think for many people there’s always going to be a reason not to invest. A perceived time in the future when you’ll have a bigger salary to afford your preferred suburb, or build your deposit faster, or think that prices will be cheaper in the future somehow, but the time to act is now. The longer you leave it the harder it will become and the sooner you act the more benefit you will gain over time. The first investment is definitely hardest, but it is not something you will regret in the future.”
Will’s investment journey began with the purchase of an apartment in the Sydney suburb of Lane Cove, which he lived in initially, but has since rented out.
“Lane Cove is a great investment opportunity, but for me personally it wasn’t where I wanted to live, so I decided to become a rent-vestor – investing in areas I decided would outperform the market while renting in a suburb I wanted to live in. I think there’s a lot of people who don’t understand the concept of rent-vesting and this limits their investing potential. It’s really about education and understanding that my tenants pay the bulk of my mortgage, therefore my personal cashflow contribution to hold the investments are minimal, allowing me to also pay rent. One of the best benefits of rent-vesting is the flexibility it gives me. Since becoming a rent-vestor, I have lived in different areas and properties that suited my lifestyle at that stage in my life.”