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Property investors share how they are set to purchase their third home by the age of 30

By October 11, 2020 No Comments

An Australian property investor has revealed how she and her partner are set to purchase their third home at the age of 30 and why others shouldn’t be discouraged to invest.

Courtney Te’ray and her partner Aaron, from Melbourne, bought their first investment property in 2012, aged just 22, a few years after finishing high school.

Five years later at 27 they managed to save enough money to place a deposit on their second property, and are now set on buying their third in 2020.

While owning a house and having a mortgage delayed opportunities to travel, they don’t regret investing at a young age.

‘It wasn’t too nerve-wracking purchasing our first investment property – having a job and working full-time until the age of 60 seemed scarier,’ Courtney told FEMAIL.

She said it’s important to have a goal as to why you want to buy a property, to not have any credit card debt and to spend less than you earn and invest the rest.

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Courtney Te’ray and her partner Aaron, from Melbourne, bought their first investment property at age 22 in 2012 a few years after finishing high school (pictured)

Courtney (pictured) said it’s important to have a goal as to why you want to buy a property, to not have any credit card debt and to spend less than you earn and invest the rest

Courtney (pictured) said it’s important to have a goal as to why you want to buy a property, to not have any credit card debt and to spend less than you earn and invest the rest

Courtney works as an account manager for an electrical company and her partner Aaron is an electrician, and the pair started dating in high school.

‘I first knew I wanted to buy a property at the age of 19, so we started saving for a year and a half before buying our first house,’ she said. 

After working full-time for a few years, Courtney decided the 9-5 lifestyle wasn’t for her and learnt how investing in property is a fantastic way to generate a passive income.

Together the pair saved close to $25,000 which was enough to put a deposit down on their first house in Melbourne priced at $210,000 with three bedrooms and one bathroom.

After working full-time for a few years, Courtney decided the 9-5 lifestyle wasn't for her and discovered property investments are a fantastic way to generate a passive income

After working full-time for a few years, Courtney decided the 9-5 lifestyle wasn’t for her and discovered property investments are a fantastic way to generate a passive income

After buying the property, the pair worked hard on renovating the house to give it an entirely new look that would appeal to renters and tenants

After buying the property, the pair worked hard on renovating the house to give it an entirely new look that would appeal to renters and tenants

While they didn’t have any help from their parents, Courtney said the ‘bigger advantage’ was having each other to lean on for support and to generate the deposit faster. 

Another ‘huge advantage’ of living at home for as long as possible was that they could save money faster.

After buying the property, the pair worked hard to renovate the house to give it an entirely new look that would appeal to renters and tenants. 

While they didn't have any help from their parents, Courtney said the 'bigger advantage' was having each other to lean on for support and to generate the deposit faster

While they didn’t have any help from their parents, Courtney said the ‘bigger advantage’ was having each other to lean on for support and to generate the deposit faster

Another 'huge advantage' involved living at home for as long as possible in order to save more money faster

Another ‘huge advantage’ involved living at home for as long as possible in order to save more money faster

TIPS FOR BUYING AN INVESTMENT PROPERTY IN 2020

Spend less than you earn and invest the rest into a savings account to put towards a property deposit  

Consider purchasing an older house in a well-established area that will increase in value 

Consider how a property can be renovated to add value 

Think about why you wish to buy a property and if this is the right solution for you, as stocks are another alternative 

Save as much as possible for a deposit of 10 to 15 per cent – 20 per cent is ideal to avoid paying the Lenders Mortgage Insurance (LMI)

Seek professional advice from a broker or mortgage consultant if feeling overwhelmed  

Aim to not have any credit card debt 

Have a strong work ethic

Live at home for as long as possible in order to save money faster

When looking to buy the second home, Courtney said the Melbourne market had skyrocketed and prices had doubled, which meant they needed to spend more time saving.

‘In 2012 and 2013, the property market was pretty flat so we were lucky with the house and rate we got, but in 2017 the market skyrocketed,’ she said.

‘It was really hard to get into the market again and it took us five years to save the next deposit.’

But through spending less than they learnt and putting money away from each pay check, Courtney and Aaron managed to purchase their second three-bedroom home for $630,000 with a $60,000 deposit.  

When looking to buy the second home, Courtney said the Melbourne market had skyrocketed and prices had doubled, which meant they needed to spend more time saving

When looking to buy the second home, Courtney said the Melbourne market had skyrocketed and prices had doubled, which meant they needed to spend more time saving

Through spending less than they learnt and putting money away after each pay check, Courtney and Aaron managed to purchase their second three-bedroom home for $630,000 with a $60,000 deposit

Through spending less than they learnt and putting money away after each pay check, Courtney and Aaron managed to purchase their second three-bedroom home for $630,000 with a $60,000 deposit

Prior to purchasing both houses, the couple researched what would be the best property to buy and discovered old homes in established areas increase in value over time.

‘We were really focused on buying old homes close to the Melbourne CBD that had a proven track record of growth,’ Courtney said.

‘We didn’t want to buy a house and land package because there’s often no data or records to look at.

‘And because my partner’s an electrician and my dad’s a tradie, I’ve grown up knowing the excitement of what it’s like adding value to a property through renovations.’

Prior to purchasing both houses, the couple researched what would be the best property to buy and discovered old homes and land in establishes areas increase in value over time

Prior to purchasing both houses, the couple researched what would be the best property to buy and discovered old homes and land in establishes areas increase in value over time

'We were really focused on buying old homes close to the Melbourne CBD that had a proven track record of growth,' Courtney said

'We didn't want to buy a house and land package because there's often no data or records to look at,' she said

‘We were really focused on buying old homes close to the Melbourne CBD that had a proven track record of growth,’ Courtney said

At the moment Aaron and Courtney are in the process of seeking their third investment property between the price of $800,000 to $900,000.

The couple don’t plan on living in any of the houses they have purchased, but instead plan to continue renting and eventually work less hours if the properties increase in value.

‘The ultimate goal is to get our time back that we would normally spend working and generate a passive income,’ Courtney said. 

To share her story and inspire others, Courtney has shared a number of videos on TikTok which have gone viral

'The ultimate goal is to get our time back that we would normally spend working and generate a passive income,' Courtney said

To share her story and inspire others, Courtney has shared a number of videos on TikTok which have gone viral

When asked what advice she would give to others who are considering purchasing a property, for either investment or to live in, Courtney said to think about why you want to buy the home and whether you're doing it for the right reasons

When asked what advice she would give to others who are considering purchasing a property, for either investment or to live in, Courtney said to think about why you want to buy the home and whether you’re doing it for the right reasons

It's also optimum to save for a 20 per cent deposit or higher in order to avoid paying the Lenders Mortgage Insurance (LMI). Also consider how much it will cost to renovate the property if needed

It’s also optimum to save for a 20 per cent deposit or higher in order to avoid paying the Lenders Mortgage Insurance (LMI). Also consider how much it will cost to renovate the property if needed

When asked what advice she would give to others who are considering purchasing a property, for either investment or to live in, Courtney said to think about why you want to buy the home and whether you’re doing it for the right reasons. 

She also said to seek professional advice from a mortgage consultant or broker if feeling overwhelmed. 

It’s also optimum to save for a 20 per cent deposit or higher in order to avoid paying the Lenders Mortgage Insurance (LMI). 

‘It’s an advantage having a partner who you can purchase the property with, but even if you’re single and renting, you shouldn’t be discouraged to consider buying a property for the right reasons,’ she said. 

‘Make sure you save enough before you buy and have an emergency fund just in case you need to pay any other costs, such as ownership fees,’ she said. 

To share her story and inspire others, Courtney has shared a number of videos on TikTok which have gone viral, with one video exceeding more than 129,000 views. 

Courtney hopes her decision to invest in property with her partner will inspire other young people to do the same. 

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