Given all the recent APRA and ASIC changes and credit tightening by banks, the burning question is, is it still possible to buy ten properties in ten years?
Well, yes, it is possible with the correct investment strategies and little hard work! Bharat Patel will tell you all about how he and his wife Vaishali built their property portfolio
Bharat Patel moved from India to Sydney in 2004 to continue his master’s degree in IT from UTS. Today, he balances his full-time job as an IT manager and growing his investment portfolio. As a seasoned property investor, he also helps others calculate the risk and investment returns from the property market.
⌂ Between working a full-time job and managing your property investment journey, how do you do it?
Financial freedom was always my number one priority and when I came in this country 15 years ago, I had no other option but to get my studies up and running, get my Masters finished, find a job that can actually pay well and things went along as they were supposed to. Then suddenly I started realising that there’s more to just having a full-time job in such a large corporation. I wanted more time for myself and family.
That is when I decided to invest in properties and generate enough passive income to help me to quit my full-time job and live life on my terms.
“When it comes to property, the worry is that the market is going to crash. Well, I believe the worst that’s going to happen is we sell everything and we don’t lose any money, then we’re going to be fine”
⌂ How did you get started?
My wife Vaishali and I decided to purchase our first home at the time of GFC! So back in 2010, I secured our first family home in the Western Sydney suburb of Doonside at the price of $ 322,000. We were a little scared at that time due to GFC and the high interest rate. After living in the house for two years, I was educating myself on building wealth using property as a vehicle. At the time, the concept of a granny flat in the backyard was setting in. So, I obtained owner builder licence and built a granny flat, which helped me generate extra cash.
I used the same formula to buy another house in the Mount Druitt area in 2013 and built another granny flat in the backyard.
After buying two house and building two granny flats, we increased our cash flaw which then helped us to purchase land and build our dream home in the North-West corridor suburb of Schofields in 2016.
After moving into our dream home, we got a house in Gold Coast, followed by a townhouse in Logan Central.
I recently bought two retirement villages in Moore pocket near Ipswich and in Worree, Cairns.
⌂ What is the value of the property?
Our property portfolio is currently worth $3.95 million.
My investments also bring enough positive cash flow and that helps me enjoy a few tax benefits.
Aside from the wealth generated from his property portfolio, my job in IT helps us save money.
When it comes to property, the worry is that the market is going to crash. Well, I believe the worst that’s going to happen is we sell everything and we don’t lose any money, then we’re going to be fine. If we don’t do anything, we don’t get anything anyway.
⌂ What next?
Buy more properties. I want to buy at least 10 more properties in 3 years and then semi-retire at 41. And live life on my own terms.
Follow The Indian Sun on Twitter | Instagram | Facebook
Given all the recent APRA and ASIC changes and credit tightening by banks, the burning question is, is it still possible to buy ten properties in ten years? #TheIndianSun #HotHomeshttps://t.co/xcy1IomIWx
— The Indian Sun (@The_Indian_Sun) June 5, 2020
Donate To The Indian Sun
Dear Reader,The Indian Sun is an independent organisation committed to community journalism. We have, through the years, been able to reach a wide audience especially with the growth of social media, where we also have a strong presence. With platforms such as YouTube videos, we have been able to engage in different forms of storytelling. However, the past few years, like many media organisations around the world, it has not been an easy path. We have a greater challenge. We believe community journalism is very important for a multicultural country like Australia. We’re not able to do everything, but we aim for some of the most interesting stories and journalism of quality. We call upon readers like you to support us and make any contribution. Do make a DONATION NOW so we can continue with the volume and quality journalism that we are able to practice.
Thank you for your support.
Best wishes,
Team The Indian Sun
