Buying a house is not easy, it requires a lot of sacrifices and, in many cases, financial support from your parents or relatives. Yet it is a goal shared by many people. So how to go about it? Entrepreneur Eddie Dilleen seems to have found a solution which, at the age of 30, even allowed him to buy his mother’s house. It is a great satisfaction for a son to help his parents after they have always supported him with love. Eddie has succeeded where many young people fail, not through ineptitude, but through lack of opportunity.
Eddie arrived at the age of 30 with a considerable fortune of nearly $20 million. How did he do it? By buying real estate! To date, the Australian entrepreneur owns 43 homes across the country and says anyone can easily invest the same way. In fact, the young entrepreneur tries to dispel the theory that it takes a lot of money to buy a house, as he has done so many times, by putting down a deposit of only 5% of the total amount.
At 18, Eddie bought his first one-bedroom apartment for $138,000 and rented it out for $220 a week. In short, the young man had the foresight, from the start, to invest part of his savings for long-term gain. Eddie advises everyone to start this way, by evaluating three fundamental factors that are unavoidable in any property: high yield, whether the investment leads to capital growth and ensuring that the price of the property is below market value.
It’s clear that you can’t leave without thinking about investing: when he bought his first four properties, Dilleen was earning $50,000 a year and he bought four more on a salary of $65,000 in 2016. anyway, Eddie is living proof that you can go far even if you come from a modest family. In fact, the young entrepreneur started like all young people: working at McDonald’s.
“I come from a modest family, I grew up in a tough neighborhood and no one in my family owned a home,” Eddie said. “My mother struggled to put bread on the table and we often bought second-hand clothes, it was a very difficult financial situation”, explains the young man. As mentioned above, Eddie didn’t just buy a single property but, contrary to the “old school” advice of paying off debt first before making any other investment, the young man immediately reinvested in other properties as soon as he was able to obtain additional income. In addition, he claims that the purchase of a first home can be done with a minimum deposit of 5% and is therefore affordable for everyone.
It is undoubtedly a lucrative market, but in which you have to know what to do and always be very careful. This young man did it and can say he bought at least 30 houses before he turned 30: not bad, right?