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Our 23-year-old daughter, Hayley, completed her nursing degree in July 2006. Although she loves nursing, she plans to be a property tycoon like Kevin. Why not? The choice is hers. We have shown her how people become rich using other peoples’ money to acquire properties that provide cash flow through their compounding capital growth.
As soon as Hayley had three payslips, she eagerly submitted her first Expression of Interest on a lovely, new, interstate duplex costing $249,000. She was able to afford this by borrowing some of our equity for a short time. This property settled in December 2006 and as soon as Christmas was over, she was under way with number two—a second-hand unit for $224,000. By increasing her loan percentage to 90% on both properties, Hayley managed to buy this one independently. A $20,000 increase in value in the first property helped.
The second property settled in April and she is now getting organised to buy a third property, once again borrowing equity from us. By the end of her first year, Hayley will have accrued around $700,000 in good debt.
Even though she is single, her goal is to establish a passive source of income which will enable her to stay at home with her children in the future. After all, what we are doing today is our future and our mindsets establish the course of our lives. She understands full well that the Club is her vehicle to wealth and she is already planning where she would like to buy number four, so the sky’s the limit for this very determined young investor.
Hayley keeps her eye firmly on the big picture when the bills come in, and now loves shopping for property.
What motivated Hayley’s action plan? The answer lies primarily in the lessons she learned vicariously through watching how we survived a recent, unrelated financial crisis. We were determined to hang on to the five properties we had bought through the Club because we understood they were our ‘golden geese’ for the future. Once our nightmare passed, as they do, we immediately bought a sixth property.
As a direct result of the financial hole we had fallen into, not only did this property require 30% in equity and a no-doc loan, but we had to borrow the first two year’s expenses on top of the usual 105%. However, we never doubted our actions. Our seventh property will settle later this year and we are already planning number eight because we now intend putting all our equity to work.
These days, we are passionate advocates of the Club lifeline and we look forward to the future, knowing Kevin’s wealth creation plan will deliver.
Kerrie and Paul Mitchell
Support Members, ACT
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