Young man in his thirties has already bought 43 houses and gave one to his mother as a gift: "Anyone can do it"
April 04, 2022
Buying a house is not easy: it requires many sacrifices and, in many cases, even financial support from one's parents or relatives. Yet it is a goal shared by many people. How then can one do it? Entrepreneur Eddie Dilleen seems to have found a solution that, at the age of 30, has allowed him to buy a house for his mother. What can we say? Helping one's parents, for a child, is a great satisfaction, after they have always lovingly supported them. Eddie has succeeded where many young people fail to make it - not out of ineptitude, but out of lack of resources.
Eddie reached the age of 30 with the considerable fortune of nearly $ 20 million. How did he do it? Buying real estate! To date, the Australian entrepreneur has 43 homes spread out across the country and claims that anyone can easily invest in the same way. The young entrepreneur, in fact, tries to dismantle the belief which states that it takes a lot of money to buy a house, since he has done it over and over again, paying an sum equal to only 5% of the total amount.
At the age of just 18, Eddie bought his first one-bedroom apartment for $ 138,000 and rented it for $ 220 a week. In short, the young man immediately had the foresight of investing some savings in to obtain a long-term gain. Eddie advises everyone to start like this, evaluating three fundamental and basic factors of any property: 1) a high return, 2) the fact that the investment leads to capital growth and, 3) making sure that the price of the property is below the market value.
It's clear that you can't start an enterprise without doing any investing: when he bought his first four properties, Dilleen was earning $ 50,000 a year and he bought four more with on a salary of $ 65,000 in 2016. Either way, Eddie is living proof that you can go far even if you come from a humble family. The young entrepreneur, in fact, started like all young people: working at McDonald's.
"I come from a humble family. I grew up in a tough neighborhood and no one in my family owned a home," said Eddie. "My mom fought hard to put bread on the table and we often bought second hand clothes - it was a very difficult financial situation," explained the young man. As already mentioned, Eddie did not stop with the purchase of a single property but, going against "the old school", which recommends paying off a debt first and then proceeding with another investment, the young man immediately reinvested in other properties as soon as he managed to earn some extra income. Furthermore, he argues that the purchase of a first home can be made with a minimum deposit of 5% and, therefore, is within everyone's reach.
It is undoubtedly a profitable market, but in which it is necessary to know how to act and to always be very careful. This young man made it and can now say he bought at least 30 houses before he turned 30: not bad, right?