A 25-year-old former McDonald’s worker who grew up in housing commission flats is set to purchase his eleventh investment property.
Edward Dilleen was raised in Mount Druitt on the outskirts of Sydney where he and his mother relied on a single pension to survive.
‘Money was always really tight for my family and no one ever owned a house,’ he told Daily Mail Australia.
‘I became really obsessed with wanting to own a lot of property at the age of about 16.
Edward Dilleen (pictured), who grew up in housing commission flats, is set to purchase his eleventh investment property
Mr Dilleen was raised in Mount Druitt on the outskirts of Sydney before becoming ‘obsessed’ with owning property
‘I knew all my friends would one day inherit their family’s properties and I knew I had to do something about my future.’
Less than ten years after developing his ‘obsession’, Mr Dilleen is now negotiating the purchase of his 11th investment property, this time in Adelaide.
He has already amassed a portfolio worth over $2million across Brisbane, the Gold Coast, South Australia and New South Wales.
He was just 19 when he bought his first home on the NSW Central Coast after saving a $20,000 deposit in about two years by working at McDonald’s.
‘I was only earning about $400 a week and I was putting half of that away. In two years I had about $20,000,’ Mr Dilleen said.
‘Money was always really tight for my family and no one ever owned a house,’ Mr Dilleen (pictured outside one of his properties) told Daily Mail Australia
He has already amassed a portfolio worth over $2million across Brisbane, the Gold Coast, South Australia and New South Wales
He dismissed the mentality of many young Australians who believe the housing affordability crisis prevents them from cracking the property market.
‘It’s definitely harder in Sydney and Melbourne, but that’s just the way things are,’ he said.
‘But if you look at Brisbane, you can still get townhouses 20 or 30 minutes out from the CBD for under $200,000. That’s pretty affordable.’
Mr Dilleen, who just a few months ago was working three jobs to save for deposits on more homes, puts his success down to a goal-orientated mindset and prudent spending.
He said that although his properties ‘are nothing flash’, his story demonstrates the power of commence sense and strong will
Mr Dilleen (pictured) puts his success down to a goal-orientated mindset and prudent spending
‘I worked as a bartender at two jobs and my main job selling industrial tools. Overall in a week I could work 80 or 90 hours,’ he said.
‘That’s when it was going really crazy. When I was doing that I was saving about $1,200 leaving me with $300 or $400 a week.’
He said that although his properties ‘are nothing flash’, his story demonstrates the power of common sense and strong will.
‘There’s no magic trick about getting a deposit, you just have to save and have a plan in place,’ he previously said.
He said that although his properties ‘are nothing flash’, his story demonstrates the power of commence sense and strong will
Mr Dilleen was raised in Mount Druitt on the outskirts of Sydney where he and his mother relied on a single pension to survive
‘Budgeting is very important – even to this day I’m very frugal with money. Instead of buying a t-shirt that’s worth $150, I’ll buy a shirt that looks similar for $20.
‘A lot of my friends take a loan out to buy a $40,000 or $50,000 car to look cool.
‘I’d rather make an additional $30,000 or $40,000 through property investing and have that to move forward than getting stuck with bad debt.’