Every morning Eddie Dilleen wakes up, makes a coffee and sits on the coach to scroll through his phone. 

But unlike many Sydney millennials who mindlessly peruse social media, he’s eagerly scanning the latest and greatest properties for sale.

The 33-year-old is hooked on the dopamine rush he gets from spotting a new listing that ‘ticks all the boxes’. 

But he’s not a first home buyer eager to get into the market. He’s an investor with a staggering 150 properties under his belt, 40 of which have been purchased in the past seven months. 

Eddie’s ‘obsession’ began after buying his first two-bedroom unit on the Central Coast in 2010 when he was 18.

Since then he’s ‘learnt how to play the game’ and taught himself how to understand the property market all thanks to plenty of ‘trial and error’. 

Mr Dilleen started from humble beginnings after growing up in housing commission in Mt Druitt with his single mum. As he grew up he was determined to ‘never be poor again’.

After slaving away at McDonald’s as a teenager he eventually saved enough money to enter the market at a young age.

Eddie Dilleen (pictured left with his wife) is an investor with a staggering 150 properties under his belt, 40 of which have been purchased in the last seven months

Eddie Dilleen (pictured left with his wife) is an investor with a staggering 150 properties under his belt, 40 of which have been purchased in the last seven months

Mr Dilleen started from humble beginnings after growing up in housing commission with his single mum and was determined to never be poor again

Mr Dilleen started from humble beginnings after growing up in housing commission with his single mum and was determined to never be poor again 

And he has no plans to stop anytime soon with a hefty goal of having 2,000 properties to his name – admitting it’s a form of ‘addiction’.

Speaking to FEMAIL, Mr Dilleen said he’s on a mission to prove that he’s the ‘greatest property investor in Australia’.

‘Everyone has a different strategy when it comes to property and I want to prove mine is better. It’s like sport, you want to be number one,’ he said. 

Today the father-of-two has 30 properties in Perth, 70 in Brisbane, 20 in Sydney, 6 in Adelaide and 30 in Melbourne, all of which are a mixture of houses, townhouses, units and blocks of units. 

Mr Dilleen has built his portfolio over the last 15 years and it’s now worth an estimated $100million.

He rakes in $70,000 in rent a week and has $35million of debt to his name. The giant number used to stress him out.

Now he believes it’s ‘not enough’.. 

Friends and family support his success and lofty aspirations, but at times urge Eddie to ‘relax’.

Speaking to FEMAIL, Mr Dilleen said he's on a mission to prove that he's the 'greatest property investor in Australia'

Speaking to FEMAIL, Mr Dilleen said he’s on a mission to prove that he’s the ‘greatest property investor in Australia’ 

Eddie has no plans to do that, at least not any time soon.

‘What I’ve learnt from my obsession with real estate and property is that inflation is continuous, it never stops,’ Mr Dilleen said.

He explained that as property values increase, so too does inflation, so it’s important to try stay ahead by increasing your income or assets. On the plus side, the locked-in mortgage debt decreases in value. 

Recently he purchased a block of five units for $1.67million in Melbourne, or $320,000 per unit. The medium unit price in the area is $580,000. 

He claims each unit can generate $440 rent per week, or $2,200 for all five. This would generate $114,000 of rental income a year with a 6.5 per cent gross yield. 

While many young Australians might consider owning multiple investment properties as ‘unethical’ or ‘greedy’, Mr Dilleen says landlords like himself aren’t the problem when it comes to house prices.

He acknowledged that he’ll likely cop criticism for snapping up multiple properties at a time – but he dismisses tis angle as he’s now purchasing blocks of units.

This, he explains, is an option most owner-occupier buyers will ‘struggle to afford’. He also argues that he’s ‘boosting the rental market’. 

‘I don’t have time for the people that want to be negative about it,’ he said. 

Recently he purchased a block of five units for $1.67 in Melbourne, or $320,000 per unit. Comparatively the medium unit price in the area is $580,000. He claims each unit can generate $440 rent per week, or $2,200 for all five. This would generate $114,000 of rental income a year with a 6.5 per cent gross yield (pictured)

Recently he purchased a block of five units for $1.67 in Melbourne, or $320,000 per unit. Comparatively the medium unit price in the area is $580,000. He claims each unit can generate $440 rent per week, or $2,200 for all five. This would generate $114,000 of rental income a year with a 6.5 per cent gross yield (pictured) 

Eddie’s property secrets

Mr Dilleen revealed his ‘golden rules’ when it comes to investing in property: buy under market value, purchase in metropolitan areas and ensure the rental yield is at least six per cent.

In addition to this, he tries to find properties that are already tenanted as it lowers the amount of competition. 

This tends to automatically cancel out first home buyers or families wanting a ‘forever home’, retirees looking to downsize and overseas investors. 

While the Sydney and Melbourne markets have decreased, Mr Dilleen has shifted his focus on these two cities.

‘I scour online at least once a day. People scroll on Instagram and Facebook, but I am more excited by scrolling on realestate.com and Domain – that’s the addiction part,’ he said. 

On the search engines he filters by the type of property, such as a block of units, and the location. 

He isn’t too worried about the number of bedroom or bathrooms a property has but instead pays attention to the real estate agent’s experience. 

As he usually doesn’t view the properties in person, he relies on buyer’s agents and real estate agents and if a property is tenanted he asks for the latest routine inspection report. 

While it’s common to think apartments, units or townhouses are ‘bad investments’, Mr Dilleen strongly disagrees with this. 

He believes these type of properties are a great way to get into the market and, from an investment point of view, it ‘doesn’t matter if it’s a strata property or not’. 

‘There’s a taboo around strata, but the first property I ever bought was a unit when everyone was telling me to save to buy a house. If I waited and saved the property would’ve been more expensive,’ he said.  

EDDIE’S ‘GOLDEN RULES’ OF BUYING PROPERTY:

1. Buy under market value – buy properties for a price that is less than what other comparable properties are selling for. This can be achieved by working directly with real estate agents or buyers agents 

2. Buy properties with a high rental yield – this means the amount of rent received. Eddie said a healthy yield is around 6-7 per cent 

3. Buy in metro areas – he recommends buying no more than 50km (45 minutes) away from a major city

4. If you’re investing, look for properties that are already tenanted – this will eliminate competition at auctions  

Mr Dilleen explained that the mindset of a first home buyer differs to an investor; couples or families are often looking for homes to live in while investors are searching for properties to grow in value. 

To source these properties, Mr Dilleen said it comes down to experience and knowledge – buyers would need to do their own CMA (comparable market analysis) and learn how to compare properties to one another. 

Of course, this takes time and Mr Dilleen said it might be easier to hire a buyer’s agent for their expertise to lower the stress and risk factor. 

Under the right circumstances, Eddie is confident Aussies can buy their first two investment properties in just one year.

‘It is possible to buy with a five per cent deposit … I started off with a 10 per cent deposit when I was 18 years old,’ he said.

He recommends trying different lenders and mortgage brokers to maximise your borrowing capacity, be creative and persistent, and educate yourself. 

To help young Aussies get their start in the property market, he’s written a book titled ’30 Properties Before 30′ which is available to order for free here. 

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