A 30-year-old property investor who owns a staggering 43 homes has revealed why others shouldn’t delay entering the market – and his secrets to building a successful portfolio.
At 18, Eddie Dilleen, from Mt Druitt in western Sydney, bought his first two-bedroom apartment on the Central Coast for $138,000 and rented it out for $220 per week.
Today his impressive portfolio is worth more than $20million dollars with houses spanning across Sydney, Brisbane and Adelaide.
Mr Dilleen told Daily Mail Australia the three key features he looks for in a property is a high yield (income return), capital growth and ensuring the price is below market value.
‘Anyone can invest in property, but you need to consider your goals and think long-term,’ he said.
Eddie Dilleen, from Mt Druitt in western Sydney, (pictured left) owns 43 properties with an estimated value of more than $20million dollars
Mr Dilleen told Daily Mail Australia the three key features he looks for in a property is a high yield (income return), capital growth and ensuring the price is below market value
Mr Dilleen believes you don’t need to be earning six-figures in order to get your foot into the real estate market.
When he purchased his first four properties, Mr Dilleen was earning $50,000 per year, and bought another four on a $65,000 salary in 2016.
‘It’s all about understanding how the banks lend you money – having a high yield means you can continue to borrow,’ he said.
‘Start small and get in as soon as you can.’
Mr Dilleen also suggested purchasing existing properties rather than new builds which are often on small blocks of land.
He also encourages ‘rentvesting’ – a tactic that sees buyers rent a property where they want to live and buy an investment property in a suburb they can afford.
Mr Dilleen believes you don’t need to be earning six-figures in order to get your foot into the real estate market
Mr Dilleen grew up in housing commission and became interested in real estate when he started working at McDonald’s at 14.
Based on conversations had with co-workers and others, he quickly understood buying into real estate was the perfect strategy to build wealth.
‘From humble beginnings, I grew up in a rough neighbourhood and no one in my family owned a home,’ he said.
‘Mum struggled to put food on the table, we had to buy secondhand clothes from the Salvos, it was very rough financially.
‘I remember when I was 12 thinking “this sucks” and wished things were different … I wanted to break out of the cycle.’
Mr Dilleen smiles in front of one of his properties in Parramatta, Sydney’s western suburbs
The 30-year-old bought an Ipswich two-bedroom villa (pictured) for $133,000 in May 2020
He has also splashed on a $875,000 property in Sydney for his mother (pictured)
Mr Dilleen quickly wanted to buy more investment properties and eventually be able to live off the rental income.
Rather than following the ‘old school mentality’ of paying off the initial loan first, he decided to leverage the capital gains and bought his second property at 21.
‘I realised there’s another way instead of paying one property off – it’s all about looking at the long-term gain,’ he said.
Mr Dilleen explained that if he focused on paying off the loan of the first property quickly, he’d be left with the income of a single investment, which isn’t enough to live off.
‘It’s about the scalability – instead of paying it off, why not use the funds to buy more investment properties?’ he said.
‘For example, instead of putting in $30,000 a year into the investment, that could be used to buy another property.’
Some of Mr Dilleen’s purchases during Covid-19 include a $437,000 duplex in Brisbane (pictured)
The investor has just written his first book 30 properties before 30, which shares his tips and tricks for investing in property.
He recommends starting off small, by purchasing something to get a foot in the market and to try not to be emotional about where you buy.
He also suggests putting down a small deposit, suggesting first home buyers can snap up a property with as little as a 5 per cent deposit.
‘Most people think they need a 20 per cent deposit but you can buy your first property for as little as 5 per cent down,’ he said.
‘Brisbane is one of the best markets to be buying in right now, you can buy a property for $300,000 so 5 per cent of that is $15,000.’
He said to focus on rental return of properties and buy property below market value by looking for those who want to sell fast.
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