A young father has revealed how he managed to build a multimillion dollar property empire after starting out with just a $15,000 deposit.
Real estate agent Jordan Strudwick has owned seven properties with his biggest investment a $1.225million commercial property in Broadwater, Queensland.
He is also the owner of Strud Property, a local real estate business that helps homebuyers find their dream house.
His rise to success is rooted in humble beginnings with the 30-year-old living in poverty and sleeping on the floor at the start.
A young father has revealed how he managed to build a multimillion dollar property empire after starting out with just a $15,000 deposit
He used $15,000 to put down a five per cent deposit on a $270,000 house on Thornton Street at Raceview, in the City of Ipswich, in 2018
He managed to turn his fortunes around by taking out a small personal loan of $50,000.
He used $15,000 to put down a five per cent deposit on a $270,000 house on Thornton Street at Raceview, at Ipswich west of Brisbane, in 2018.
Mr Strudwick lived in the house as he renovated the old 1960s three-bedroom home, polishing its floors, giving it a new paint job and upgrading the kitchen.
He spent around $10,000 on renovations before selling the house two years later for $330,000 in 2020.
‘I made $40,000 and I thought I was King Kong because back then, nothing was happening in the Ipswich market,’ he told Courier Mail.
He bought his second property for $310,000 in 2020 and then spent another $40,000 renovating it.
He sold it for $440,000 and made a profit of $90,000 in 2021.
Mr Strudwick has since been able to buy seven houses and sell five of them by following a simple rule.
He renovates the houses and then sells them for a profit before then reinvesting the money into more properties.
Mr Strudwick said it was important to buy a house that was reasonably priced otherwise it was unlikely to turn over a profit even if it was renovated.
He admitted it can be daunting for first homebuyers to get into the market but he shared some golden nuggets of advice.
‘With investing it all comes down to the numbers,’ he said.
He bought his second property for $310,000 in 2020 and then spent another $40,000 renovating it
‘Some luck can help, but the biggest thing is to just have a go because it all starts with that first house.’
The average cost of buying a home in Australia increased by 0.13 per cent in March with the median value currently $732,000.
House prices have been falling since the Reserve Bank began its campaign to bring inflation into line in May, 2022, causing interest rates to rise for 10 consecutive months.
In response, Sydney’s house prices fell by 6.03 per cent in the past year to sit at an average $994,000, Melbourne’s saw a 5.79 per cent drop with the median home value now $789,000, according to the latest PropTrack Home Price Index.
However, March has seen a slight bounce in prices, with Sydney house prices rising by 0.27 per cent, Melbourne by 0.12 per cent, Perth by 0.24 per cent and Adelaide by 0.10 per cent.
Brisbane, Hobart and Darwin bucked the trend with prices falling by 0.06 per cent, 0.43 per cent and 0.10 per cent respectively.
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