In the beginning
In 2005 following a professional soccer career representing the Punjab state of Northern India, Amrit packed his bags and set off, curious to discover what Australia had to offer.
The reasoning behind the move was not overly strategic at the time. “I had many friends that had moved to Australia straight after they had completed high school and I thought it was worth giving a try.” Originally the decision was to study for 2 years and return to India, however 12 years later here we are…
What happened next?
“I moved to Altona and absolutely loved it!”
And still does to this day.
At 24 years old, Amrit made a decision that has proved to be a wise one. After assessing the Melbourne housing market, he quickly worked out that he could not afford to buy in Altona. To overcome this barrier to entry he searched for a more affordable alternative.
In 2011, Amrit bought his first home positioned in Tarneit at the competitive price of $372,000. At the time Tarneit was not a very well-known suburb and was often referred to as ‘Werribee’s little neighbour’.
It wasn’t all smiles to begin with. At this time interest rates were significantly higher than those of today (7.1%). In addition to this, over the next two years, the Market was by no means flourishing. Amrit was understandably nervous when he learned that the value of his property had actually declined.
Why were you looking to Invest?
“My son.”
A lot can happen in 3 years.
In 2014 Amrit married his now wife. The property market began to dramatically rise and they both felt settled… so settled that 15 months ago they introduced their first-born son Gursanj to the world. Amrit’s investment goal was to produce a passive income that allowed him to spend more time with his son.
Currently working 55-60- hour weeks for trucking company Linfox, Amrit still somehow finds time to go to the gym every day and play soccer on the weekend. However, it has become apparent to him that working 6 days a week has begun to interfere with the one thing that really matters to him. Time with his family.
What were your concerns when looking at investment properties?
“I found it very hard to take what was being said as being honest.”
After searching the property market once more, this time for an investment property, Amrit was looking at previously owned properties. For around 5 months, he had many conversations with realtors looking to find the best possible option. Based on past experience, however, he did not feel comfortable with any of the proposed properties. “Being a truck driver, I had bought second hand before and it had given me a lot of trouble. I just really didn’t want to have to go through that again.”
Another big concern was that he didn’t know if he could trust the realtors, when he knew they had a vested interest in selling the property for the highest possible price. “The problem I had with the real estate agents was that I found it very hard to take what they said as being honest.” After 5 months of searching, Amrit met EDA Property founder, Anissa.
What happened when you met Anissa?
“We sat down and she listened to me.”
Together they set some clear objectives. Anissa listened, then used that information to come up with a proposal that she felt would be the most effective strategy.
‘Effective’ is a broad term, and for that reason Anissa has tailored a definition for EDA Property, defining ‘effective strategy’ as ‘the most efficient and risk-free way to achieve your goals.’
From this conversation Anissa learned that Amrit did not want a previously owned home, nor did he want the stress of finding suitable tenants. Taking this information on board Anissa came back with a proposal.
What was the outcome?
“The property settled on June 7 .”
On June 7 2017, Amrit’s first investment property settled. Anissa negotiated an 8% rental yield on a display suite for a 2-year fixed term. This means that Amrit does not have to stress about finding tenants. In addition to this, Anissa was able to negotiate a discount on the purchase, allowing Amrit and his family the opportunity to purchase in one of Melbourne’s strongest growth suburbs.
What was your favourite part of your Eda Property experience?
“The ongoing support, honesty, the way Anissa explained everything, and how she puts the client first.”
Amrit went on to say that he loved the way he never felt any pressure, and that he was aware that it was ultimately his decision.
The conclusion
Amrit and his family are great people and we loved helping them achieve their goals. The original property Amrit bought has almost doubled in price, and more importantly it doesn’t look like Gursanj will have to wait too long to spend more time with his Dad. When asked to give a testimonial for EDA Property, Amrit left us with this.
“I feel like Anissa has become part of our family.”
