Leigh and Lizzy Bright are now proud owners of an investment property located in Melbourne’s west that is set to leave many developers, home owners and investors smiling.
In this week’s client story, we reflect on the hurdles the young couple faced when looking to break into the ‘Melbourne housing bubble’ and the strategy they used to overcome these challenges.
What were the challenges you faced?
“Neither sides of our families had any experience with property investment, most of our friends thinking about buying were having a really hard time”.
Best advice for new investors
“Don’t listen to anyone who haven’t done it themselves”
The couple went on to say…
“Our biggest recommendation would be to think about what you want as the end goal. Once you’ve done that then get as much information as you possibly can and use this to work out a way you can get there. Ask questions to people who have been successful in the past. Then do your own research.”
Let’s go back to the beginning…
Leigh and Lizzy met at a 21 st birthday party, at the time he was finishing his apprenticeship as cabinet maker while Lizzy was working as a personal trainer.
What happened next…
Over the next couple of years, A LOT changed. A year after meeting the young couple moved out together renting a house in the leafy outer
eastern suburb of Croydon. Shortly after Lizzy made a brave decision, changing profession to illustration, while Leigh switched trades ‘cementing’ himself a role as concrete cutter (dad joke 1).
Why were you they looking to invest?
Now that the pair had both established long-term careers they were looking to enter the Melbourne housing market. The couple had two main objectives when searching.
The property needed to be:
- Located in, or in close proximity of Croydon (where they currently lived).
- Decent land size. Based on their understanding that this would result in an increase in capital
growth.
At this stage like many young couples today they were faced with the realisation that it was simply too expensive and began to look for more affordable alternatives including shipping container homes.
It had now been almost 6 years since the pair began renting, moving from one place to another when they decided to see a great mortgage broker by the name of Alan Casey who put them in touch with a property advisor by the name of Anissa Cavallo…
What happened when you met Anissa?
“After sitting down for the initial consultation with Niss she suggested that one way we could achieve what we wanted was to invest where we can afford… and rent where we want to live”.
In this consultation the couple explained their goals, mentioning that ideally some time down the track they would love to become not only home owners but property investors. After listening to these goals Anissa saw the Rentvest strategy as a great option… The pair agreed!
What was your favourite part of your Eda Property journey?
“How easy and fun it was!!”
The couple went on to say the Eda Property journey took the originally daunting topic of property investment and simplified it. This education led them to leave feeling secure and more importantly EXCITED!
Conclusion
The couple invested in what has since been described as one of ‘Melbourne’s investment boom suburbs’. Eda Property secured a fixed term house and land contract set to title mid-2018 that has allowed the couple to increase their wealth before settlement date.
More importantly this strategy has meant that they are living where they want to live, without compromising their goal of breaking into the Melbourne property market at a young age.
Lizzy and Leigh, we have loved helping you achieve your goals and we look forward to being a part of your very ‘Bright’ future (dad joke2).
To book a FREE consultation contact Eda Property.
