Kevin Sum is one of the lucky few who is able to learn their way into the Australian property markets by casting aside fear and just bravely going for that first purchase – even if it means living with his parents again and going on a cross-country journey to find the right property.
Six years and nine properties later, Kevin describes his investment journey as a unique time of “dating”. Since 2009, he has gone to New South Wales, East Orange, Broken Hill, Melbourne, Adelaide, Brisbane and Deception Bay to chase yield.
Here are some three important things he learnt through his “whirlwind romance” with property:
Go out there and keep looking
Kevin spent six years purchasing property after property, and some are admittedly not worth the time and money. “My first one, I didn’t even want to invest. I was basically sick and tired of looking at houses because I made a few offers, I think there was one that just fell through it by two hours because I hadn’t gotten the finance yet. So I just said, ‘You know what? Let’s just get it. It’s a good place. It looks good,’” he told Smart Property Investment.
However, it did not stop him from going cross-country just to find the right property. Through his incredible journey, he was able to have a firmer grasp on the world of property investment.
According to Kevin: “The more you go out there, the more you see, the more educated you are.”
Quality over quantity
While he has widened his portfolio by going to different parts of Australia – “the wider the net, the more chances you have” – Kevin believes that property investment is still all about having quality assets.
During his time in Brisbane, Kevin spent four to five hours every single night on realestate.com.au looking at different suburbs, trying to find the right area for his next property investment. “You have to find something that has potential on the market,” he said.
Just do it!
Much like going after that lady you like, property investment is also about taking risks and believing that it will all be worthwhile.
For Kevin, it is never too expensive or too hard to make a purchase. It is all about going out there and just doing it. His top advice to all aspiring investors, “Just go out and make offers, and just do it. Keep going. You’re not alone.”
Kevin proved that the property “destined” for you may not be in the place and form that you thought it would be. It may take miles and thousands of dollars, but it’s a happy ending once you find “the one” that gives good yield.
“Looking back, I think it was an interesting journey. [Now], at least I could sleep at night because I know that, look, they’re paying good rent, and even if I lose one tenant, I could probably get another one and I’ve spread my risk across a few properties,” he concluded.
Tune in to Kevin Sum's episode in The Smart Property Investment Show to know more about how travelling cross-country helped him buy nine properties in six years.