Millennial couple Carl Smith and Phoebe Arthur bought an old 1980s cottage by the bay and transformed it into an impressive “brand new” water-front property all by themselves; a feat that consumed much time and effort but taught them some of the most important lessons about property investment.
Carl used his background and skills as a builder to manufacture equity by renovating their first property investment in Central Coast, spending two years’ worth of weekends making it look perfect from ceiling to floors.
Aside from learning about the value of delegation, patience, and time management, as well as the advantage of having a good team around them, the couple was also able to identify their goals through this long process. For instance, they know that they want to make the most out of their time as property investor and developers and they are in no hurry to succeed or retire their business of creating wealth through property.
“I get bored just doing nothing. So, no matter whether I've got $10 million dollars or $10,000, I'm still going to be working,” Carl said.
Phoebe added: “Carl also spoke about eventually getting to the point where he could just renovate houses and then sell them for a profit as a career… instead of working for someone else, or even for himself in a building capacity, like doing a renovation… and then selling it for a profit, and then moving on, and then living off that. That's the end goal.”
The young couple knows that they still have a lot to learn about property investment, but they believe that being able to move forward in their journey only takes some courage and a good plan of action.
According to Carl: “I'm a strong believer in that. You just play your cards right, and you just hopefully get opportunities in life.”
Right now, aside from setting their investment goals and building strategies to grow their portfolio, Carl and Phoebe are also pooling resources for the so-called “greatest grand dream”—to buy their principal place of residence in time for their wedding. Whatever is in store for them, they believe that the best strategy they could use is “Take a deep breath and go.”
“If your relationship can survive a renovation, then I think it can survive anything,” Phoebe quipped.
Tune in to Carl Smith and Phoebe Arthur’s episode on The Smart Property Investment Show to know more about the long-term process of renovating their first property and how they found the latest design trends at just a fraction of the cost.