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Being on the “younger side” of property investment has taught investor Eddie Dilleen a lot about the value of good education and the importance of seeking the best mentors.
After starting his investment journey at 19 with $20,000 worth of savings, the 25-year-old investor has already built an impressive eight-property strong portfolio valued at around $1.7 million, and is currently planning to add two more properties to his name before his next birthday.
Inspiring as it is, Eddie admits that his success as an investor did not come easy as he grew up in what he describes as “one of the most underprivileged suburbs in Sydney.”
However, the very same unfortunate situation inspired him to find another path to take.
“Seeing what everyone around me was doing, I just figured if I did completely the opposite of that then something would work out different. No one in my family actually owns a home of their own, let alone invest in one,” he told Smart Property Investment.
Eddie added: “There [are] lots of ways to do it. For me, I think it is about getting creative and finding out, first of all, learning how the property market works, learning how finance works, and then, of course, learning the ways you can use that to your advantage. If you have got the basic understanding or if you are just looking at it from the outside, it seems pretty crazy to go on a buying spree of properties. But if you look at it in depth and you study the market and study how things work, then you can see the benefits from it. It’s basically just get creative and just think outside the box.”
Like in all things, success in property investment also requires diligence and hard work, as well as good strategy which can only be formed through good education and mentorship.
For the young investor, there is so much to learn about investment that there is no better time to start than now.
According to him:“Just get yourself educated because, of course, if you take action without being educated disastrous things can happen. So you have got to get educated, you have got to speak to people who have done it before. You have got to take the time and dedicate some time to learn about the market. Finance is a huge thing. Just get started. Do it.”
“(Wealth creation) is something that definitely doesn’t happen overnight, but if you just stick to it, you can do it in the background along with going on with your normal life. And you can take small baby steps, and get started in the market,” he concluded.
Tune in to Eddie Delleen’s episode in The Smart Property Investment Show to know more about his strategy to grow his portfolio, and how he plans to overcome any serviceability and financing hurdles along the way.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.