After saving $20,000 working at McDonald's at 19, investor Eddie Dilleen started his property portfolio, and expanded it to eight properties before he reached 25. Here’s how he did it.
Expanding a property portfolio can be a difficult task, but investor Eddie Dilleen managed to have a portfolio of eight properties all before the age of 25 and managed to maintain his current lifestyle in the process.
Here are his top three tips for investors on how to expand your property portfolio:
1. Have a property manager
An investor cannot be everywhere at once, so Mr Dilleen suggests for investors to rely on a property manager.
“I don’t try and manage [my properties[ myself or anything like that so a lot of those properties I purchased without even seeing the locations, so I purchased site unseen for a lot of them,” Mr Dilleen said.
“It’s something from me being in NSW, a lot of things can be done online.”
2. Always have properties checked by experts
If you buy a second-hand car and you have limited knowledge about cars, you do not want to end up with a lemon, so to make sure everything is in order you would get it checked by a mechanic. Buying property is no different, as Mr Dilleen recommends having pest inspectors check a property for any issues.
“If something is wrong with the property internally and you are not a qualified pest building inspector you are not going to know what is wrong with it and anyway. Bottom line, you are going to [need to] get a pest and building inspector to go through it and do those checks,” Mr Dilleen said.
3. Education is key
In Mr Dilleen’s experience, learning everything he could about investing in property at a young age was key to his success, yet learning is something that can be done by investors of any age.
“If you take action without being educated, disastrous things can happen,” Mr Dilleen warned.
“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 and just get started. Do it.”