At 18 and fresh from his first job, investor Jack Henderson was able to purchase his first property, followed closely by a second property. Three years later, he’s well on his way to buying a third property. How can a millennial succeed in wealth creation through property?
Mr Henderson was only in Year 10 when he decided to learn from experiencing the proverbial “real world” rather than sitting inside the four corners of a classroom.
“School wasn’t for me because I’m sort of a person that wants to learn off someone because I want to be where they are,” he said.
After saving money from working in his father’s construction firm, he decided to venture into property investment and ultimately maximise his wealth-creation potential.
Mr Henderson did his own research initially, inspired by the success of property investors he sees online and on television. Eventually, the young budding investor jumped into the business of creating wealth through property.
“When I came across Chris Grey and see that he drives a Lamborghini, he’s got the boat and stuff like that. I told myself, ‘If he can do it, I can do it,’” according to him.
Like most first-time buyers, Mr Henderson admittedly had a hard time with the first purchase, especially as he has yet to engage a property professional at that time.
However, what he lacked in formal training, he made up for diligence and hard work.
Purchase after purchase, he gathered all the lessons he learned and eventually came up with his very own “property checklist”, which he used to determine the perfect assets for his growing portfolio.
The investor shared: “I sort of had a criteria... I didn’t at the start. I just used to walk in and go, ‘Oh, this tiny little two bedroom apartment’s worth a million dollar, that’s crazy.’ But, then as I went through more, I got a criteria.”
“I wish my one inhad parking but it doesn't. What do you do about that? Might stunt growth in the future but there’s not much you can do about it.
“Square metres... I sort of had a criteria for that, as well north-facing balconies – you pay premiums for that sort of stuff. Other than that, I just sort of walked through it. You know if it’s good or it’s bad.”
For the most part, Mr Henderson also learned to trust his instincts as much as he trusts his research, and it has so far helped him grow his portfolio over the years.
“You walk through a property and sort of know, plus I did a lot of research, too… If I went through a property on Saturday, I’d have my list of what I went through and then I’d go home and I’d look at realestate.com,” he highlighted.
“In the side door of my car, I had about 40 pamphlets in there and I’d get them out when I got home and I’d look through them all scribble on them to remember.”
At 21, Mr Henderson has already got three properties in his name.
Right Property Group’s Steve Waters commended Mr Henderson’s dedication to the venture, as well as his decision to start as early as he did.
According to the property professional, his persistence and diligence ultimately allowed him to succeed in the vast property investment landscape.
Mr Waters said: “Forget the price point for a minute... Just to be in at 18, without any real people holding your hand or any education, so to speak, I think that’s such a feat. And to go again for the third time up in Newcastle, it’s awesome.”
That first step that he took when he was 18 gave him the chance to learn from experience and become a better investor.
“You don’t know what you don’t know so you start and then it’s nice to reflect on what you would do differently on it… The whole way through this process, you’re becoming a better investor,” according to the buyer’s agent.
“Everything’s theoretical until you actually get in on it and you’ll never learn as much as when you’ve got money out there.”
Mr Henderson plans to continue growing his portfolio in the years to come, this time, engaging property professionals to help him make the right decisions, minimise risks and maximise his earning potential.
“Looking back, when I was 18, I’ve been out with buyer’s agents and I had lunch with them and met all these awesome people in property and doing this podcast – I’d have never thought that would happen, I want to keep buying, want to keep doing stuff with my money,” he concluded.