Building Wealth – Creating Freedom
Linda Iannantuoni | small business owner | Charlie Iannantuoni | partner in a company
Charlie and I have been involved in property for a while, but weren’t getting the same results as another couple in our family. They were getting amazing results with their buying strategy, with one of them being a buyer’s agent with Property Wizards and the other a finance broker. They have been encouraging us to invest more in property for some time so we decided to change our strategy. In the past we had always bought a property, moved in, renovated and then sold and done it all over again. As you can imagine the process is quite slow and as a result we were missing out on building up significant wealth like our investor family members were doing.
We set about investing in property a little differently, we changed our strategy so we were able to buy a lot more property by involving our family and close friends. We formed joint ventures and drew up agreements to protect all parties and started to pool our money. This enabled us to buy better quality properties and land and invest more frequently than if Charlie and I were to do it on our own. Using this strategy we could amass more wealth in a shorter period of time.
Charlie and I are not big believers in superannuation and only have the basic superannuation. We also have played in stocks and shares but believe the best wealth is created through real estate. That is why we have decided to be proactive about our retirement by using property as a vehicle to create ample wealth so that Charlie and I can not only live well but can look forward to a comfortable and enjoyable retirement, as by the time that occurs I doubt there will be much of a government pension, if one at all.
As we were teaming up with experienced investors, when we joined up with Property Wizards, we wanted to start off straight away with property development. Their system found us a 1012sqm 4 unit site that had been sitting unnoticed on the market for about 5 months and was about $50,000 less than other similar properties. Everybody probably thought something was wrong with it. The real estate agent said just to pick up the keys if you want to view the property, didn’t even take us there and I am sure this put off buyers even though it was a fabulous deal just sitting there hidden away.
The Property Wizards systems cut through all that and established it as a potential goldmine for our development.
We’ve since built 4 homes on the site, each of which is worth more than the original site. Even without us developing it, the subdivided land alone would be worth $200,000 more, a significant increase in value in just 3 years.
The second property found with Property Wizards systems was a 3-unit site in a quiet street. Again it was presented poorly. On the positive side, it did have an old house with a terrific tenant who remained whilst we went through development procedures with council. We also had rent during this time, which helped to pay the loan. In short, we purchased this property and triplex sites are now selling at about $160,000 more, or about $200,000 more if subdivided. We’ve built 3 homes on the subdivided land, each also worth more than the original property.
Since we started our intensive property wealth creation journey 5 years ago, we achieved some great things. We created wealth that we wouldn’t have dreamed of, we had a great overseas holiday as a result of one property purchase and have increased our financial wealth significantly, and been able to help other friends and family members to do the same, which is a great feeling. Currently we are in a fortunate position that by collating the proceeds by after selling off some of our properties, we are able to build our dream home in an exclusive part of the beautiful suburb of Mt Lawley and live in it 100% mortgage free. Smart property investment has enabled us this amazing and fantastic outcome. With our lack of knowledge and confidence in the stocks and share market, we would never have achieved this through superannuation or the stock market.
Using the Property Wizards systems to identify and secure sound and cost effective land deals, perfect for our strategy, has built us more wealth than we could possibly have achieved by working in our chosen careers.
I am definitely planning on retiring early in order to do voluntary work, especially with endangered animals both in Australian and abroad. Charlie and I will always invest in property, it has become an enjoyable hobby now and something we do as a family.
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