property investment
Emily and John
Emily and John are in their late 40s, with two teenage girls and five investment properties.
They’re in an exceptionally good position financially, thanks to some good investment property advice, clever investing and great decisions.
“Ten years ago we wanted to renovate our house. We were putting money aside every month and doing one thing at a time. It took us two years to complete. When Rene came on board he said, ‘Okay, I can do you another deal … and you’ll have money to do x, y and z. What are your goals?’”
Their goals were to renovate and pay off the house, travel overseas on a regular basis, get a new car every so often …
…and be self-funded in retirement. This was the driving force behind their decision for starting on the investment property ladder.
“My parents are on the pension and I know I don’t want that for us. I want to know I can retire when I’m at an age that I can enjoy it, knowing I have cash flow coming in.”
Making sure the numbers work
As a commercial accountant for a major supermarket brand, Emily understood numbers, and at first he was daunted at the prospect of ‘being in debt’ to get out of debt.
“My first gut feeling was that I was going to owe the bank a million dollars. Having a financial background, I asked for the numbers. I wanted to crunch them and see if they worked.
They did. The numbers made sense, and it worked in the exact way Rene said it was going to work, and we’ve never looked back.”
Time to Change your thinking
“Initially, owing a million dollars was daunting and nerve wracking. You always worry about the market dropping. But in the end you say to yourself, ‘What are you buying it for?’
We were buying it for income and investment property tax deductions … not necessarily capital growth.”
This investment property advice came in stark contrast to the advice Emily had received from his family growing up.
“I was taught that you have to pay your own home loan before you invest in other things. Rene turned that around. He said we needed to tap into our equity.”
Good debt provides a stream of income and investment property tax deductions.
“I was also initially nervous about the fees that we would be charged for this kind of service … but I didn’t need to be. The fees were a lump sum paid to Mirren on an annual basis – they charge you x amount and this includes all their services: banks, properties, builders, communication. I didn’t need to deal with anyone at all. Mirren did all the groundwork, and we’ve seen the return on it … the small fee was worth every cent.”
The beauty of endless options
Emily and John’s home is now paid off, and despite having five investment properties, they’re now looking at a sixth.
They currently have three investment properties in Queensland and two in Melbourne.
“Rene has always told us, ‘Don’t get attached to houses – they are investments’. If we are looking at building our future, two of our homes are ten years old and positively geared. The tax benefits are reduced, and we are wondering if it’s time to sell and purchase elsewhere to get better investment property tax deductions.”
Looking forward ... staying strong
The relationship with Mirren is strong and a long-term commitment.
Rene is always a phone call away, and regular meetings keep their goals and aspirations above the surface. What do Emil and John want to achieve in the next two to five years? How are they going to achieve that?
So even though their home is paid off, Rene is not walking away, he’s now asking, ‘What exciting things do you want to do next?’
One of the things Emily and John most appreciate about Rene is that he always has your back … and he will find a solution to any hurdles you may encounter.
“We had some bumps when refinancing was a little hard. Rene got us over all those hurdles and kept pushing until we got what we needed. He’s persistent and doesn’t give up easily.”
And like Mirren’s other clients, Emily and John aren’t concerned about market fluctuations. They focus more on being cash flow positive and increasing their tax reductions … and reducing debt at an accelerated rate.
“I want to retire at 55 and remain active.” And judging by their financial position right now, that’s looking like another goal achieved!
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