Bricks And Mortar Pave The Way For Early Retirement
At just 40 and 36 respectively, David and Manveer Stone are already on the path to early retirement as they continue to build their investment property portfolio.
The Stones became first-time property investors three years ago when the young couple consulted James Nihill, Managing Director of Patrick Leo, for property advice. David and Manveer knew they wanted to invest in property, however they didn’t know where to begin.
“Having migrated from the UK, we didn’t exactly have the geographical ‘know-how’ as to where the best areas were to invest in property. After a recommendation from a friend, we turned to Patrick Leo to lead us in the right direction.” said David, a 40-year-old Office Manager from Sydney.
The Stones’ first endeavor into property investment in 2016 saw them build a three-bedroom, two-bathroom house in one of Bendigo’s growth corridors. The house was tenanted quickly upon completion and the property has shown nearly 10 per cent capital growth.
According to James Nihill of Patrick Leo “timing is critical” when it comes to property investment, investors need to not only identify future hotspots but also act at the right time.
“We were able to get the Stones into a solid growth location at the right time and as a result the property saw immediate uplift. In saying this, successful property investment is more than buying the right property at the right time and for the right price - it is also about professional property management and on-going strategic reviews,” said James Nihill, Managing Director at Patrick Leo.
Pleased with the success of their first investment property, the couple returned to Patrick Leo in 2019 for further advice to grow their investment
James and the team at Patrick Leo are currently assisting the Stones with their second investment property. The couple is set to build a 4-bedroom, 2-bathroom house for $587,000 on the outskirts of Melbourne, just 45 minutes from Melbourne CBD.
“We’re so pleased with what we have achieved, and we have no doubts that our second property will mirror the success of our first. We plan to continue to work closely with Patrick Leo to further expand our investment portfolio, building equity to the point where we will be able to retire early and live comfortably,” said David Stone.