From losing everything to seven properties at just 26-years-of-age
As a 20-year-old, Joseph Croke lost a six-figure sum and was on the canvas but through hard work, astute judgement and single-minded dedication he has built a national property empire within just six productive years.
“People are taught to work their whole lives until they drop and life is about more than that.”
It’s with that motivating mantra that 26-year-old Queensland oil rig worker and soil tester Joseph Croke has, at such a young age, amassed a seven-property residential real estate portfolio.
The hard-working Sunshine Coast local’s property journey is all the more remarkable for having lost his life savings of $100,000 at age 20 when a stockbroker went bankrupt and took him down with the business collapse.
“I started investing when I was about 14 or 15 in the stock market with money I made from jobs in school.
“I was too young to hold the shares in my name so the shares were held in my parents name and transferred to me when I was 18.
“When the stockbroker went bankrupt I lost my entire life savings and had to restart the entire process.”
“At first, I felt utterly defeated but I soon came to realise the situation could be worse and that I had to persevere and try again.
“It definitely made me into the person I am today and allowed me to handle any situation life throws at me.
“It was one of my biggest life lessons, as I learnt to be relentless in pursuit of my goals and to never give up no matter how bleak things look; I didn’t let this moment define me.”
To have even attained that six-figure savings mark at 20 was a commendable effort and one that emanated from a disciplined and structured approach to saving that had been inculcated into him by his father.
“My dad has been the biggest influence on my investment journey,” Mr Croke said.
“From a young age, he always made sure we understood the value of money, and not just earning it, but growing it.
“He set up money boxes for us with labels ‘10% giving’, ‘20% living’, ‘30% saving’, and ‘40% wealth building’.
“It seemed kind of simple at the time but taught me discipline and purpose and today I still split my money into these categories, now with a fifth allotment being bills.
“He was always giving us investment books, podcasts, articles, whatever he could find to get us thinking differently.”
The first property purchase
After the financial loss that might’ve broken other people, Mr Croke committed to working constantly and upskilling to regroup.
Working weekends, missing out on social events and holidays, not buying fancy clothes or other non-essential treats was the norm while many of his peers were living it up.
“I’ve been driving the same 1998 Landcruiser since I was 16 that I bought for $3,500, and I still drive it to this day despite the air conditioning not working and needing to take my Bluetooth speaker with me if I want to listen to podcasts or music.
“After losing it all, I saved again until I had a deposit for my first property, which was a unit I bought on the Sunshine Coast’s Maroochydore with a 10 per cent deposit in mid-2021.”
He took advantage of the first home owners grant and lenders mortgage insurance (LMI) waiver to get the purchase across the line.
“That year my income was $56,000.
“I chose to invest in property as I needed a home to live in and for most it is the logical next step in wealth creation.
“It wasn’t until after buying my first property that I realised the enormous power of leveraging and property investing.”
Around half of the lost money was refunded five years down the track, which helped with the next phase of his property journey.
Building an interstate property portfolio
The vast majority of investors stop at one investment property. Mr Croke has acquired seven in multiple states.
These comprise rental houses in Mandurah suburb Greenfields, in Perth’s south, and three in Victoria, including one in Darley, near Bacchus Marsh, that he plans to renovate, a regional property in Mooroopna and another house in nearby Shepparton. The latter one generates two rental streams, with a house and granny flat on separate addresses on one title.
A similar dual-income purchase is about to settle in Geelong suburb Corio.
“I focus on a balance of cash flow and capital growth, as chasing both allows me to sustainably build a property portfolio without overextending myself.”
When it comes to choosing where to buy, it’s not simply a case of throwing a dart at the map of Australia.
“I’ve spent years widening my knowledge base and I have come to enjoy it so much that I spend hours researching daily.
“I started with free data sources and now use a combination of paid and free resources.
“When looking for my next purchase, I make sure it aligns with my goals and then I make sure the fundamentals are there, such as affordability and capital growth just to name a couple.
“After that I have a long list of criteria I use to make sure I am making excellent investment decisions and if the property doesn’t match, I move on without letting emotion take over.
“I have built a network of connections throughout the country, allowing me to purchase interstate and rely on my trustworthy team to inspect and execute property deals.
“I have not personally visited any of my current property portfolio assets.”
Not slowing down
With interest rates looking set to make several downward movements in 2025, Mr Croke is intent on capitalising on an improved cash flow position brought about by lower loan repayment commitments.
The plan now is to “buy a lot more property”.
The Melbourne and regional Victorian property markets have, broadly speaking, been the great underachievers for property investors over the past few years or more but Mr Croke sees the state as having the best capital growth prospects for 2025 and beyond.
“I am investing heavily in Victoria right now.
“I don’t expect the market to turn rapidly, however, the potential for the state cannot be denied.
“It is early days in the property cycle and there are still a few metrics that need to change, so it may take a couple of years before things really heat up.
“If an investor was looking for a quick equity up lift, there are also plenty of opportunities in regional Queensland right now.”
His views correlate with those our API Magazine’s latest property sentiment survey report, in which Queensland and Victoria were identified as the top two states for property investment potential.
Sharing his investment insights
Mr Croke plans to apply his knowledge base and aversion to the standard life model to help others emulate his own achievements.
“People are taught to work their whole lives until they drop and life is about more than that.
“I am making it my mission to help people out of that, just as I have helped myself.
“Success is about having control over how life looks on a day-to-day basis and for me, that is developing my passion for investing and helping people, as well as spending time with family and friends.
He has now started a business, The Greenside Group, which he intends to build up over the next five years.
“The mission within the company is to help people who want to escape the rat race.
“The accepted reality of finish school, work and then die really hits home with me.
“It is not what I want for myself and I know it isn’t what others want either, yet somehow it has become the norm.
“I take this personally, as I have been in the average punters’ position and I know what it is like to work non-stop and feel as if you’re getting nowhere.”
While he acknowledges that property is “not all sunshine and rainbows”, he sees it as the most reliable way to achieve financial independence.
“It all comes down to how badly you want it; if I can do it, then I truly believe others can too.”
