Former Domino’s deliveryman and Western Sydney local, Tony Fleming, has built up an investment portfolio of no less than 13 properties and he’s only 28.
Fleming’s investments so far generate a gross rental income of more than $130,000 a year, according to an article by News Corp.
With his new-found free time, Fleming intends to nurture his passion to buy more investment properties, closing in on a 14th after buying three homes in the last 10 months.
With his pizza delivery job paying him $10, he stepped onto the property ladder at the age of 19, when he bought up a three-bedroom townhouse in the Penrith suburb Kingswood.
He says his success was largely down to a strict savings plan as he explains just a year and a half before his first purchase, he was paying off a car loan and working extra hours while saving for a deposit.
“I worked 60 hours a week, some weeks for seven days straight, and lived with my parents,” Fleming said.
“That helped me save a lot faster. I still only had a small deposit. The rest was First Home Owners’ Grant, which was more generous back then.
“I survived on two-minute noodles and free pizza,” Fleming said. “I was always working, so I never had the chance to spend money.”
His Kingswood house needed a lot of TLC but it helped him negotiate the $189,000 price tag and he was quick to have friends rent out his spare rooms to help pay down the mortgage.
After renovations, its value doubled within 12 months, enabling him to refinance his loan and draw equity out of the property to use as a deposit for his next property buy.
He recently bought houses in regional NSW and South Australia, saying his unconventional buying strategy helped him build up his portfolio as he decides to buy a house based on their rents and potential to increase in value.
“Just because you’re on a low income doesn’t mean you can’t buy property,” he said.
“You just have to be careful with money. You don’t need to go on holiday all the time. Try drink less alcohol. If you can reduce your non-deductible debt it will help.
“It was a wonderful feeling leaving work knowing I didn’t need to come back. I’m hoping to now help other people on a low-income get started. So many people think they have no chance of buying property and they shouldn’t bother. I want to change that.”