Creating wealth was Drew Evans’ main aim when he bought his first investment property nearly a decade ago, at the age of 23. It became his keen goal, after learning that “51 of the wealthiest 200 people in Australia made their money from property”.
He chose to go beyond simply buying properties and waiting for passive income and growth, however.
He chose to go beyond simply buying properties and waiting for passive income and growth, however.“My strategy is to use the instant equity I can create in property development to pay down the debt on my main residence,” he says. “I was determined not to spend 20–30 years paying off my home and to have that personal debt holding me back in my wealth creation plans.”
The home in question is a stunning 2,000sqm five bedroom, three-bathroom house right on the water in Lake Macquarie, NSW. At present, he is “on track to be completely debt-free on the home by the end of 2020”.
“I’m glad I learnt to not invest like your typical retail investor,” he adds. “Instead, I invest in real estate that is under market value, add value by doing small developments, then either sell or refinance to keep growing my portfolio forward!”
AT A GLANCE
Best investment: Principal place of residence in Coal Point, NSW
Purchase price: $1.43m
Most successful project: Corner lot subdivision in conjunction with building two fourbedroom homes in Cameron Park NSW
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