Queensland Strud Property owner reveals how he built house portfolio with just $15,000
A young father has revealed how he managed to build a multimillion-dollar real estate empire after starting with just a $15,000 down payment.
Estate agent Jordan Strudwick has owned seven properties with his largest investment, a $1.225 million commercial property in Broadwater, Queensland.
He is also the owner of Strud Property, a local real estate company that helps homebuyers find their dream home.
His rise to success is rooted in humble beginnings with the 30-year-old living in poverty and sleeping on the floor at first.
A young dad has revealed how he managed to build a multi-million dollar real estate empire after starting with just a $15,000 down payment
He used $15,000 to make a five percent down payment in 2018 on a $270,000 house on Thornton Street in Raceview, in the town of Ipswich.
He managed to turn his fortune around by taking out a small $50,000 personal loan.
He used $15,000 to make a five percent down payment in 2018 on a $270,000 house on Thornton Street in Raceview, in Ipswich west of Brisbane.
Mr. Strudwick lived in the house while he renovated the old three-bedroom house from the 1960s, polishing the floors, giving it a new paint job and upgrading the kitchen.
He spent about $10,000 on renovations before selling the house two years later for $330,000 in 2020.
“I made $40,000 and I thought I was King Kong because then nothing happened in the Ipswich market,” he said. Courier Mail.
He bought his second property for $310,000 in 2020 and then spent another $40,000 renovating it.
He sold it for $440,000 and made a profit of $90,000 in 2021.
Mr. Strudwick has since been able to buy seven houses and sell five by following a simple rule.
He renovates the houses and then sells them for a profit before reinvesting the money in more properties.
Mr Strudwick said it was important to buy a house that was reasonably priced, otherwise it was unlikely to turn a profit, even if renovated.
He admitted that it can be daunting for first-time homebuyers to get on the market, but he shared golden tips.
āInvesting is all about the numbers,ā he said.
He bought his second property for $310,000 in 2020 and then spent another $40,000 renovating it
“A bit of luck can help, but the most important thing is to just try, because it all starts with that first house.”
The average cost of buying a home in Australia rose 0.13 percent in March, with the median currently valued at $732,000.
Home prices have fallen since the Reserve Bank began its campaign to match inflation in May 2022, driving interest rates higher for 10 consecutive months.
In response, home prices in Sydney fell 6.03 percent over the past year to an average of $994,000, while those in Melbourne saw a 5.79 percent drop with the median home value now $789,000, according to the latest PropTrack Home Price Index .
However, prices rose slightly in March, with house prices in Sydney up 0.27 percent, Melbourne up 0.12 percent, Perth up 0.24 percent and Adelaide up 0.10 percent.
Brisbane, Hobart and Darwin bucked the trend with prices falling 0.06 percent, 0.43 percent and 0.10 percent respectively.