Momentum Wealth success story- Ray Chua
You might think that after buying and selling around 13 properties, you’d be an old hand at property investing. Not so for this young couple which is why they reached out to Momentum Wealth to give them the help they needed.
Trisha Fulton and her husband Ryan have so far turned over more properties in their short lifetime than most people. However, it was always their principal residence that was the subject and not once had the idea of “property investment” entered their minds. Buying and selling was simply a result of their personal circumstances. In fact, due to Trisha’s job, she’s moved in and out of 65 company owned properties in the past 7 years.
When the young couple needed to relocate to Perth from Brisbane back in 2009, they spoke with buyers’ agent Ray Chua at Momentum Wealth to help them find the right home. Although things didn’t work out at the time, buyers’ agent Ray kept in touch and when it came time to take the plunge and buy an investment property in Perth, they knew exactly who to call.
Trisha and Ryan picked up the phone and enlisted the help of Ray and Momentum Wealth to give them guidance and help them make the right decision for their needs.
“Being our first investment property, there’s a different set of criteria than when you’re buying for your own home and you need to make a really intelligent decision based on returns and all that analytical information”, says Trisha.
“(Ray) opened up our minds to a lot of different opportunities that we probably wouldn’t have considered”.
The couple’s primary strategy is to buy properties with future development potential over a 7-10 year timeframe. With a strict 2 week deadline and other equally difficult criteria set by Trisha, Ray begun the search and located them a prime investment property in Rivervale, Perth in July this year. Purchased for $552,000, the property came with a shabby 2×1 property on a duplex sized block. However with buyers’ agent Ray’s insider knowledge and astute research, what really made the property special is its future potential.
“It’s got potential for a triplex development in the future. We wouldn’t have known these things without his help”, comments Trisha.
This determined pair are certainly not short of energy or ambition. With a number of goals set over the coming 10 years, the couple’s next plans are to acquire another 4 properties over the next 2 years across both Western Australia and Queensland. Once these properties double in value, they will start to subdivide and develop them. In 10 years time, they are hoping that they will be in position to not necessarily retire, but choose their work rather than be forced to work.
Although the couple started out as novice property investors, over the last 6 months Trisha has done a lot of her own research to educate herself about investing in property, and has had the help of a property advisor like Momentum Wealth. One piece of advice she decided to take on was to treat property investing as a business, not a hobby. Since starting their investment journey, she’s found this advice invaluable and highly recommends that other property investors do the same.
She also insists that in order to create this business mindset, investors need a good team of people to support them and that to get the most from them, you should treat them as you would expect to be treated yourself.
“If all the right people are in the right place and you look after them and they look after you, you’ve just simply got a good formula for success”.