You’re never too old to start your wealth creation journey
Hugh Soord and his wife Anne had dabbled in the odd property investment here and there, but it took moving closer towards their golden years to kick-start them into taking property investment more seriously.
With their three children now all grown up and retirement looming, Hugh started contemplating their financial future. Having sold previous investments and not convinced superannuation would provide them with a comfortable retirement, it took a chance discussion with a work colleague (coincidently, a client of Momentum Wealth) that put Hugh and Anne on the right path and in touch with buyers’ agent Mark Casey.
Although the couple had bought and sold some investment properties in earlier years, Hugh openly admits that they just didn’t have the know-how to do it successfully, hence why they had made the decision to ultimately sell each of them.
“We were trying to do things on our own and we thought we were making the right decisions but we weren’t necessarily buying property in the right place at the right time, and we really had no idea how to keep building our property portfolio”, says Hugh.
However, with Mark and the team at Momentum Wealth on side, they now felt in safe hands and confident in the expertise of Mark to help them make the right decisions for their future.
After evaluating a few different properties, Mark found a property in Kingsley that hadn’t even hit the market yet. He proceeded to run background checks on the property, presented comparisons to other properties that were being considered, and gave Hugh and his wife a frank and detailed evaluation of the property’s investment potential. Armed with this information and after a private inspection of the property, Hugh gave the nod and Mark proceeded to secure the property for $485,250. Not only is it a structurally sound 4 bedroom home in very good condition, but it is also a duplex site with the potential to be a triplex site in the future.
Before the dust has even settled on this purchase, Hugh and his wife are already preparing to do it all again with another investment property purchase in about 6 months time. As for the Kingsley property, they would like to hold the property for 5-10 years before looking at developing the land to its full potential. When that time comes, Hugh plans to involve their children in the re-development as a way to give them experience in property investing; something he feels he was never lucky enough to have and learn from at their age.
“For me I wish I’d known about property investment in this way. I mean I knew it was out there but I didn’t know how to do it. If I’d known how to do it at a much younger age I’d be better off now than I am. So that’s what I’m doing with my kids”, remarks Hugh.
Buoyed by their experience so far, Hugh and Anne are confident they’ve made the right move to secure their financial future. It’s a journey they say you don’t need to take on your own, and they count the guidance and advice they’ve received from Mark as being instrumental to their success. When looking for an investment property, Hugh has now learnt the true value of thorough research.
“Find out as much as you can about the property that you’re thinking about purchasing, because if you’re looking at it from an investment perspective, you may be making the wrong decision if you haven’t done that homework and Momentum Wealth does that homework for you”.
As for their age, Hugh and Anne have certainly proven that it’s never too late to invest in property. Hugh admits that investing at his age was initially a bit frightening, with a fear of losing money or worse, your own home. But the fear of not having enough money and assets when he retires was a far scarier prospect that made investing well worth the risk.