Mortgage broker Bill Childs has achieved a remarkable feat: buying eight properties in just seven years. However, the 28-year-old young landlord has made a surprising choice – he prefers to live in his dad’s granny flat rather than one of his own properties. Mr Childs’ journey began when he was 21 and started working as a beekeeper, earning $60,000 a year. He left school at 16 and followed his dad’s advice of putting his savings into property rather than spending it on a car. This decision paid off, and he was able to borrow $400,000 from the bank to buy his first property in Tamworth. Despite his impressive portfolio, Mr Childs has decided against moving into a place of his own. Instead, he lives in a granny flat out the back of his dad’s home. The cost of owning the property, up to $6,000 to $7,000 a year, outweighs the income it generates. However, Mr Childs is not deterred. He believes that property investment is a great way to make money, especially when done correctly. He explains that negatively geared properties can become positively geared over time due to increasing property and rental value, and falling interest rates. One of the key benefits of property investment is the potential for long-term growth. As property values and rental income increase, the initial investment can become more valuable. Mr Childs is a strong advocate for this approach and has shared his expertise with those closest to him, including his hairdresser girlfriend, Sabrina. When asked about his own financial situation, Mr Childs admitted that he’s’very busy’ and relies on his girlfriend to be patient. Despite the challenges, he believes that his approach to wealth creation is worth it. He emphasizes the importance of working hard and being present when not working. As a mortgage broker, Mr Childs has seen firsthand the challenges faced by young Australians when it comes to buying a home. He believes that many people are priced out of the market and that investing in property is a way to overcome this obstacle. He has three key rules when it comes to buying property: ‘Don’t buy brand new, don’t buy off the plan apartments, and don’t buy apartments in high-rise buildings’. Despite his successes, Mr Childs has made mistakes in the past. His first property was a ‘big mistake,’ he admits. He thought that a pretty house would go up in value quickly, which is not the case. He emphasizes the importance of buying with a high land value rather than the total asset value. By following Mr Childs’ approach to property investment, young Australians can potentially achieve financial freedom. While it may not be for everyone, his unconventional approach to wealth creation is definitely worth considering. The Benefits of Property Investment
* Potential for long-term growth
* Increasing property and rental value, and falling interest rates
* Ability to overcome obstacles such as high house prices
* Potential for capital gains
What to Consider When Buying Property
* Land value vs. total asset value
* Buying brand new, off-plan apartments, or high-rise buildings
* Research and due diligence
A Word from the Expert
As a mortgage broker with over 10,000 followers on TikTok, Mr Childs has a wealth of knowledge on property investment. His approach to wealth creation is definitely worth considering for young Australians who are struggling to achieve financial freedom.