High school dropout’s $15k sparks empire

PHOTO: Adam Flynn doesn’t present as your typical real estate agent. Picture: Supplied

A Melbourne man has built a crazy amount of units, but it’s all led to him scoring his dream home and property worth over $6 million.

Adam Flynn was kicked out of school at 16 admitting he was “fairly destructive” but has now built a property empire worth millions.

The Melbourne man started working in real estate at 18 and by the age of 20, he was the top salesperson inside that business climbing up the company ladder from sales assistant to eventually being offered the opportunity to buy it just six years later.

He purchased his first property at just 21 back in 2001 with a 5 per cent deposit of $15,000, which “sparked” the start of his real estate journey that has led to his $6 million “dream” home.

Mr Flynn snapped up his first place for $215,000 but made a tidy profit of $900,000 from it.

“That was a property in Ferntree Gully in the outer eastern corridors of Melbourne and it was a little weatherboard house on 1100 sqm. I purchased that property and developed a further two units behind the existing house,” he told news.com.au.

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“I spent $280,000 on construction costs as back then they weren’t near as high and it allowed me to build two units at the rear and from a resale point of view I had three properties.

“I sold the front house for about $255,000 and sold the rear unit for $600,000 and I sold the middle one for $550,000.”

Meanwhile, his career was also booming. At 24, he was offered a directorship after another real estate group tried to poach him and stayed in that role for seven years.

The 41-year-old then purchased a business that grew up to 700 per cent in the first year and expanded from one office to 14 in a three-year window.

The entrepreneur has also developed a system that is designed to take an agent with limited experience and have them writing approximately $1 million within 12 months,

Mr Flynn was also still hustling on the real estate development side too. After Ferntree Gully, there was a six unit site in the Melbourne suburb of Bayswater, which he forked out $500,000 for and then spent a whopping $1.2 million on construction.

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“That house wasn’t liveable so that house had to be demolished, so the total outlay on that site was $1.7 million and the finished product was six units in total all valuing effective immediately at $450,000, so I was looking at $2.6 or 2.7 million all up, so roughly a $1 million return,” he said.

But his development strategy also saw him moving between different properties to live.

“At one stage my portfolio would have been 20 plus properties but … I was jumping around like a bit of madman, living in one of the units and moving out and doing another project,” he admitted.