{"id":42713,"date":"2023-04-01T16:27:46","date_gmt":"2023-04-01T03:27:46","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42713"},"modified":"2023-04-01T16:27:46","modified_gmt":"2023-04-01T03:27:46","slug":"how-30yo-turned-270k-first-home-into-a-property-fortune","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/how-30yo-turned-270k-first-home-into-a-property-fortune\/","title":{"rendered":"How 30yo turned $270k first-home into a property fortune"},"content":{"rendered":"

PHOTO: The family\u2019s longterm goal is to buy a waterfront property. Picture: Liam Kidston<\/strong><\/p>\n

A young Queensland<\/a> dad shares how he bought his first home with $15,000 in savings and built a portfolio worth millions of dollars over five years.<\/p>\n

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YOUNG dad Jordan Strudwick says his first home purchase for $270,000 was a springboard to building a property portfolio worth millions of dollars over five years.<\/p>\n<\/div>\n

Since that 2018 purchase of a humble three-bedroom home in Raceview, Mr Strudwick has bought seven houses and sold five, using profits each time to re-invest.<\/p>\n

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Jordan Strudwick reveals how he went from a $270k first home purchase to a multimillion dollar portfolio in 5 years.<\/div>\n<\/div>\n<\/div>\n<\/div>\n

His biggest investment so far was a commercial property in Brookwater, acquired for $1.225m in February 2022.<\/p>\n

\u201cThe truth is it can be super scary to first jump into and I\u2019ve learnt a lot of hard lessons,\u201d Mr Strudwick said.<\/p>\n

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\u201cWith investing it all comes down to the numbers. Some luck can help, but the biggest thing is to just have a go because it all starts with that first house.\u201d<\/p>\n

The ambitious real estate agent<\/a>, 30, and his fiance, Jana Hook, welcomed their first baby, son Noah, in 2022.<\/p>\n

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Mr Strudwick\u2019s agency, Strud Property, is based in Ipswich, where house prices were late to boom because of the region\u2019s distance from Brisbane CBD.<\/p>\n

\u201cI\u2019d buy a house wherever it is, if it\u2019s priced well,\u201d Mr Strudwick said.<\/p>\n

\u201cThe money is always in the buying. You can never renovate and make money if you don\u2019t pay the right price.\u201d<\/p>\n

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Mr Strudwick\u2019s first home<\/strong><\/em><\/p>\n<\/div>\n

He recently had the opportunity to reflect on his investment journey, when the owners of his first house at 124 Thornton St called him to onsell the home. It is listed for offers of more than $499,000.<\/p>\n

\u201cI went in there and was about to cry my eyes out, I just remembered being so poor \u2014 I only had a mattress on the ground,\u201d Mr Strudwick said.<\/p>\n

Back then, he\u2019d taken out a personal loan of $50,000 to kickstart a career in real estate, and decided to use $15,000 of that as 5 per cent deposit on a first house.<\/p>\n

\u201cI had this big vision to renovate and \u2014 who would have thought? \u2014 you need money to renovate.<\/p>\n

\u201cSo I lived in its original 1960s condition \u2014 pink walls and no water pressure \u2014 and all I did to that one was polished the floors, gave it a lick of paint, upgraded all the electricals and painted the kitchen benchtops.<\/p>\n

\u201cIt sold in June 2020, in just under two years. I made $40,000 and I thought I was King Kong because back then, nothing was happening in the Ipswich market.\u201d<\/p>\n

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House no2: A character-filled home at Redbank Plains.<\/strong><\/em><\/p>\n<\/div>\n

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This Ripley home was listed after being renovated<\/strong><\/em><\/p>\n<\/div>\n

PropTrack data shows the median house price in Raceview was $496,500 \u2014 the postcode was ranked among Brisbane\u2019s most affordable outer ring suburbs (unit market).<\/p>\n

Mr Strudwick said taking on a renovation project should be approached with extra caution against the current backdrop of rising interest rates and construction supply chain issues.<\/p>\n

But if you are ready to buy and have finances in place, be prepared to act fast because great value properties were quickly snapped up in any market, he said.<\/p>\n

\u201cIf you see an opportunity, don\u2019t play games.\u201d<\/p>\n

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Ripley is a more affordable choice for first-home buyers.<\/strong><\/em><\/p>\n<\/div>\n

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JORDAN\u2019S REAL ESTATE BUYS<\/strong><\/p>\n

1. 3-bedroom house, Raceview<\/p>\n

bought $270,000 in 2018, renovation $10,000, sold $330,000 in 2020<\/p>\n

2. 3-bedroom house, Redback Plains<\/p>\n

bought $310,000 in 2020, renovation $40,000, sold $440,000 in 2021<\/p>\n

3. 3-bedroom house, Ripley<\/p>\n

bought $292,000 in 2021, sold $470,000 in 2022<\/p>\n

4. 3-bedroom house, Ripley<\/p>\n

bought $457,500 in 2021, renovation $10,000, listed for sale offers over $629,000<\/p>\n

5. 3-bedroom house, Raceview<\/p>\n

bought $330,000 in 2021, sold $417,500 in 2021<\/p>\n

6. 4-bedroom acreage property, South Ripley<\/p>\n

bought $780,000 in 2021, rented $1,100 per week<\/p>\n

7. commercial property, Brookwater<\/p>\n

bought $1.225m in 2022<\/p>\n

READ MORE VIA CAIRNS POST<\/a><\/p>\n

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