PHOTO: The family’s longterm goal is to buy a waterfront property. Picture: Liam Kidston
A young Queensland dad shares how he bought his first home with $15,000 in savings and built a portfolio worth millions of dollars over five years.
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.
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.
His biggest investment so far was a commercial property in Brookwater, acquired for $1.225m in February 2022.
“The truth is it can be super scary to first jump into and I’ve learnt a lot of hard lessons,” Mr Strudwick said.
“With 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.”
The ambitious real estate agent, 30, and his fiance, Jana Hook, welcomed their first baby, son Noah, in 2022.
Mr Strudwick’s agency, Strud Property, is based in Ipswich, where house prices were late to boom because of the region’s distance from Brisbane CBD.
“I’d buy a house wherever it is, if it’s priced well,” Mr Strudwick said.
“The money is always in the buying. You can never renovate and make money if you don’t pay the right price.”
Mr Strudwick’s first home
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.
“I went in there and was about to cry my eyes out, I just remembered being so poor — I only had a mattress on the ground,” Mr Strudwick said.
Back then, he’d 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.
“I had this big vision to renovate and — who would have thought? — you need money to renovate.
“So I lived in its original 1960s condition — pink walls and no water pressure — 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.
“It 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.”
House no2: A character-filled home at Redbank Plains.
This Ripley home was listed after being renovated
PropTrack data shows the median house price in Raceview was $496,500 — the postcode was ranked among Brisbane’s most affordable outer ring suburbs (unit market).
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.
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.
“If you see an opportunity, don’t play games.”
Ripley is a more affordable choice for first-home buyers.
JORDAN’S REAL ESTATE BUYS
- 3-bedroom house, Raceview
bought $270,000 in 2018, renovation $10,000, sold $330,000 in 2020
- 3-bedroom house, Redback Plains
bought $310,000 in 2020, renovation $40,000, sold $440,000 in 2021
- 3-bedroom house, Ripley
bought $292,000 in 2021, sold $470,000 in 2022
- 3-bedroom house, Ripley
bought $457,500 in 2021, renovation $10,000, listed for sale offers over $629,000
- 3-bedroom house, Raceview
bought $330,000 in 2021, sold $417,500 in 2021
- 4-bedroom acreage property, South Ripley
bought $780,000 in 2021, rented $1,100 per week
- commercial property, Brookwater
bought $1.225m in 2022
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