PHOTO: In his new book, Property Fit: Get your Property Portfolio in Shape, property investment expert and entrepreneur Luke Harris shares his strategies and tips to help new and experienced investors achieve financial freedom through property. Picture: Supplied
The Queensland man has purchased more than 29 properties, yet spent a decade living in a two-bedroom apartment and insists money doesn’t make you happy.
Despite a massive property portfolio of over 29 homes worth a combined $18 million, Luke Harris insists his huge haul of residences is “boring”.
The entrepreneur, who owns Property Mentors, a Melbourne-based agency that helps people
grow their property portfolio, admits he first got into the property market to get rich inspired by a wealthy uncle who drove a red convertible with a car phone back in the 1980s.
He purchased his first property at just 20 – a four-bedroom house in Perth near the beach in 2000 for $157,500, which he lived in and described as a party place for his mates on the weekend.
However, despite a deposit of $20,000 his parents still had to go guarantor as he was running his own electronic security business and the banks didn’t look favourably on self employment.
“As a 20-something I wanted super yachts and fast cars and holidays that a lot of people associate with wealth,” he said.
“But during my 20s chasing those luxuries I realised it’s nice to have a fancy car but you don’t need it, it’s nice to have a big house on the beach but you don’t need it and you can still have quite a comfortable home without having the best home. I think a lot of people wrongly associate luxury items with wealth.”
His second property was a two-bedroom apartment in the now affluent suburb of Wembley in Perth, which he snapped up for $115,000 in 2004.
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