PHOTO: Property investor Lloyd Edge started investing while working as a freelance music teacher. Source: Supplied
A former music teacher who started a $12 million real estate empire while working as a low-paid freelancer claims home seekers could be missing a rare opportunity during the COVID-19 crisis.
Sydneysider Lloyd Edge, 45, currently owns 16 properties, bought using a mix of cunning tactics, and said most would-be real estate purchasers fell into the same trap during downturns.
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“Buyers worry too much about picking the bottom of the market, but it’s impossible to do. Most of the time you only know when it’s bottomed out after the fact and by then it’s too late,” Mr Edge said.
He added that property prices had a history of coming back after periods of weaker market activity – often at a much faster pace than expected.
The music teacher bought his first property in 2004 when the Sydney market was coming down from a post-Olympics high and he has bought subsequent properties in other property downturns.
Mr Edge recently sold this inner west property for more than $350,000 above the price he paid. Source: Supplied
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