PHOTO: Eddie Dilleen. FILE
Despite rising house prices and concerns over interest rates, real estate mogul Eddie Dilleen continues to grow his property empire, having acquired 10 new properties in just six months. At 33, the Sydney-based investor now owns an astounding 110 properties worth a staggering $90 million, generating a weekly rental income of $50,000.
Eddie, who grew up in housing commission, bought his first property at 18 and has since mastered the art of property investment. He now owns properties across Australia, including 35 in Perth, 50 in Brisbane, 15 in Sydney, eight in Adelaide, and two in Melbourne.
Dilleen isn’t slowing down and aims to expand his portfolio to 2,000 properties. He believes that anyone can follow in his footsteps by sticking to four “golden rules” of property investment: buy under market value, invest in metropolitan areas, ensure a rental yield of at least six percent, and consider purchasing in locations others are avoiding— a strategy known as “contrarian value investing.”
Eddie Dilleen (pictured left with his wife) has 110 properties to his name worth an eye-watering $90million and rakes in $50,000 a week in rent
Eddie told FEMAIL there’s four ‘golden rules’ he swears by that others can use to follow in his footsteps – buy under market value, purchase in metropolitan areas and ensure the rental yield is at least six per cent. He also buys in locations others are avoiding
While some might view owning multiple investment properties as excessive or unethical, Dilleen argues that landlords are not the cause of rising house prices. “You can’t hate the player, it’s the game itself,” he said, urging others to learn how to navigate the system rather than criticizing it. He emphasized that landlords are essential to maintaining the rental market, and banning them would make the situation worse.
Dilleen’s strategy includes targeting areas where prices have fallen or are not in demand. For example, he sees Melbourne as an undervalued market and believes its current price dip offers significant buying opportunities. His recent Melbourne CBD purchase of a one-bedroom apartment for $327,000 demonstrates his approach to capitalizing on market cycles.
Pictured: One of Eddie’s recent purchases was a one bedroom unit in WA priced at $327,000 where he receives $550 per week in rent, or an 8.74 per cent yield
He’s also managed to score a 10unit complex in WA for $4.1million. This complex receives $6,600 rent per week with a 8.33 per cent yield
Dilleen is also a proponent of “rentvesting,” where individuals rent in desirable areas while investing in properties elsewhere. He advises those looking to get into the property market to consider alternative locations, like Sydney’s west, where apartments can be found for as little as $370,000. He believes that with the right strategy, it’s possible for Australians to secure their first two investment properties within a year.
As for those who criticise his strategy, Eddie said: ‘You can’t hate the player, it’s the game itself’
Eddie’s investment philosophy can be summed up by his “golden rules”: buy under market value, focus on high rental yields, and invest close to major cities. He encourages aspiring investors to act now, even amid fears of rising interest rates, and stresses the importance of education, creativity, and persistence in the property game.
To help others get started, Eddie has authored a new book, How to Buy 10 Properties Fast, offering practical advice on navigating the property market and maximizing borrowing potential.
SOURCE: THE DAILY MAIL