Grew up in Auckland, the "big city" of New Zealand. Graduated university (BA in Education, BSc in psychology) and started working in IT. Saved up enough to have a really awesome time getting from NZ to the UK and, with the exchange rate as it is, came over here with very little. When you are new to the country and have a "foreign" CV it takes time to get a job - eventually I took temp work photocopying legal documents. One of the women took me aside and said I was really good and she was leaving and would put me forward if I wanted. Um - I'm ok thanks
Worked in IT (started as the boom was ending, story of my life).
Stumbled across "Building Wealth" by Dolf De Roos - read it and thought, hey that's cool, I could invest in property one day. Read RDPD and thought, that's all well and good if you want to make it your whole life and live in your car for 3 months like he did - not for me. About 6 months later I read it again, and though hey that's cool, I could do it right now. I was between contracts at the time so had no income at all (but a fantastic birthday in Ibiza!) but it wasnt the income level I had lacked before - it was the belief that all this "investment stuff" was something that applied to *me*.
Saved and borrowed to buy a huge 3-bed home - it had a six month chain and by the time I moved in I had paid back the borrowings and gained £15k in equity. This for a property I bought for love not an investment! I have housemates who pay most of the mortgage leaving me a very cheap place to live. For a while I also let out the shed and the carpark!
Started sending money to NZ and on a trip home started buyin up flats where I was a student. Upcoming area, rising market, easy to refinance and buy more. The market is less bureaucratic and the purchase process much simpler so I was able to take possession while still on holiday. Most of them had tenants in already. I spent time with my lawyer, several brokers, property manager, valuer, building inspector and IFA so that I would have them all in place. Now I continue to buy property in NZ from over here. My property manager often hears about deals before they go to the agent so she lets me know.
Similarly refinanced my home to start an ex-LA spree in London - doing minor refurbs as I went to force appreciation. The first refurb we physically did ourselves "for the experience" (except for fitting the kitchen bench). **Don't do that.** Other ones we have done some of as good tradesmen are hard to find or just left to the professionals when they are available. It's only recently that I've built my "team" of tradesmen and have people I'm happy with for anything that's likely to need doing.
Excellent thread!
Leanne