Posted on 2018-03-12 11:27:08.000000
An Indian-origin couple, Arvinder Dhanota and her husband Kulwant Singh have bought eight properties in Sydney and Melbourne estimated to be worth $3.8 million.
The Sydney-based couple built their impressive property portfolio worth millions in a span of seven years, news.com.au reports.
Ms Dhanota and Mr Singh both migrated to Australia from India in 2004.
Ms Dhanota, who works as a public servant, says she bought her first property in Bankstown in Sydney in 2009 when she was 28.
Mr Singh, who runs his own business, bought his first property – a two bedroom unit in Liverpool in Sydney in 2009 at the age of 30.
The couple got married in 2010 and Mr Singh moved into Ms Dhanota’s house and the couple rented out the Liverpool property.
“I bought one, he bought one, we moved in together into my property and rented his out and we thought, ‘You know what, we’re not really paying anything on the property, why not buy the next one?’” Ms Dhanota said.
And that is how the couple started in investing properties.
Ms Dhanota said the key to their success had been purchasing properties at a good price in the first place.
“We never had the intention of buying so many properties but we started around the global financial crisis when prices were really down,” she said.
Mr Singh says they have worked in “synergy” together to build their portfolio as a team.
Over the span of seven years, the couple has grown their investment portfolio across Sydney and Melbourne.
They have an apartment in Blacktown, a house in Glenwood, a flat in Kingswood and block of land in Melbourne.
They recently purchased a house in Whalan in August 2016 when Ms Dhanota was 35 and Mr Singh was 37.
They recently sold their first Bankstown property for more than double the purchase price.
“We only paid the deposit on our first properties — and with the rest, the equity kept funding us,” Mr Singh said.
“Property has been the main focus though and for most of our properties, we don’t pay anything out of our pockets except council rates, strata fees and water — the rent pretty much covers most of the mortgage, so we’re only paying a little bit towards the property.”
The couple has some simple tips for those interested in building their property portfolio.
Buying a small first house, renovating and renting it, buying closer to public transport and universities and being realistic with budget features high on their list.
“Don’t shoot for the stars in the first place because there’s no point getting a loan worth millions of dollars for your first property when that’s going to be hard to repay,” Ms Dhanota says.
“We have been in contact with a lot of people who have been waiting all these years for the property market to go down before buying, and it never has.”
Source – SBS Australia
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