PHOTO: Audrey Lee had to work two jobs to afford her investment properties. (Source: Supplied)
For single Australians, the journey to homeownership is often an arduous one. Yet, one woman has defied the odds, amassing a $2.3 million portfolio and securing her retirement without the assistance of a partner.
Audrey Lee, aged 48, has acquired three investment properties while diligently paying off her own home over the past three years. However, her path to financial success was marked by challenges. As an accountant, Lee faced the necessity of taking on a second job to demonstrate her repayment capability. Additionally, she faced the setback of selling her initial property at a loss.
Residing in Mulgrave, Melbourne, Lee shared with Yahoo Finance her strategies for success, including purchasing properties sight unseen in different states and investing in off-the-plan developments to secure favorable deals.
Lee’s decision to diversify her investments by selecting interstate properties, particularly in Queensland’s flourishing market, proved fruitful. Remarkably, she has yet to physically inspect these properties, one of which was still under construction at the time of purchase. Looking ahead, Lee aims to expand her portfolio with further investments in Melbourne.
Lee’s current Melbourne property, located in Mickleham, boasts a median house price of $778,892, according to CoreLogic. Meanwhile, her Queensland properties in Raceview and Algester were acquired for prices ranging from $500,000 to $750,000 each, significantly contributing to her portfolio’s value.
Utilizing the equity from her primary residence, Lee financed her investment properties, emphasizing her prudent financial management by maintaining an offset account. However, despite managing the deposits, Lee encountered challenges in convincing banks of her repayment capacity on a single income, leading her to take on a second job, initially within her field before transitioning to a retail position.
Acknowledging the sacrifices made, Lee recounted foregoing social engagements to accommodate her work schedule, underscoring the dedication required to realize her property aspirations.
Reflecting on past experiences, Lee cautioned against hasty decisions influenced by property seminars, recounting her own regrettable investment following such advice. Subsequently, she sought guidance from OpenCorp, a decision that led to more informed and successful investment choices.
Through resilience, strategic planning, and perseverance, Audrey Lee exemplifies the potential for single individuals to achieve financial security and build substantial property portfolios.
SOURCE: YAHOO