Here at Ironfish, we are proud to practice what we preach. Many of our staff are property investors themselves, and have kindly agreed to share their individual stories and their own personal property investment tips.
National Housing Manager, Ironfish
“What I noticed very quickly is that the wealth of my colleagues is in their portfolio – not their salaries necessarily. The people here with the largest portfolios are more carefree – they don’t have to be here. They choose to be here.”
CASE IN PROFILE
- 2 investment properties purchased through Ironfish
- Buying interstate for affordability
- Aiming to buy 10 properties in 10 years
Like getting a tattoo
Josh Ure is part of the property selection team at Ironfish; he is responsible for the selection process and due diligence of all townhouse and house and land packages we offer to our customers. He’s also bought two houses in Queensland through Ironfish.
“Even though I’ve been involved in thousands of property transactions with the business, I was still nervous signing my first contract – because it’s a lot of money. With the second property, to be honest, I didn’t even read the contract. But that’s because I have a lot of trust in the developer and the builder. The benefit of Ironfish is that we have really strong longer-term relationships – partnerships, really, with developers. When you’ve got that level of trust in whom you’re buying from, then it makes it a lot easier. But it’s getting through your first one that’s most challenging and after that it’s much easier. It’s kind of like getting a tattoo: getting your first one feels a bit scary, but after that – you’re covered in them!”
It’s a mindset
Josh bought his first investment property at the age of 25 and has since set the impressive goal of purchasing one property every year for 10 years, so that he will have 10 properties by the age of 35.
“What I realised at the age of 25 is that I’d been working in the industry for 5 years and all I had to show for it was a $2500 car and $10,000 in savings. After joining Ironfish, and being surrounded by successful investors and working within a success-driven environment, I’ve managed to change that to where I now own $900,000 of property, which is cash flow positive – making me money while I sleep.
“It’s a mindset. Once you decide that this is what you’re going to achieve, then you figure out a way to do it.”
Josh moved to Australia in 2008 and says his humble background – in terms of his extended family back in Scotland – gave him a clear vision of what he wanted, and what he didn’t want, for his own future.
“I’ve seen my aunts and uncles, my grandmother, reach the age of 50 or 60 with no assets and completely reliant on the pension. But of course, no one aspires to retire on the pension. We all aspire to retire on a different standard of living to where we’re at now. And if you want that, then you need to put a little away every year – for me, I put money into super and property.
“Without my goals, I’d probably be spending my whole income… eating at the best restaurants, buying clothes or going on holidays. There is still room for life in amongst the saving – but at the end of the day, people who are really successful in real estate have sacrificed at some things in order to get where they need to go.”
Right property at the right time
Being part of the property selection and research team gives Josh first-hand insights into good investment opportunities in terms of area, the property market, and the property itself.
“I want to invest in the market cycle and try to buy at the bottom of the market. I bought in Queensland because I believed that Sydney was at or nearing its peak and was unaffordable for me, and I’ll be looking at Perth for my next purchase.
“It all comes back to the Portfolio Approach. A lot of Ironfish staff own property in 3 or 4 states and there’s a reason for that – and it’s not because they like Sydney or Melbourne. They buy good projects at the right time of the state’s property cycle – and that’s the benefit of a national business like Ironfish.”
- Saving up for your first deposit is the number 1 thing you can do.
- Being around people who are investors is the best way to become an investor.
- Be open to other areas: I rent in a high-end Sydney suburb, but purchased in QLD because it was more affordable. This doesn’t necessarily mean you don’t see growth – in my case, my property has grown in value after only 2 years.
If you are inspired by Josh’s story and want to find out how property investment can work for you, register for a personal strategic analysis, a free service Ironfish offers as part of our commitment to financial wellbeing and helping Australian families achieve financial security through property investment.