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Here’s the inspiring story a young 33 year old guy who wanted a better life for his kids.
Mitchell Burge did it tough in the early years. He was raised by a single mum and had to save for six years before being able to afford his first property. Then his income wasn’t enough to make the loan repayments, so he had to move back home, get a second job, and rent the property out for additional income.
Six years later and the home was barely worth what Mitchell originally paid for it. It had cost him a lot time, and money, and lifestyle.
Many investors break from a lot less.
But Mitchell hung in there. By living at home, and continuing to increase his salary, he never missed a loan repayment.
Fast forward to today. Mitchell has now accumulated 15 investment properties. They’re worth many millions of dollars, and he is not overly geared.
What’s extraordinary is that the bulk of Mitchell’s investing has only come in the last five years, and he has managed to do this while simultaneously developing Licensed 2 Chill, his very own heating, ventilation and air conditioning business.
The 15 properties have very much been “on the side”.
It’s a path to financial freedom that most Australians can only dream of.
In today’s Long Property interview Mitchell discusses his first property purchase in detail.
He relives some of his early mistakes and then goes onto talk about how the lessons he learned have now shaped his approach to investing.
We learn from Mitchell:
- Why it’s important to start early
- Why it pays never to sell prematurely
- How timing the market shortcuts your success
- What the “ideal team” looks like for a property investor, and the importance of having a great team if you are time-poor
- How to mitigate risk with interstate purchases; and
- How to stay humble throughout the process (despite the success Mitchell still lives in the same first house he bought 13 years ago)
Mitchell’s key tip for investors is:
Buy at the right time in the market, otherwise you’re waiting 10 years to catch
The key points of the story is that property investing isn’t only for the highest income earners, and it doesn’t need to be your full time occupation. With the right people around you, and a willingness to succeed … it’s very achievable.
Ladies and gentlemen, without further ado, please enjoy our 14 minute exclusive interview, with Mitchell Burge.
Question of the day: What was your favourite lesson or takeaway from this interview? Please let us know in the comments.
