When Scott and Mina O’Neill decided to get into the housing market, they had $15,000 between them. It was 2007 and, having made the decision to knuckle down, they began to save and save and save.
Come 2010, when they had pulled together a deposit of $60,000, they purchased a house in Sutherland in Sydney for $480,000.
In an interview with News Corp this weekend, the couple told the news outlet how they managed to expand their property portfolio from that first granny flat in Sutherland, to one that includes 28 properties worth more than $17 million. (They have a loan-to-value ratio of about 60 per cent.)
They told journalist Alexis Carey they “rentvested” for the first little while – that being, renting out their investment property while simultaneously renting themselves.
In 2010, that house delivered a rental return of $670 per week, which has since grown to $1050 per week, News Corp reports.
In 2012, they bought again, this time a unit in Maroubra for $620,000 where they lived for a year, and then after that came four units on the one title in Port Macquarie for $425,000 in 2014.
In 2017, the couple told Domain investing in property was never about building wealth, but instead allowing them the freedom to travel and avoid the nine-to-five grind.
“We wanted to have the choice about when we open the computer, when we work and how we use our time,” Mina, 29, said.