When WA mining engineer, Olga, was made redundant while pregnant, her once rosy financial position became bleak.
With no job, a mining downturn, a property crash in WA, her dreams of becoming a property investor seemed unreachable. That’s when she discovered how to become a ‘Rentrepreneur’ and apply my High Income Real Estate Strategy to other people’s properties.
The idea of profiting from someone else’s property by creating micro-apartment conversions (HMO or Rooming House) aimed at the affordable housing market, resonated with Olga. She could get started straight away and save for her own property quicker.
“I could see little step by step, how I could move from being a Rentrepreneur, and in a couple of years, creating that income which I didn’t have – that serviceability… I could see that in the long term, I could achieve much bigger things, ” she explains.
And while finding a landlord willing to allow you to apply the strategy in their home takes patience and perseverance, Olga prevailed.
” I decided to leverage the knowledge and experience from the WA team,” she explained.
With the help of the WA Small Is The New Big Team and the HI-RES student Community, she tool advice and secured her first deal.
Her conversion and safety upgrades cost her just $15K. She’s now making a consistent positive cash flow of $1,000 per month. That paved the way for a second HI-RES Rentrepreneur property, which is earning her $1,000 per month positive cash flow.
She wasted no time finding her third property. Spending $16.5K on conversion and set up costs, she is now making $800 p/month positive cash flow on that property also.
“Pretty much, my goal is … to replace my engineering income. By the end of this year, I would say, I will be almost there!” Olga reports.
” The positive cash two gives me two things. It gives me freedom … it gives me time as a family that I can spend … and that means the world to me.”
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