A property mogul from humble beginnings has snapped up his fortieth property – boosting his portfolio to $20million.
Eddie Dilleen, 30, from Mt Druitt in western Sydney, was working at McDonalds and living in a ‘rough’ neighbourhood when he bought his first property aged 18.
Since the pandemic hit the real estate guru has added more than 20 properties to his portfolio, recently expanding with a $1.76million dwelling on the Central Coast.
Eddie Dilleen, 30, from western Sydney, has just purchased his 40th property bringing his investment portfolio to a whopping $20million
Mr Dilleen 40th purchase is a $1.76million dwelling in the Central Coast
‘It’s a larger property something I wouldn’t usually buy,’ Mr Dilleen told Daily Mail Australia.
‘It’s basically three units in one, so I’m going to rent the two other spaces out and keep the other as a holiday house. I’ve always wanted a holiday house near the beach.’
He has also recently purchased a $875,000 property in Sydney for his mother.
‘It was just for her to live in because I wanted to get her out of the housing commission we use to live in,’ he said.
With property prices plunging amid the pandemic, the real estate guru seized the opportunity to expand his collection – which now stands at 40 investments.
He described the property as three units in one, and he will use one space as a holiday home for him and his family (pictured)
Mr Dilleen has also recently splashed on a $875,000 property in Sydney for his mother (pictured)
‘I bought six properties in five months roughly, those ones were all in Queensland…there were no buyers in the Brisbane market, everyone was extremely scared,’ he said.
‘Some of the properties I bought last year in May for $300,000 are now worth around $550,000, it’s almost doubled.’
Mr Dilleen’s purchases include an $810,000 Acreage property rented for $700 a week and a $437,000 Duplex rented for $620 a week in Brisbane.
Some of Mr Dilleens purchases during Covid-19 include a $437,000 duplex in Brisbane (pictured)
Using a self-managed super fund he bought another property in Brisbane for $400,000 and a house on a 2,500 square metre block for $450,000.
Last year Mr Dilleen bought a $135,000 Logan townhouse in March and two Ipswich duplexes for $410,000 in April.
Later that year he paid $133,000 for a two bedroom Ipswich villa, before splashing out $200,000 for a commercial property in Logan in August.
Mr Dilleen says he is currently looking to buy property in Brisbane, Adelaide and Sydney.
While Covid continues to wreck havoc on the property market, Mr Dilleen said he was not concerned it would impact his portfolio as he invests using a strategic formula, which ensures his income is always higher than expenses.
Around $300,000 of his almost $500,000 a year rental earnings are always kept aside for emergencies, while $200,000 are spent on mortgage expenses.
Using a self managed super fund he bought another property in Brisbane for $400,000 (pictured)
Mr Dilleen bought an Ipswich two-bedroom villa (pictured) for $133,000 in May 2020
Mr Dilleen said the three features he looks for in an investment are ‘good cashflow or high yields, capital growth and buying at a discount price below market value’.
The self-made millionaire became ‘passionate’ about buying property during his teens, to ensure he had a secure future.
‘I grew up in western Sydney and came from a family where no one actually owned property at all,’ he previously told Daily Mail Australia.
‘From very humble beginnings, a pretty rough neighbourhood, that was my driving factor. I didn’t want to have to struggle and grow up how I did.’
The investor has just written his first book, 30 properties under 30 (pictured), revealing his tips and tricks for getting into the property market
Living at home in Mt Druitt, he bought a two-bedroom apartment over an hour away in the Central Coast, north of Sydney.
He rented out the $130,000 apartment for about $220 a week and made roughly a seven per cent rental return.
Mr Dilleen’s next investment property was in Adelaide, followed by Brisbane and then the Gold Coast.
The investor has just written his first book 30 properties before 30, which shares his tips and tricks for investing in property.
He recommends starting off small, by purchasing something to get a foot in the market and to try not to be emotional about where you buy.
He recommends putting down a small deposit, suggesting first home buyers can snap up a property with as little as a 5 per cent deposit.
‘Most people think they need a 20 per cent deposit but you can buy your first property for as little as 5 per cent down,’ he said.
‘Brisbane is one of the best markets to be buying in right now, you can buy a property for $300,000 so 5 per cent of that is $15,000.’
He said to focus on rental return of properties and buy property below market value by looking for those who want to sell fast.
Pictured is the Logan townhouse (pictured) Mr Dilleen purchased in March 2020 for $135,000
Mr Dilleen added a commercial space (pictured) in Logan to his portfolio in August 2020 for $200,000
His fifth tip is to read property investment books and do research to create a strategic buying plan.
‘I worked out a formula and strategy, it came down to a lot of research and I read a lot of different property investment books even though I hated reading it at the time, I forced myself to learn a lot,’ he said.
‘I built up to it, I started off small, with the small properties and gradually the equity increased.
‘It’s better to be in the market than on the sidelines waiting or to say it’s too hard and not try at all, that’s not the best attitude to have in life.’
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