Hi I'm Michael Chan ( Mick C)

Im 29 and single hahah

My property journey started at a rip young age of 19 ( 10 years ago) with around 14 properties under my belt to date, but my most "rewarding" and most memorable achievement is starting my 2 business.

- Bband started in 2006 ( a patented Baby monitor technology to help reduce SIDs deaths in NSW and VIC - sold to NSW Gov and a UK health company 7 years ago)
- Shape Home loans started in 2008 ( Current business that provides mortgage services to investors alike)

Property journey to date:

• 2004- 3 bedroom House, Cheltenham, NSW -$720,000 ( Rate was 9%!!) - Currently got DA to build 3 x 4 bedroom townhouse on this site

• 2009 - 2 bedroom Unit, Chippendale, NSW - $410,000
• 2013 - 4 x 2 bedroom block of units, Nowra, NSW - $527,000
• 2013 - 2 bedroom townhouse, Raymond Terrace, NSW - $180,000
• 2013 - 2 bedroom townhouse, Raymond Terrace, NSW - $170,000
  
• 2014 - 4 bedroom house, Campbelltown, NSW - $465,000
• 2015 - 3 x 2 bedroom block of townhouse, Leumeah, NSW - $965,000
• 2015 - 2 bedroom unit, Carramar, NSW - $290,000
• 2015 - 3 bedroom unit, Hillsdale, NSW - $566,000

My goal for the next 10 years:

- Apply and operate a full non-bank license that deals exclusively with investors and developers only
- Develop mini shopping centers and residential units


Happy investing!

 

Nice to meet you Mick!

How are you finding the banks at the moment with the changes APRA made? Maybe someone should start another thread here on PropertyChat about it so you can contribute

 

Excellent looking portfolio. Congrats on the significance in business, too.

You buying/developing interstate any time?

 

The exact same rule ( Reduce servicing and Reduce LVR and higher rate for investors) was applied in 2004...it was relaxed and went back to normal in 2006; So we just have to deal with it...the cycle continues

The smaller banks and credit unions are currently not effected ( their rate tend to be 0.20% higher) so it's just a matter of using the traditional top 9 banks early and finding which ever bank is still " up for business" later down the track.

But yes overall it's def def a lot hardier, No doubt.

Thanks mate.
I been looking at Brisbane for the last 18 month but the numbers seem to never work lol i tried...i tried.
Im gonna give Briss another shot in July ( Gonna spend 2-3 weeks there) so we shall see...

Where's Michael X when you need him

 

Well done, Michael! All these achievements at the ripe old age of 29!! Amazing

How did you get started?

 

Nice one Michael, keep the info coming!

 

I was looking at Bris 18 months ago too. Few ares I had my eye on have move heaps but others are still very flat so there are some great buying opportunities at the moment and apart from a couple of pockets, it's not too crazy on the ground–yet.

We'll probably end up in Bris at the same time I reckon. I'll be up there almost every weekend from now until I have an offer accepted. Any areas in particular of interest?

Michael, Lord of Logan.

 

Amazing portfolios

 

Nice write up Mick - looking forward to hearing more about those shopping centers!

Cheers

Jamie

 

Good to see Raymond Terrace in your portfolio.
the Chippendale purchase in 2009 would be doubled by now.

 

Brilliant work Mick, your achievements and ambition are incredibly inspiring.

Ps, i love the mention of your relationship status. Let me know if you'd like someone to vet through all the offers that come through following this post.

Love the future ambitions. Why be a banker, when you can be the bank?!

Cheers,
Redom

 

Nice to meet you,

Solid effort purchasing 14 properties before 30. Mini shopping center developments sound interesting, I hope to hear more about that when its in full swing.

 

All started with my 1st purchase in 2004.

I always wanted to marry young ( Yep that didn't go to plan) so i bought my 1st IP close to home ( not the best investment as it was heavy negatively geared and on a income of ~$45,000 i took a bit of a hit) , the plan was to live there once i got married 3-4 years later.

Worked 2 part time job 7 days a week since i was 16- managed to save up $80,000 in 3 years and i couldn't even afford to buy a car for 6 years ( till i was 25) + My parents let me use their house as security for the other 10% + Stamp duty . Living rent free at home help with the savings lol.

2006 i started my 1st company in partnership with my University lecturer ( 1st year uni, doing Bachelor of Financial Mathematics) - The idea was patented and sold a few years later; the profit all went into paying down the mortgage ....i had no clue what an offset account was back then ( which i took back out as equity years later...lol ohh the mistakes).

Even though my parents are property investors as well...It was from my business dealing that i became interested in investment properties and using " other people's ( banks in this case) money to make money", i clearly remembered meeting a competitor ( Founder of one of the biggest wishing well company in Australia) of a competition i was entering - NSW Bizstar; he had retired at the age of 35 with 20+ properties under his belt all in Sydney .. he sold a handful of his property and used the funds to start his new business and he was still living comfortably on a $150,000+ Rent roll after expenses- The idea of investing heavily in property started..

 

Logan is out of the question for me....i can go on forever but just not my cup of tea....nothing wrong with the area as per say- plenty of deals and money to be made; but given it's my 1st deal interstate ill like to stick within the CBD.

Im looking within 8km of Brisbane CBD;
-Woolloongabba
Coorparoo
- Brisbane CBD

So a unit.

Lets catch up if we are in brissy at the same time

 

Raymond terrace one of the best R Yield maker ~ $5,000 positive each after all expenses.
But it def lacks CG- which i can balance out with my other CG properties.

Chippendale enough said, it's CG king- Bank val 1 year ago $770,000

The Chippendale property i actually bought by accident. I was inspecting other property in Redfern and in Haymarket ( never even heard of chippendale!!) - i had some spare time to burn while waiting for my inspections so decide to go to Maccers for a bite, that's where i saw a "open for inspection" sign....had a look ( i was the only one there at the inspection)

Me: How much?
Agent: $500
Me ( Wow that's pricey)...ok that's very pricey ,how long as this been on the market?
Agent: Today is the 2nd week
Me: How much is strata?
Agent: Free, you dont need to pay for strata.
Me ( WTF!!) ...are you serious ( i thought he was joking)
Agent: The landlord pays for strata
Me: Ummm this is for sale right?
Agent: No, it's for rent...this is an open inspection for rental buddy!

( LOL)

Me: You reckon owner want to sell? it's empty with no rental income and you get to get a cut in the commission from the sale + i will let you mange the rental again.

A few days later it was a done deal; $410,000.

 

Will create a thread when the deal is up and running. Scary stuff.

I shall name the bank " Bank of Ex-Somersoft "

 

Yes, i know the Chippendale area well. I purchased a Redfern 2 bed apartment in 2000 OTP for $325k.. The price didn't go up much when the Sydney boom in 2003. In fact it went sideways and down. We could pick up the same apartment in 2006 for 20% lower than purchase in 2000..
It was not till 2010 we see it gone back to original price.
I put my apartment on Auction. in 2011... Highest bidder was 520k. I wanted 550k, so pulled off listing.
Valuation last year came back 750k last year. So an increase of 200K in 2011-2014 (3 years). Glad I it didn't sell at Auction at that time

So your purchase in 2009 was a perfect timing for that massive growth..

 

I'm a wary of oversupply around the CBD.

I do like the look of Coorparoo, despite the biiig Myer redevelopment bringing a lot of new supply. Actually had my eye on apartments there 2 years ago. I'd be looking for one with most of the following attributes:

• Small block
• Massive LUG
• Two balconies and/or large outdoor area/courtyard/exclusive garden
• Top floor with views
• Private
• Lots of sun/big windows
• Big internally
• Open plan layout
• Not at the bottom of an enormous hill
• No flood risk

 

Steven Ryan- Which suburbs are you looking at ?

 

Nice list of properties Mick.

Interesting to see Carramar on the list. I didnt think its a very popular area for investment? Is this purely for cashflow? $290k for a 2 bedder sounds like a great buy!