Retired before 30 years

These guys slammed it

@Scott O'Neill congratulations, on your success with property and business

How a Sydney couple retired at 28 after building a $23million commercial property portfolio | Daily Mail Online

 

Similar thread here

Couple reveal ‘light bulb’ moment that helped them net $1m a year in rents and retire in their 20s

 

Seems like the secret is "Be a BA" and a broker.

 

To be fair Scott's "Pre BA" story is pretty impressive. He has an engineering background and purchased plenty prior to moving into business. From memory he did well pounding the pavement in Port Mac and other regions buying apartment blocks then strata titling them.

He has found a niche in commercial and should be congratulated on his efforts for that age. And his wife for that matter. Kudos to them.

 

There's thousands of BA's, and literally tens of thousands of brokers. Very very very few end up in this position.

The skill, like for many businesses, is getting attention. His team do this exceptionally well and his been well rewarded for it.

 

Truly amazing.

One day, an investor from the Druitt will make headlines and may even have a thread congratulating him.

 

yes, I think you have put it into perspective

clearly successful business’/people do it well, get it right

 

Often the attention is gotten by sensationalizing a story and intentionally leaving out petinent information.
As much as I'm happy to read success stories, years ago i would ask myself "how did he/she do that...exactly". Do some research as I like the nitty gritty numbers and find that I rarely got the full story from the magazine. I dig into the details cause I wanted to know what they did, so i could do it too. Or at least my version of it.

So sticking to the topic.
Scott bought his first IP for $480,000 in 2010 at age 21. *age seems to vary in interviews"
- After the GFC they started "responsible lending". So did he get a no doc loan?
How much deposit?
What income? He's an engineer so were they giving no deposit or any loans loans to uni students?
Part time student? Working what job?

IP1 was "making $150 wk". After 3 yrs that's $23,400.

2013 bought IP2 for $420,000. Age 23
The 3 yrs rent may have covered the deposit, but what about living expenses? Uni expenses?
No doc? Servicability? Plenty posts on this forum about the tightning lending criteria yet a uni student with $150 rental income get over $800k of loans.

2014 Scott at age 24 bought over $1.1 million worth of property.
What loans?
What deposits?
Still at uni? Started new job?

Most of us here know that it takes a little more than just finding cash+ properties to get loans to buy them. So how did he accomplish this?
Did the banks really just lend him the money because he had a couple cash+ IPs and found another one?
Sure is "impressive"!

 

It is a lot easier to do this today than it was 30 to 40 years ago when I was their age.

Just saying.

I am surprised that more millennials aren’t “slamming it”.

 

It definitely is better and easier.
But this story is BS propaganda.

In this interview he bought $3 mil of roperty in 2014.
https://mathewjamesrobinson.files.wordpress.com/2018/01/casestudy-scottoneil-v2-highresolution.pdf

So at age 24 or 27,depending on interview, fresh out of uni (he's engineer I'm told) and with about 800k in debt he had bought another $3m of property.
What LVR? Serviceability?
Did I miss something here?

And another $1.1m the next year. Where did the money come from?
Was he getting different treatment from the banks than most here who at the time were posting about servicability limits?

C'mon maaan...

 

What's this retire before 30 rubbish. Before 20 is what your really want to aim for.

 

I have to agree. So many BS stories in the media of persons and couples who have amassed a property portfolio of 20 properties by 28 years of age all while working at Maccas on $12.50 an hour.
I don't even bother opening and reading those articles. Always someone trying to sell something.

 

I am confused or misreading something. As an example in the table of properties PB linked:

Perth supermarket: Cost $400, Value $510. Equity $120K. Value went up $110 so they put in a deposit of $10K is how I read that ... but LVR: 55%
The equity $ doesn't seem to match with the LVR?

 

agree
But this is different

 

Lets put his property portfolio aside for one moment

I wonder does his business not count?? This is not a pop and dad business..... sorry pop and dad. I hate it when people use this term oops

Author Scott O'Neill - Smart Property Investment

what does BRW fast 100 mean? Seriously I dont know..... but it reeks of success and good marketing, turnover of properties. These companies add value cha ching

Lets not just look at how it started, but where he is today and just perhaps his business puts him in top 1%

 

Would you say same with mortgage brokers? Top of their game have created massive passive income for life

 

Fair enough. I haven’t really read the whole thread and have no idea who this guy is or what he has done.

But you made a good point in your last post regarding his overall success regardless wether that came from his property investments or selling a bunch of stories.

Personally though I have no issue with people selling there stories and using that to build a handsome investment portfolio of it. It’s just annoying when they try and tell you they built that 20 property portfolio from sheer hard work earning an average income and all in a matter of 8 years.

I’m not saying it’s absolutely impossible but there are to many of these stories around for it to be that simple.

 

Of course it's marketing & hype (not too many people go publicly talking about everything they do on this scale for the fun of it, its for business reasons). Thats an integral part of many/most successful businesses across the world. They run a business thats scaling big and is showcasing it, using free PR to do so. Through the process, they're educating the market about commercial property investing too.

This time last year many of us were fearing for our jobs. Businesses across Australia were closing their doors. Some never reopened. IMO, while its obviously marketing material, the past 12 months have shown that there's more value to be gained by appreciating ones successes and how they've achieved them, than dismissing it entirely. His creating many jobs and economic activity through the process too.

Well done @Scott O'Neill! Also enjoyed reading their book a couple weekends ago.

 

Fair enough, though it clearly is a smart marketing tool. We see this here on PC, a way of promoting business, nothing wrong with this

 

Well said