Taku Ekanayake, 28, was capable of buy, renovate and lease six properties in Brisbane and Adelaide
After toiling for 20 hours every week as an Uber driver on prime of his full-time job, Taku Ekanayake, 28, was capable of buy, renovate and lease six properties in Brisbane and Adelaide.
Since buying his first home in 2014, the Sydneysider’s rental property portfolio has grown quickly.
He plans to have 10 properties in complete by November 2017.
‘I might wish to have a internet passive revenue of $1 million by the point I am 36-years-previous,’ he informed Daily Mail Australia.
‘I am dwelling fairly frugal, however the small sacrifices I’ve to make will repay in long run.’
Mr Ekanayake earns roughly $640 every week from driving on the journey-sharing app, based mostly on calculations from Finder on the typical revenue per hour of Australian Uber drivers.
That is an additional $33,000 on prime of his wage from his full-time job as an Account Executive with tech analysis agency Gartner – which sees him earn simply over $100,000, in line with Glassdoor.
Before: Mr Ekanayake spent $four,500 to renovate the kitchen in his Deception Bay property. He says this property has had the most effective return for him in a brief time period
After: The present flooring have been sanded down and polished, the kitchen cabinetry was painted and fitted with new door handles and a brand new oven, fan, and sink have been put in. Overall renovations to the Deception Bay residence value $19,000
TAKU EKANAYAKE’S TIPS
Find a second revenue that will help you save for a deposit faster – such as driving Uber
If you’ll be able to’t afford to purchase the place you reside, search for properties in different states
Buy in areas with robust rental demand and low emptiness trates
Buy cheaper properties which you can renovate to shortly improve their worth
But the 28-year-previous was nonetheless dwelling at house when his journey started 4 years in the past.
It was then he made the ‘very easy determination’ to take a position in bricks and mortar.
‘I spent six to 12 months researching what makes a very good property. I appeared on-line, spoke to brokers and networked with different buyers.’
He discovered that property cycles final about 10 years, the place about three or 4 of these years are a interval of progress.
‘The Sydney property market is seeing that interval of progress and I used to be priced out, so I made a decision to look in Brisbane,’ he advised Daily Mail Australia.
‘I used to be on the lookout for one thing that does not value an excessive amount of to carry and ideally places a refund into my pocket.
‘Somewhere with robust rental demand and in an space with low emptiness charges.’
The 28-year-previous had by no means been to Brisbane earlier than he flew up there to ‘get a really feel’ for the open houses in October 2014.
But he ended up efficiently shopping for a home after an inspection became a silent public sale and he made a suggestion.
‘As quickly as the possession transferred over I bumped up the lease $30 to $400.’
Since then he is added 5 different properties to his portfolio, all in the final 13 months.
All however one among his properties are in Brisbane – he additionally bought ‘a diamond in the tough’ in Adelaide for $300,000 in August.
‘It was just a little cosmetically challenged however with loads of potential.’
In simply over two years Mr Ekanayake’s property portfolio has reached a staggering $2,050,000 in worth
Mr Ekanayake bought this Scarborough property in Queensland earlier in November for $300,000
While the inside of his lately bought Scarborough property might look shabby, judging by Mr Ekanayake’s different renovations, this would possibly not be the case for lengthy
He discovered that property cycles final about 10 years, the place about three or 4 of these years are a interval of progress
The 28-year-previous’s journey started 4 years in the past when he made the ‘very easy determination’ to take a position in bricks and mortar
It took the 28-year-previous a yr to buy his second property in Eagleby, Queensland in October 2015.
This was swiftly adopted by a 3rd property buy in Deception Bay in December that yr.
His technique permits him to renovate the properties, and have them re-valued by the financial institution as quickly as they arrive underneath his possession.
Then he can pull out the deposit to purchase his subsequent funding.
On common there’s a area of three to 4 months between Mr Ekanayake’s new purchases.
Since then his property portfolio has reached a staggering $2,050,000 in worth.
But he does have a present debt of $1,588,400.
Overhauling the entrance of this Kallangur property in Queensland set Mr Ekanayake again $four,500
The 28-year-previous says he wants round a $60,000 deposit for a property, which is the place his Uber driving comes in useful
It value the Sydney Uber driver $13,000 to renovate this Salisbury North property in South Australia, the kitchen alone value $three,000
Mr Ekanayake referred to as this undertaking ‘a toastie little quantity’. He bought the South Australia house for $220,000 in August this yr
But whereas he does not have a favorite property, the one which has executed properly for him in a brief time period is a Deception Bay property in Queensland.
‘Bought for $232Okay in January this yr, the renovations value $19Okay,’ he stated.
‘It was revalued final month for $320Okay. $70Okay in fairness in 10 months. I’ve already made extra money again than what I put into the property.’
He often wants round $60,000 deposit for a property, which is the place his Uber driving comes in useful.
‘It helps me save faster as properly alongside my essential line of labor.’
Mr Ekanayake someday hopes to have the ability to break into the Sydney market.
‘Right now the Sydney market is somewhat overcooked.
‘We’re due for a interval of subdued progress in Sydney. I’ll wait till it stagnates.’