How building inspectors helped this young investor build his property portfolio
Investor Eddie Dilleen credits part of his success to his financial team, but while many often cite their accountants and brokers, he is most grateful for his property managers and pest and building inspectors.
According to him, he gets away with purchasing properties without being on-site and doing several transactions online with the help of these dependable members of his team.
He told Smart Property Investment: “I definitely have a property manager. I don’t try and manage them myself or anything like that. A lot of those properties I purchased without even seeing the locations, so I purchased site unseen for a lot of them. The Queensland ones, for example, I had been through the market a lot and just looked at areas and studied the area and things like that, but when I actually purchased probably about three or four of them, they were site unseen.”
Eddie believes that maintaining a good relationship with your property managers and building inspectors is much like having your eyes and ears on the ground.
“A lot of things can be done online. It’s more so having that emotional attachment when someone want to go out there an touch and feel and look in the property, and that kind of thing. But at the end of the day, if something is wrong with the property internally and you [don’t have a] qualified pest building inspector, you are not going to know what is wrong with it. Bottom line, you are going to get a pest and building inspector to go through it and do those checks,” the young investor added.
Aside from entrusting his properties to his financial team, the 25-year-old investor also advocates good education to find success in the vast landscape of property investment.
Whether you want to start your investment journey sooner or later, Eddie said that you must begin educating yourself right now.
He concluded: “Just get yourself educated because, of course, if you take action without being educated, disastrous things can happen. You have got to speak to people who have done it before. You have got to dedicate some time to learn about the market. Finance is a huge thing. Just get started. Do it.”
Tune in to Eddie Dilleen’s episode in The Smart Property Investment Show to know more about his strategy in getting a total of 10 properties before turning 26, and how he plans to to overcome any serviceability and financing hurdles throughout his investment journey.
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