TEEN CLIMBS STAIRWAY TO RENTAL HEAVEN
A GOLD Coast high school dropout is about to earn $580 a week after buying an investment property.
Varsity Lakes boxer, removalist and barista Cory Still signed the contract for his first investment property at age 18 last month.
In a bout of friendly sibling rivalry, Mr Still pipped his older sister, Amy, who bought her first investment property at 20.
Mr Still said he saved $85,000 for a deposit on a $500,000 two-storey townhouse at Varsity Lakes. He said he saved through hard work, budgeting and the support of his parents.
Mr Still started working full-time after dropping out of high school mid Year 11.
He began working for his parents’ business as a furniture removalist and as a barista. He also took part in muay thai fights and professional boxing bouts to earn extra money.
And by living with his parents, he was able to put away about 70 per cent of his weekly earnings.
It was “100 per cent” one of the best ways to save money, he said.
“I work 45-50 hours a week. I figured to let someone pay off my mortgage while I was saving for my second property was a good idea.”
Mr Still said he also stayed away from buying unnecessary things — and yes — that meant limiting drinks with friends or avoiding buying smashed avocado on bread.
He said while his parents had been instrumental in giving him ample opportunities to work hard for his money, they never gave him unearned cash.
According to the latest CoreLogic data, the median price for a house on the Gold Coast is $640,000.
REIQ Gold Coast Zone chair Andrew Henderson said rental increases and fewer properities available for lease meant less competition.
“Rent has gone up by five per cent in the past 12 months ... there’s less (rentals) available which means it’s better for investors,” he said. “And with the low interest rates, it’s more affordable for 18-yearolds to buy into investment properties.”
Mr Still said he expected to rent his new property for about $580 a week and use the equity to buy a second investment property.