Man, 30, Who Owns 43 Homes Says Anyone Can Do It

A 30-year-old man who owns a whopping 43 homes reckons 'anyone can invest in property'.

At the age of just 18, Eddie Dilleen, from Mt Druitt in western Sydney, purchased his first two-bedroom flat for $138,000 (£105,000) and rented it out for $220 (£167) per week.

Fast-forward 12 years, his portfolio is said to be worth more than $20 million (£15 million) with homes all around Australia.

Dilleen told Daily Mail Australia the three things he looks for in a property is: a high yield; capital growth; and making sure the price is below market value.

Twitter/@EddieDilleen

He said: "Anyone can invest in property, but you need to consider your goals and think long-term."

Dilleen says he purchased his first four homes on a $50,000 (£38,000) a year salary.

"It's all about understanding how the banks lend you money - having a high yield means you can continue to borrow," he explains.

"Start small and get in as soon as you can."

The investor also revealed how he came from humble beginnings, as his interest of property began when he was 14 and working at McDonald's.

"From humble beginnings, I grew up in a rough neighbourhood and no one in my family owned a home," he said.

"Mum struggled to put food on the table, we had to buy second-hand clothes from the Salvos, it was very rough financially.

"I remember when I was 12 thinking 'this sucks' and wished things were different ... I wanted to break out of the cycle."

Rather than following paying off the initial loan first, he decided to leverage the capital gains and bought his second property at 21.

He also debunks the idea that a large deposit is needed, and as little as five percent is enough to get you started.

"Most people think they need a 20 percent deposit but you can buy your first property for as little as 5 percent down," he adds.

"Brisbane is one of the best markets to be buying in right now, you can buy a property for $300,000 (£227,000) so 5 per cent of that is $15,000 (£11,000)."

Topics: Wealth