When I was sixteen,
 the last thing I had on my mind was my financial future. Yet,&nbsp;twelve
 months later I would be a first-time landlord and on my way to building what is
 now a multimillion-dollar investment property portfolio.&nbsp;Was it due to
 luck and fortune and something unachievable for most? Not at all. It
 started with a small down payment and, like fruit on a young tree, it just took
 time.&nbsp; <h2>Growing a portfolio
 on a shoestring budget</h2> In 1990 when my family
 immigrated from London to Sydney&nbsp;in pursuit of a better life (and better
 weather!), we were poor. In those early years my mum cleaned houses and my dad
 went door to door cleaning windows just to get by. They believed in hard work and
 impressed that value on my two older brothers and me. They eventually secured
 employment and were able to scrape together enough money for us to never know
 we were poor.&nbsp; In 1998, my
 grandparents both passed away and my father received a small inheritance, which
 they used as a down payment to buy their first home in Australia. It was a modest
 home that needed renovating and was about as close to being underneath electricity
 power lines as possible, but it was part of a family journey of renovating and
 selling (and renovating and selling some more) that would help me
 understand the value of real estate. <div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="width:auto; height:auto;"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230424024059.jpg" alt="Dave West family home renovations flipping houses investment" data-rotate="" data-proportion="true" data-size="," data-align="none" data-percentage="auto,auto" data-file-name="house_renovations_dave_west_realtor.jpg" data-file-size="52876" data-origin="," origin-size="342,320" style="width:auto; height:auto;"></figure></div> My grandparents also set aside inheritance
 money for each of their grandchildren. I wanted to buy a used car, but my
 parents convinced me to put the money into something that would increase in
 value. Following their advice would become one of the best decisions of my
 life.&nbsp; My parents co-signed a small
 mortgage, and with the help of a local real estate agent, we negotiated a great
 deal on a studio apartment in North Sydney. It was small, old, dirty and in
 need of complete renovation. However, what it lacked in aesthetic appeal, it
 made up for in location.&nbsp;The studio was basically downtown in
 one of the most popular cities in the world, so we knew its value would only
 increase.&nbsp; With a minimal budget, we were able
 to make simple and effective improvements to the interior. We gave it a fresh
 coat of paint and replaced the tile with floating wood floors to enhance the
 natural light. We replaced the small kitchen with items from IKEA and scrubbed
 the bathroom within an inch of its life. After two weeks, the apartment was
 ready for a new tenant.&nbsp; <h2>Leveraging the experts</h2> To make things easy,
 we used a real estate agent to find a tenant. They handled everything including
 listing the property, scheduling showings, screening applicants, collecting
 security deposits, handing over keys, following up with move-in condition
 reports, and more. A good agent will make this process smooth and help prevent potentially
 awful tenants --- trust me, you don’t need that in your life. That same local
 agency managed our property for more than ten years, and through countless
 tenants remained a valuable resource for us. We were never
 bothered in the middle of the night to call a plumber. We received a monthly
 summary and could see the rent payments slowly chipping away at the
 mortgage.&nbsp;When I&nbsp;sold the apartment in 2012 for three times what I paid,
 it gave my wife and I a cushion of stability that led to our own family home
 and the ability to buy future investment properties.&nbsp;&nbsp; Looking back now, I
 feel lucky that I didn’t buy myself a car. It would be long gone, but my real
 estate investment was the rocket ship that launched my real estate journey and
 career.&nbsp;It not only set me up financially to grow my portfolio, but it
 also aligned me with the right mentality that helped me recognize opportunities
 when I saw them. <h2>Is it time to plant your tree?</h2><h2> </h2> It's not too late to invest. While you can’t turn
 back time and buy a house as a teenager,&nbsp;you might be in a&nbsp;position today
 to put together a small down payment and buy your first investment
 property.&nbsp;Think about how fast the last ten years has gone by, and think
 about where you want to be ten years from now. Think about what legacy you'd like to leave for your children or grandchildren. The right investment now could
 make all the difference in your retirement, your family's future and a lifestyle of more financial ease. <a href="https://austinmarketrealty.com/agents/david-west">Contact David</a> for more information on how to grow your portfolio, or with any Austin real estate questions.&nbsp;<div class="se-component se-image-container __se__float-none" contenteditable="false"><figure style="width:auto; height:auto;"><a href="https://austinmarketrealty.com/agents/david-west" data-image-link="image"><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20230424024750.jpg" alt="David West Austin real estate " data-rotate="" data-image-link="https://austinmarketrealty.com/agents/david-west" data-proportion="true" data-size="109px,145px" data-align="none" data-file-name="Dave_headshot_2.jpg" data-file-size="413559" data-origin="," origin-size="673,895" style="width:109px; height:145px;"></a></figure></div>

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