An astute Fin24 user who made some wise property investments writes:
I just want to share my story after reading Neil Vorster’s story My tenants paid for my kids’ education
I bought my 2 beds first house in 2003. In 2004 I added a lock-up garage to the house.
It grew in value and I applied for second bond, and from this bond bought my second-hand car. The house still grew in value and I kept paying more on it.
In 2009 I applied for my third bond. Just across the road a 3 beds house was going to be auctioned and I used the money to buy that house in cash and moved out of the 2 beds house and started letting it out.
The tenants are paying for my new house, the car as well as the renovations of the 3 beds house.
I am very lucky to have excellent tenants who always pay their rent in time, and they pay directly to me.
I bought a townhouse in 2010 on a 100% bond and the tenants fully finance this, because it was also on auction.
Whilst my story and that of Neil's is true, for a person to achieve this the house you buy has to be cheaper than the market price.
These days houses are so costly it is almost impossible to achieve the same results.
Have you had a good or bad experience as a landlord?
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