33
1 Property
Self-Employed
This month, we’re shining a spotlight on a success story that’s both relatable and inspiring. It’s a testament to the power of hard work, dedication, and the ability to seize opportunities. Meet Taylor Sutton, a tradesman with a knack for property renovations, and a long-time friend and client of George.
The Journey Begins
Taylor’s property journey with George began in 2013, after he returned from a three-month overseas trip. He had spent a significant amount of money travelling and was eager to invest in the property market. Despite not having the traditional 20% deposit for a home, George introduced him to the concept of a guarantor loan, which allowed Taylor to purchase his first property with the support of his parents as guarantors.
The Power of Hard Work
Taylor’s first property was in Mount Gravatt East. He purchased it for $465,000 and, with the help of friends (who donated their time and labour), spent around $200,000 on renovations. As a group he and his mates decided they would help each other on their weekends to work on their properties. The work was done in their spare time over 12-18 months, saving a significant amount of money. In 2020, Taylor sold the property for $950,000, a testament to his hard work and dedication.
Moving Forward
With the profit from his first property, Taylor was able to purchase a second property in a desirable street in 2021. Despite the market’s increase, Taylor knew it was the right time to invest again. He purchased the property for $830,000 and, with some minor renovations, its last valuation was $1.2 million. The goal for this house is to knock it down and eventually build his dream house.
Looking to the Future
Today, Taylor is ready to buy another property as a project. The success of his first house has put him in a strong financial position, allowing him to pay 20% upfront and lower his mortgage. His goal for the future is to move towards small builds and renovations, ideally completing one project a year while working his full-time job. He plans to continue the cycle of buying, renovating, and selling properties, using the profits to reduce his mortgage and continue his property journey.
A Success Story to Inspire
Taylor’s story is a shining example of how determination, hard work and a little help from your friends, can help lead to financial success. His strategy of sacrificing weekends to build his future has not only allowed him to own two properties but also made him over $250,000 on his first property alone, plus the equity he now has in his second home.
At Madd, we understand that everyone’s situation is unique. Whether you’re a skilled tradesman like Taylor or someone with a different set of skills and passions, we’re here to help you make the right financial decisions to achieve your goals.
From buying your first home to refinancing, commercial or construction loans – our free service takes the stress out of getting finance. We offer our services Australia wide so why not reach out to us today. We’d love to hear from you.
