By David Southwell For Daily Mail Australia
|
28
View
comments
A Sydney family has amassed a property portfolio of 13 homes worth $4.5 million in the space of just six years despite the main breadwinner losing his job and them having to sell cars to make deposits.
The couple’s decision to courageously buck the market trend means they now take more than $5,000 a week in rent, which easily covers their mortgage repayments and leaves them some cash to spare.
Mahesh Kumar and his wife Uma, who are in their 40s and have two young daughters, had only $54,000 in savings when they ventured into the Sydney property market in 2016, news.com.au reported.
Mr Kumar said his early morning jogging habit – listening to investment podcasts – had turned him into a property expert.
‘I followed YouTube videos, I jog in the morning and I just listen to podcasts,’ he told the publication.
An audacious strategy of defying the Covid downturn has helped net Mahesh and Uma Kumar 13 properties at estimated worth of $4.5 million
They scraped together the 10 percent deposit on a three-bedroom, $546,000 house in the western Sydney suburb of Liverpool with the help of mortgage lenders insurance.
In November 2019, Mr Kumar set out on what would turn into a real estate buying spree, amassing 12 properties in under three years, even as he lost his job during that period.
The Kumars’ second property was a $220,000 house in Southport, Queensland, which they quickly followed up with a $160,000 buy north of Brisbane.
However, it was when the Covid pandemic hit that Mr Kumar was able to rapidly double his property portfolio, with his thinking validating the special forces motto: ‘He who dares wins’.
‘When everyone is scared, that is the moment (to buy),’ Mr Kumar said.
The Kumars first purchase was this house in the western Sydney suburb of Liverpool, which they bought for $546,000 in 2016
Even when Mahesh Kumar lost his job in IT due to the Covid pandemic the family kept buying properties
Buying is what he did, snapping up four properties when their value was low in regional NSW, Queensland and WA.
However, the Kumars must have had second thoughts about their plan in 2021 when Covid cost Mahesh his job in IT, although Uma kept working in community services.
Incredibly the family kept adding to their real estate portfolio even during this time and bought two more houses.
But their push to buy more houses meant sacrifice in another part of their life, by selling the family car to make a deposit.
In just six years the Kumars built up a property portfolio that spans NSW, Queensland and WA
The family have since both bought and sold cars when cash was urgently needed to expand their holdings.
After six months of searching Mr Kumar landed another job and the family has barely faltered in continuing to snap up real estate.
This year alone they have added four properties, with their titles being spread across NSW, Queensland and WA.
Perhaps ironically, the one house the Kumars do not own is the one they live in, which is rented.
Mr Kumar says the family’s aim is to own 25 properties, one of which the family will move into and finally call their home.
Published by Associated Newspapers Ltd
Part of the Daily Mail, The Mail on Sunday & Metro Media Group
Recent Comments