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26 and a property portfolio of millions When Daniel Walsh was a child, he watched his parents renovate and flip homes for a profit.

Today, the Picton based young gun is 26 years old and working as a train driver. And he has a portfolio of eight properties across the east coast of Australia, worth $3 million. It hasn't all been smooth sailing. When he started buying property, at 19, he was working as an apprentice auto electrician for his father and earning minimum wage. By working overtime, and selling his own car and skydiving equipment, he was able to scrape together a deposit of $34,000. With these funds, he bought a $342,000 new home in the Macarthur region of NSW, in Thirlmere. By using it as his first home he managed to gafas de sol rayban avoid paying stamp duty. Then, he turned it into an investment property rented for $470 a week, which more than covered his mortgage leaving him about $150 better off a month at the time. Today, that property is worth an estimated $600,000. At the time, he was looking around Thirlmere and "realised I could repeat the process". So, a year later, after a bit of saving, he could afford to buy again this time buying a $303,000 older house in the same suburb that needed some attention. "I was there renovating every night after work. I learnt how to repair, paint and fix the whole home," he said. With a $5000 budget, he was able to spruce it up and rent it out for $430 a week giving him some more cash after the mortgage was paid. But when he went back to find out if he could get another mortgage, he hit a dead end. "I went to two ray bands banks for a third loan and couldn't get one I found out the first two were cross collateralised. I didn't know what that was at the time," he said. Because his loans were crossed, which meant one home was used as collateral for the other, this meant the bank had greater control over how he could use any additional equity for future investments. So he spent the next year and a half saving up and realising he needed help to get to the next property. Standing proud: Daniel Walsh outside his Carrum Downs investment property. Photo: Supplied "I went and sought out a mortgage broker as I wanted to ray ban rb8307 get past the barrier. I found a mortgage broker who had 19 properties himself, he looked at it and said we had to uncross the loans," he said. In 2014, when they'd rearranged his financing and created a plan for which banks to approach for lending, he was given the green light to carry on investing. As he was earning under $60,000 a year until his fifth property, it was critical he maintained a high cash flow so the banks would still lend to him. These suburbs were areas that fit his strategy of looking for low priced suburbs with established houses, higher rental yields and, where possible, the capacity to add value with renovations, granny flats or future subdivisions. When he had identified these areas, he went on a spending spree. In 2014, he bought two houses in Brisbane's Crestmead and Deception Bay for $305,000 and $259,000 respectively. One year later, he bought another house in Queensland this time a $310,000 property in Ipswich suburb Raceview. And months later, he bought a $182,000 house in Davoren Park, South Australia. By 2016 he was ready for one of the most lucrative purchases of his portfolio a house in Greater Melbourne's Carrum Downs. Having deals on ray ban sunglasses had the area on his radar as being a low price suburb surrounded by areas with higher values, with comparatively high rents, he had been watching the listings online. And when a three bedroom home on a relatively larger block hit the market, with side access, he had a hunch that it could be subdivided. A quick call to council revealed that it would be possible, and he put in an offer. But his initial offer was gazumped by someone else.

"I was devastated when I lost it as I had flights booked to Melbourne and I knew I would have made money instantly from buying it," he said. A few days later and the agent was back on the phone the contract had fallen through and the owners were now getting desperate to sell. His $345,000 offer was accepted and, now in the stages of subdividing and building a second home on the block, he added properties seven and eight to his portfolio.

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