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Pizza Delivery boy becomes property tycoon
Topic Started: 13 Oct 2016, 04:41 PM (2,363 Views)
Rufus
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Tony Fleming, 28, purchased 13 properties while working for a pizza franchise in Western Sydney
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A FORMER pizza deliveryman has become an unlikely real estate tycoon after buying 13 properties and “semi-retiring” at just 28 to live off his rental income.

Western Sydney resident Tony Fleming said he decided to hang up his apron at Domino’s Pizza earlier this month after the gross rental income on his property investments grew to more than $130,000 a year.
No longer in the workforce, he plans to dedicate his new found time to his passion: buying more homes, including a soon-to-be concluded 14th property purchase.
Three of his properties were purchased in the last 10 months alone — a time when housing values increased by an average of 10 per cent across much of NSW.
The way in which he started his property investment journey is just as remarkable.
Mr Fleming bought his first home, a three-bedroom townhouse in the Penrith suburb Kingswood, at 19, while delivering pizza for $10 an hour.
Eighteen months before that purchase he had been snowed under in debt from a car loan, but a strict savings regimen and extra hours at work helped him pay off the money quickly and scratch together a deposit.

“I worked 60 hours a week, some weeks for seven days straight, and lived with my parents,” Mr Fleming said.
“That helped me save a lot faster. I still only had a small deposit. The rest was First Home Owners’ Grant, which was more generous back then.”



The home Mr Fleming purchased was a rundown property in need of work, which helped him negotiate a $189,000 price. He reduced his mortgage costs by getting friends to rent out his spare rooms.
A renovation helped double the home’s value within a year, which allowed him to refinance his loan and draw equity out of the property to use as a deposit for subsequent property purchases.

These included another property in Kingswood and units in St Marys, which he purchased under value. His most recent purchases were in regional NSW and South Australia.
Mr Fleming attributed his success to an unconventional buying strategy. He ignores his own property tastes and buys homes based purely on their rents and potential to increase in value. As their value grows, he draws out equity to leverage into his next property.
Part of what made this strategy work was his extreme approach to saving, even when he later became a Dominos store manager with a slightly higher wage.

“I survived on two-minute noodles and free pizza,” Mr Fleming said. “I was always working, so I never had the chance to spend money.”
Such an approach is vital in a market where prices have spiralled out of control, he added.
“Just because you’re on a low income doesn’t mean you can’t buy property,” he said.
“You just have to be careful with money. You don’t need to go on holiday all the time. Try drink less alcohol. If you can reduce your non-deductible debt it will help.”
The potential reward is worth it, Mr Fleming added.

“It was a wonderful feeling leaving work knowing I didn’t need to come back. I’m hoping to now help other people on a low-income get started. So many people think they have no chance of buying property and they shouldn’t bother. I want to change that.”
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pfh007
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Marvelous !

With "Gross Rental Income" of $130,000 per year that young lad is already on easy street.

And to be completely debt free as well. Hmm that issue was not really addressed in the documentary transcript.

Well I hope he is debt free as interest repayments can eat into one's lifestyle options even if 2 minute noodles are your preference (spicy chicken with a dry prawn is my favorite)
The Glass Pyramid - Transmitting on random frequencies to no fixed schedule............ www.pfh007.com
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Ex BP Golly
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Your dream might finally come true.
A pizza deliver job up for grabs!

Good luck.


WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Rufus
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pfh007
13 Oct 2016, 05:09 PM
Marvelous !

With "Gross Rental Income" of $130,000 per year that young lad is already on easy street.

And to be completely debt free as well. Hmm that issue was not really addressed in the documentary transcript.

Well I hope he is debt free as interest repayments can eat into one's lifestyle options even if 2 minute noodles are your preference (spicy chicken with a dry prawn is my favorite)
Got the link from Mig and I couldn't resist. The story did amuse me.

I doubt that he is debt free, but $130,000 would service a large debt with some left over to live on.
Maybe we will read a Kate Maloney type of story in a few years, but we'll see. He does seem more switched on that Kate.
Take risks - if you win you will become wealthy, if you lose you will become wise
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hidflect
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As an ex-PR flak I LOVE these stories. This particular one refuses to die. I heard it first about a year and a half ago. Just insert "daddy" or "meth dealer" into the mix to make sure you get the right angle. You should ask yourself first, how does a story like this even get into the media? Intrepid journo meets plucky young, self-starter with appealing backstory? Did he wear a Fedora with a card in the hatband saying "PRESS"? Jesus. If you swallow this bilge you need to travel.
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Ex BP Golly
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pfh007
13 Oct 2016, 05:09 PM
Marvelous !

With "Gross Rental Income" of $130,000 per year that young lad is already on easy street.

And to be completely debt free as well. Hmm that issue was not really addressed in the documentary transcript.

Well I hope he is debt free as interest repayments can eat into one's lifestyle options even if 2 minute noodles are your preference (spicy chicken with a dry prawn is my favorite)
I don't think he considered the loss of spillage when leaving the dominos job.

Now he'll have to pay for his food.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Rastus2
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pfh007
13 Oct 2016, 05:09 PM
Marvelous !

With "Gross Rental Income" of $130,000 per year that young lad is already on easy street.

And to be completely debt free as well. Hmm that issue was not really addressed in the documentary transcript.

Well I hope he is debt free as interest repayments can eat into one's lifestyle options even if 2 minute noodles are your preference (spicy chicken with a dry prawn is my favorite)

yup,

How many swallowed it whole ?

Posted Image


Just shows you, ignore debt, and holding costs, pretend price rises will continue, and everyone can live like a king...

Consider all of the costs, Net instead of Gross, and the fact that the next 10 years may not work out the same as the next 10, and not everyone can live like a king.


edit:

hmm..
http://www.yourinvestmentpropertymag.com.au/success-stories/tony-fleming-6-down-and-34-to-go-142758.aspx

Would someone like to explain how he went from having 6 properties to 13 in the space of 5 years ? Rufus, can you finance that kind of deal in a rising market ?

Edited by Rastus2, 13 Oct 2016, 06:54 PM.
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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Ex BP Golly
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Rastus2
13 Oct 2016, 06:49 PM
Would someone like to explain how he went from having 6 properties to 13 in the space of 5 years ? Rufus, can you finance that kind of deal in a rising market ?
Like everyone else, he is engaged in mortgage fraud?
WHAT WOULD EDDIE DO? MAAAATE!
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Rufus
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Rastus2
13 Oct 2016, 06:49 PM
Would someone like to explain how he went from having 6 properties to 13 in the space of 5 years ? Rufus, can you finance that kind of deal in a rising market ?


He can only get finance if he can repay the loan at over 7%
Edited by Rufus, 13 Oct 2016, 07:16 PM.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Rastus2
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Rufus
13 Oct 2016, 07:15 PM


He can only get finance if he can repay the loan at over 7%
fair enough, however that is, I assume, today's metric.

Would that same 7% have been valid 3 years ago when his purchase of 6 properties started ? I assume it would have been a little higher.

Frankly, I smell a fish for someone who was clearly not on a large income... if he was on a wage of $100,000 3 years ago, sure... but that does not seem to be the claim.
Edited by Rastus2, 13 Oct 2016, 10:03 PM.
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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