PHOTO: Investor Sam Gordon quit his job at 28 and used the rental income from his properties to travel the world. Source: Supplied
High school dropout turned real estate investor Sam Gordon owns so many properties he often needs a minute or two to remember exactly where they are.
His properties have a combined value of about $9.5 million and generate nearly $540,000 a year in gross rental income – about $200,000 of which he pockets after paying his mortgage bills and other holding costs.
Banks own $5.5 million of his investments, with Mr Gordon revealing he holds about $4 million in equity.
It’s a financial position that’s all the more incredible when considering he purchased his first property as a teenager earning about $35,000 a year from a job at his family farm in NSW’s Southern Highlands.
He had been working since the age of 16 after dropping out of school midway through year 11.
“I was essentially a labourer,” Mr Gordon said. “It wasn’t a high income.”
He used savings from the job to purchase his first property in 2009: a two-bedroom unit in Wollongong for $275,000.
“There wasn’t a huge strategy to it,” he said. “It was just a unit for myself to live in, which I could renovate. I got a good price.”
The renovation, much of which he did himself, helped increase the value of the unit and by 2012 he held a sizeable amount of equity.
It was at this point that he began to get more serious about his investing and started fine tuning his purchasing strategy.
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