Luke Medlow has achieved stage one of his property dream – at the age of 19, he has bought his first investment property. He’s stoked and we can’t help but be impressed with this incredible achievement.
So how did Luke manage to buy a house, just 18 months after finishing Year 12, and working on a trainee wage?
Simple. He worked hard and saved a healthy deposit. Luke began his working life at Jaegers Roadhouse when he was 15, combining his schooling, sporting commitments and up to 25 hours work each week. After buying his first car, he continued his savings plan, but this time, he had a house in his sights.
Having started as a trainee at Coorong Realty after completing Year 12, Luke managed to salt the savings away even though he was on a trainee wage. His social life didn’t appear to be suffering too much, so how did he do it?
‘I live at home, so that saved me a heap. Always helps when Mum or Dad pay for my meals too,’ he laughs.
It took Luke several years to save the deposit. ‘I made sure I kept putting money aside for a deposit each month, but it wasn’t all tough going – I made sure I had beer and schnitzel money after footy and cricket.’ Did we mention that Luke is a sporting tragic? He has played cricket and football for the Eagles all through juniors, and is now enjoying playing seniors in both clubs. He’s a dedicated club man.
So what has working in property taught him?
‘It was tempting to buy a flasher, more expensive house, but I committed to a solid rental property that was within my budget instead. It won’t require any costly improvements, and already has a reliable, long term tenant. All this will help pay the bills and has made the transition less costly.’
Any advice for first home buyers? ‘Don’t expect things to happen in a hurry when organising your finance. Plan your finance ahead, before you start looking at properties, and be organised with all the paperwork and documentation.’
So what’s next for Luke? ‘Now that I’ve bought my first house, and have learned more about how it all works, I’m confident in the process. I’m keen to buy my second house within two years, and then keep going. I’m pitching for five by twenty five.’