This month’s Woman in Focus, Linh Whyatt, had a strong desire to find her own way in the world without tying herself to a conventional job. This ambition led to her first property investment at the young age of 22.
Starting her investment journey so young along with subsequent property purchases catapulted the young woman to millionaire status by the age of 28. Sixteen years later, Linh owns 17 properties in Australia and the United Kingdom and is living her dream.
Keep reading to learn how this fascinating young woman got started and the lessons she learned along the way.
Linh credits her parents for getting her interested in property while she was still in primary school.
“My parents bought a plot of land in Western Australia and built their own house. It was fascinating to watch the whole process unfold and, at an early age, it had a real impact on me. At the time, I wanted to do the same. I wanted to be able to create my future and I saw property as being a vehicle that would enable me to – not only create a place for myself – but also as a wealth-building vehicle.”
Even so, Linh did not think her parents would understand her desire, independence, and ambition to build wealth through property instead of focusing on her career. Therefore, she bought her first property without their help or even informing them of her decision.
Her First Property Investment
Linh freely admits that she did not have a strategy or knowledge about property investing when she bought a one-bedroom unit in West Perth, Western Australia. She relied on the advice of a real estate agent who helped her find the property as well as advised her on how to get financing.
Although Linh was only working part-time, she was able to take advantage of a no doc loan, which were fairly common 16 years ago and often did not require borrowers to provide documentation of their income if they could come up with the deposit.
“I was quite naïve at the time. I didn’t have anyone to guide me…I didn’t even think about it or over-analyze it…But it turned out to be my best purchase to date.”
Linh bought that first unit for $38,000 and it is now worth $275,000. Her advice?
“People should take the first step. Sometimes people sit on the sidelines for months or years waiting for the right opportunity. Or they’re not even sure what that first step should be. That’s where a supportive network of people can assist you to take the initiative.”
Her Strategy and Lessons Learned Along the Way
Linh compares her strategy in those early days as “buy wholesale and sell retail.” Most of her properties were purchased in the UK while living there and her investment properties in London proved to be very lucrative. Five properties were purchased in Perth, and one in Sydney, which serves as her primary residence.