{"id":8427,"date":"2016-07-03T01:00:56","date_gmt":"2016-07-02T15:00:56","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=8427"},"modified":"2016-07-03T01:00:56","modified_gmt":"2016-07-02T15:00:56","slug":"how-to-live-the-dream","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-live-the-dream\/","title":{"rendered":"How to live the dream – Eddie Fuller"},"content":{"rendered":"

 
\nIs it possible to live off the equity in your property portfolio? Yes it is and we share some living proof that anyone can do it as we talk to Eddie Fuller<\/strong> about how he is \u2018living the dream\u2019.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 I had the privilege recently of attending Michael Yardney\u2019s Wealth Retreat on the Gold Coast. Earmark it for next year. If you haven\u2019t been to a Wealth Retreat, you should get along. Some great people. A very, very inspirational five days.
\nWhile I was there, I caught up with Eddie Fuller who has built a great portfolio for himself of property, so much so that he now lives off of that portfolio entirely. I was keen to know how he has done it and to find out some of the lessons he has learned along the way.
\nEddie, have you always had an investor mindset?
\nEddie:<\/b>\u00a0 No. I think it is something that was developed. I probably got the investor mindset when I got into real estate. To start off in real estate, I read all of the investment books and learned the knowledge.
\nI think also my first boss was my mentor. He just basically said to me, \u201cEddie, what you have to do is make your income from real estate, but by real estate build your wealth through the assets of buying real estate.\u201d
\nI think constantly going to seminars and things like that would have helped.
\nKevin:<\/b>\u00a0 How did you get started? Tell me about your first property.
\nEddie:<\/b>\u00a0 In investing, the first property I purchased was a little three-bedroom property. I was in real estate for about three years. It was just a residential three-bedroom, and it was a private sale.
\nKevin:<\/b>\u00a0 In those early days when you were working with a principal, is that when you learned the skills to be able to become financially independent through your own portfolio?
\nEddie:<\/b>\u00a0 Yes, it started from there. I think it started with watching. Like I said, my boss was quite successful even though he didn\u2019t have a large property portfolio. That\u2019s where I started with. Continuing from that, it was the books and the seminars, and was pretty much self-taught. I was probably from a very early start more interested in building a property portfolio.
\nKevin:<\/b>\u00a0 Did that come from your family background, Eddie? Were your family into property?
\nEddie:<\/b>\u00a0 Definitely not, no. My family were from a poor background, so I definitely did not get any investor intelligence from the family.
\nKevin:<\/b>\u00a0 In those early days when you started investing, what sort of feedback did you get from your family and your friends about what you were doing?
\nEddie:<\/b>\u00a0 The family was pretty much just my wife, and they were all supportive. I didn\u2019t get any negative feedback, funnily enough, so I didn\u2019t have anybody saying, \u201cDon\u2019t do this. You might lose your money.\u201d I heard a bit of that later on as I started to build a portfolio, but I\u2019d already educated myself not to listen to the negative people.
\nKevin:<\/b>\u00a0 Tell me about your best investment. Where was that, and do you still have it?
\nEddie:<\/b>\u00a0 My best investment was my first property that I kept \u2013 not my first property because the first property I purchased, unfortunately, I made the mistake as everybody else does: I sold. So the best investment was the first property that I purchased. I purchased that in around 2000 for $170,000, and that would be worth around $800,000 today.
\nKevin:<\/b>\u00a0 Why did you sell that? Was it just a lack of knowledge?
\nEddie:<\/b>\u00a0 Yes, I think I made the fundamental mistake that everyone does. I had it for a while, and I knew that you shouldn\u2019t sell the properties. I knew that. It wasn\u2019t to release equity; I think it was to release equity to buy further properties. In hindsight, I could have refinanced and kept the properties.
\nKevin:<\/b>\u00a0 Have you done much by way of renovations \u2013 adding to properties, adding value?
\nEddie:<\/b>\u00a0 Yes. My first investment strategy \u2013 when I actually adopted an investment strategy \u2013 was buy, renovate, and hold. I\u2019ve done plenty of renovations on those properties, yes.
\nKevin:<\/b>\u00a0 Tell me about your worst investment. Where was that, and what made it so bad?
\nEddie:<\/b>\u00a0 I haven\u2019t really had a worst investment. There was probably nothing that I\u2019ve done that was fundamentally tragic.
\nKevin:<\/b>\u00a0 That\u2019s interesting. Do you put that down to the fact that you had a strategy and just stuck to it, or were you very diligent about your due diligence?
\nEddie:<\/b>\u00a0 Yes. I\u2019d put it down to that. I think being in real estate enabled me not to be buying properties that were like going to Queensland and buying a property for $200,000 when it was worth $100,000, and reading and educating myself as I was actually growing a portfolio.
\nKevin:<\/b>\u00a0 Is your portfolio diversified in terms of location?
\nEddie:<\/b>\u00a0 Yes, it\u2019s mainly concentrated in and around the Melbourne area, but I do have a few properties in Brisbane that I\u2019ve recently purchased, just to diversify and to spread some land tax around.
\nKevin:<\/b>\u00a0 Would you ever buy sight unseen, or is that part of your due diligence \u2013 you want to get your feet on the ground?
\nEddie:<\/b>\u00a0 The last two that I bought through Metropole were sight unseen. The one I\u2019ve just purchased recently in around Brisbane, I haven\u2019t seen it yet. I\u2019ll go and have a look at that in the next few weeks.
\nKevin:<\/b>\u00a0 Just in closing out, Eddie, what would be your advice to someone who wants to get in to build a portfolio like you\u2019ve done and make it enough to support you and your lifestyle?
\nEddie:<\/b>\u00a0 I would think that if you\u2019re serious about building a portfolio to live off, you have to treat it as a business. You have to take it seriously. Treat real estate as a business. You have to learn, you have to have a strategy so you have to at least be following a strategy, and just ensure that there is plenty of equity so that when you do retire, you have the ability to draw down that equity, and have provisions for borrowing.
\nKevin:<\/b>\u00a0 As I said at the start of this interview, if you haven\u2019t been to one of the Wealth Retreats held every year about this time each year, I can highly recommend it to you as a great way to meet some like-minded people, get some tremendous inspiration if you are really serious about developing your property portfolio.
\nThanks to Eddie, too, for giving me some time during the retreat.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Is it possible to live off the equity in your property portfolio? Yes it is and we share some living proof that anyone can do it as we talk to Eddie Fuller about how he is \u2018living the dream\u2019.   Transcript: Kevin:\u00a0 I had…<\/p>\n","protected":false},"author":176692471,"featured_media":8428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,10,11,13,36,17,25],"tags":[101],"class_list":["post-8427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nHow to live the dream - Eddie Fuller - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/how-to-live-the-dream\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to live the dream - Eddie Fuller - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  Is it possible to live off the equity in your property portfolio? 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