A popular Aussie model and influencer has revealed how she went from having almost nothing to growing a property portfolio to safeguard her income for when her career can no longer pay the bills.
Eileen Cassidy, who has more than 200,000 followers on social media, says she always thought modelling had an expiration date, so she bought her first investment property in 2019 in Melbourne.
“As someone who grew up with very little, I have always strived to work hard and save to secure for my own future,” she said.
“I always had the goal that I wanted to invest in property, invest in something safe, so I could set myself up.”
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Miss Cassidy, who recently moved to Bali and works with brands such as Sheike and Cloud Nine, started saving money from a young age with the aim of investing in property.
“I think the fact that I had never lived in a family home that was actually our own was a huge motivator,” she said.
“My parents didn’t own their home when we were younger, and knowing that your home could be taken from you, or if rent got too expensive you’d have to leave was something that was ingrained into me.
“I started working when I was 15, and from then always seemed to have at least two to three jobs at a time to try and save. Saving for my future was something I lived and breathed.”
She bought her second property off-the-plan in Brisbane in 2022 for $559,000 through Michael Kelly from MK Property.
The two-bedroom, two-bathroom apartment in Pinnacle Residences in Chermside recently settled and was revalued by Position Property at $725,000 — $166,000 more than she paid for it.
She was able to lease it one day after settlement for $675 a week, reflecting a gross rental yield of 6.2 per cent.
“At this stage, I’ve got three investment properties under my belt so I’m taking a bit of a break until they’ve given me a little bit of return, so I can continue saving,” she said.
“I’ve put myself in a decent position where I can sit tight and just enjoy for a while. At this point, I’ll be continuing to invest overseas in the future.”
Her advice to other influencers considering diversifying their income?
“I do believe if influencing is someone’s only source of income, it’s important to have a plan, and also try and see if they’re able to do something else on the side,” she said.
“My passion for creating content was huge, so I decided to take the leap (from modelling), but I always still had things on the side I was doing. I still now have multiple streams of income — I do not purely rely on being an influencer.
“When it comes to property, do not buy emotionally, buy strategically. Speak with a professional.
“Also, don’t be silly with your money. I didn’t buy a nice car until I’d bought my first home. I drove older cars, I didn’t splash out on fancy things all the time, I made my own coffees at home — every little thing adds up!”
Mr Kelly said the market had become more unaffordable for young people like Miss Cassidy, but there were still opportunities to be found.
“One-bedroom apartments and two-bedroom apartments with multi-purpose rooms are returning very good yields at the moment,” Mr Kelly said.
“I think Brisbane and Adelaide and Perth were those places where you could get in quite affordably, but now there’s a massive undersupply and the cost of construction means prices have risen considerably there too.”
Mr Kelly said a 10 per cent deposit to buy an affordable property now was better than waiting to save 20 per cent as properties would be more expensive in years to come and you may not be able afford to buy a property in the future as prices keep rising up rapidly.
TIPS FOR BUYING YOUR FIRST INVESTMENT PROPERTY:
1. If it’s an off the plan apartment or townhouse, buy in early before the development goes on the market — known as off market or pre-release to the public. The developer will sell a certain amount of apartments and then raise the prices.
2. Make sure you see a bank or mortgage broker so they can check your borrowing capacity in today’s terms. You don’t want to put down a 10 per cent deposit not knowing you won’t be able to afford it when the project is completed in two years.
3. If you buy off-the-plan for an investment, make sure you are buying for the long term to benefit from any capital growth you may achieve. I’d suggest 10 years as a minimum.
4. Do your due diligence on the developer/builder. Make sure you have seen some of their previously built developments and look for quality control.
5. Use an off-the-plan specialist solicitor who knows what to look for in the contracts and has completed hundreds of off-the-plan deals. They are worth every dollar you pay them.
(Source: Michael Kelly from MK Property)