How school dropout bought investment property at 18
A GOLD Coast high-school dropout is set to earn up $580 a week after buying an investment property at age 18.
Varsity Lakes boxer, removalist and barista Cory Still signed the contract for his first investment property last month.
In a bout of friendly sibling rivalry, Mr Still pipped his older sister, Amy, who bought her first investment property at 20.
Mr Still said he scraped together $85,000 for a deposit on a $500,000 two-storey townhouse at Varsity Lakes. He said he saved through hard work, budgeting and having the support of his parents.
Mr Still started working full-time after dropping out of high-school mid Year 11.
He began working for his parents' business as a furniture removalist at Don's Removal and Storage and as a barista at Coffee at Don's. He also took part in muay thai fights and professional boxing bouts which earned him extra money.
And by living at home with his parents, it enabled Mr Still to put away about 70 per cent of his weekly earnings.
He said this was "100 per cent" one of the best ways to save money.
"I work 45 to 50 hours a week," he said.
"I figured to let someone pay off my mortgage (by investing) while I was saving up for my second property was a good idea.
"I'm looking at the bigger picture."
Mr Still said he also stayed away from buying unnecessary things - and yes - that meant limiting drinks with friends or avoiding buying smashed avocado on bread.
He said while his parents had been instrumental in giving him ample opportunities to work hard for his money, they never gave him unearned cash.
According to the latest CoreLogic data from January this year, the median house price for a Gold Coast house is $640,000. Brisbane's is $530,000.
REIQ Gold Coast Zone Chair Andrew Henderson said rental increases and fewer properities available for lease meant less sales competition.
"Rent has gone up by five per cent in the past 12 months ... there's less (rentals) available which means it's better for investors," he said.
"And with the low interest rates, it's more affordable for 18-year-olds to buy into investment properties."
Mr Still said he expected to rent his new property for about $580 a week to the right people.
"My plan is now save for my second investment property using my equity built ... along with my savings and from there work on building my portfolio.
"The advice I would give (to other young people) is to work hard for what you want, even if it involves sacrifices. In the long run it will pay off."