Mum-To-Be Buys 3 Properties in 3 Years – Kristal’s Story

It’s always really exciting to see women kicking goals in property and Kristal is a mum-to-be who currently owns 3 properties and is well on her way to financial freedom with the potential for 5 income streams down the line.

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0:00 – Introduction
0:36 – Kristal’s situation and portfolio
1:19 – How Kristal got started investing in property
4:07 – Kristal’s first property, renovating her own home
7:11 – How Kristal’s own home improves the cash flow of her life
7:50 – Property #2 came just 9 months after the 1st property
10:50 – Kristal’s goals for her portfolio
12:50 – Kristal has been the main decision maker
13:27 – Why did Kristal choose her investments?
16:40 – How does it feel to have your financial freedom foundation almost set up?
19:47 – Kristal’s tips for people looking to invest

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Transcription:

Ryan 0:00
it’s always really exciting to hear about a woman and a mother to be being a great property investor and having success in the property market and crystal here who is ben sister and one of the oji team here at pumped on property has her own successful portfolio and has really set herself up already for financial freedom before having her first baba which is currently on the way which is very exciting

Kristal 0:27
yeah definitely

Ryan 0:28
so today we’re going to talk a bit about crystal’s property journey and where she’s at and what her plans are for the future so you want to give people a quick rundown of i guess kind of where your portfolios at and then we can go through the stages of how did you get into this when did you start all that good stuff

Kristal 0:44
yeah for sure so currently 28 years old as ryan said first up on the way in two months and we have three properties so one of which is our own home so principal place of residence and then we’ve got two investment properties that are currently tenanted in the north brisbane area within about two k’s of the water

Ryan 1:04
yeah and all up i think you’ve got four incomes coming in given that your principal place of residence is a dual income property you’ve got another jewel income property and then one that eventually you plan to have as dual income as well

Kristal 1:16
exactly right yes

Ryan 1:18
so let’s talk a bit about how you got started investing in property was a prior to coming to work for pumped on property ben get you enjoy

Kristal 1:29
his exam he really did help me understand how easy it could be and really helped me understand that it’s achievable i guess sooner than i thought for myself so when i first moved to queensland from sydney and started working with ben i guess the more you surround yourself with like minded people or people that are doing those things the more you get to see that it is achievable yeah and i think for me living in sydney often you’re surrounded by people that everything’s very unaffordable it’s very hard to achieve moving to queensland the mindsets not so much like that and i think that really helped saying ben and his wife with a young family putting the steps in place to really better their life made a big difference for me and at the time i didn’t have a partner or anything so i figured if i’m going to do this i’ve got to do it on my own yeah so i started putting plans in place to save budget all of those things that you really need to do to start betting down your first deposit

Ryan 2:25
ages this

Kristal 2:27
i started having that mindset at about 2324 just bit by bit trying to save do what i could while still traveling having a nice fun life in my early 20s and then when i moved that was at 24 and then kind of at 25 i was like holy crap this could maybe happen if i actually work a little bit harder or put a little bit more away than i already am

Ryan 2:48
yeah

Kristal 2:49
so it was at 25 i met my 24 i met my now partner and he had a very similar mindset to be very honest so he had a lot of friends who were in serious relationships but he wasn’t and kind of had that i need to do it myself mentality yeah so we came together and he pretty much already had a deposit saved for a property as did i so we were really good combination coming together but i kind of helped him make a decision and we bought our first home a lot quicker than most couples usually would when you’re in a new relationship that we’ve already kind of

Ryan 3:25
dated for a couple of weeks you want to buy a house

Kristal 3:30
he kind of did play out that way like a pretty short period of time like five or six months but we knew that’s all we wanted and we were both i don’t know very similar in that respect which helped having you married

Ryan 3:43
now

Kristal 3:44
we all worked out

so that really helped but it was definitely been and having those mentors around you people on the similar path do you could see actually implementing these things in their everyday life that made me realize well i can do it and then like i said meaning a supportive partner that was on that trajectory as well i think really

Ryan 4:06
helped so what was the first property that you purchase and what was the plan with that property because two properties to financial freedom didn’t exist a couple of years ago we didn’t know i understand that concept

Kristal 4:17
yeah so first property was a principal place of residence where we are now we are now we actually sublet the principal place of residence out as an office conveniently enough for us that gives us that extra income from where we live and you initially when we bought it the intention was to buy what we could afford in the suburb that we wanted and do it up i guess so we sacrificed something that looked really nice and that type of thing to be where we wanted to be were like two keys to the beach which is really important to us but it wasn’t necessarily buying our own home or an investment first this kind of just fell into our lap and the timing all worked out so we picked up this property always with the intent to renovate

Ryan 5:00
yeah so your goal was to renovate and manufacture growth on your own property that you lived in with your partner being a builder yeah was to do a lot of that work yourselves

Kristal 5:11
yeah

yeah so we did that over the first two years we spent in time renovating the downstairs area to become a self contained unit which like i said is now sublet as an office so that worked out really really well

Ryan 5:23
this is one of those examples of a non legal height property that you were then able to make legal height

Kristal 5:28
we were yeah so we were really lucky there was like half of the downstairs area was borderline luckily with my husband’s skills we could kind of change up the structure of the flooring

grind down

like we did what we could to create that legal height so it’s a legal five bedroom two bathroom home now when it was purchased when

Ryan 5:52
you purchase it was a three bedroom

Kristal 5:54
it was a three bedroom plus utility room with a two bathroom but the second bathroom you couldn’t pay me to go to the toilet barrel so we’ve completely renovated the downstairs over the first two years and then the past 12 months we’ve spent time renovating the outside and upstairs just making it a little more aren’t like that part wasn’t necessarily to manufacture value or give us the extra income but it was just for us to fulfill but

yeah i feel

Ryan 6:20
like it would have so i haven’t been here for five or six months and previously when i was here there was no the driver was driving a car would kind of grind he came in you always know when i arrived at this small currency like you’ve read on the fencing and the lawns and read on the driveway and it’s just i actually did a double take is this definitely the house there’s a driveway that i don’t remember the driveway inside yeah it looks amazing and obviously you’ve got the extra rental income coming in yes helps with the mortgage so it’s probably cheaper than paying rent for what what you’re living in upstairs yeah

Kristal 6:57
exactly right like for us to own a fully renovated home within two k’s of the beach our holding costs are like less than a couple 100 bucks a week to leave you by having that second income which is a situation that not many people can say and that’s

Ryan 7:11
that’s an investment that’s not technically positive cash flow but when you look at it from comparing it to renting in the area which is what you would have to do if you purchase an investment property instead it does have a positive cash flow effect on your life exactly sometimes it’s not best to get caught up in is it positive cash flow if it isn’t it’s like okay how does this actually affect the cash flow of my life yeah and obviously you’re in a better position now than if you hadn’t been renting so yeah so this one came first so only two years ago did you say about three

Kristal 7:42
years ago now

Ryan 7:43
yeah

yeah and so then you purchase two more within that time and those who are investment properties and let’s talk about them

Kristal 7:50
perfect so the next one came about nine months later

Ryan 7:55
did you refinance to purchase it or did you save another deposit

Kristal 7:59
so we had like i said we kind of had both saved for deposit so we always had two deposits straight off the bat which again i’m pretty fortunate to be in that position but it was just a mindset thing for us for that yeah we weren’t really

Ryan 8:12
given to them by your parents or no

Kristal 8:15
definitely not we both worked for it in our early 20s and met knowing that we wanted to be both in properties and worked out very well

Ryan 8:22
is this like a special property investing tinder

Kristal 8:30
service on and then we had like three quarters of a deposit already there for the second purchase which is why about nine months later things fell into place and we could buy again so the second one came an unrenovated four bedroom two bathroom in north brisbane it’s about 1.8 ks to the beach walking distance to school shops everything like that and that was two years ago now the intention there is to renovate the house and put a granny flat in the backyard which we haven’t yet done but obviously for us it was more important to kind of accumulate properties and then we’ll go back and do that type of thing

Ryan 9:12
yeah so something to be aware of when investing is that obviously as you gain dependence it gets harder to borrow money and then as well as you gain dependence it gets harder to work full time as well so it affects your income so for you i imagine the decision to purchase the properties before doing just buy a property build a granny flat was that okay i can foresee in the future that we would like to have children which is going to affect our borrowing capacity so let’s do the big chunks first yeah

Kristal 9:40
exactly right so the decision for the second property was easy we already knew we wanted two properties it was just we had the deposit for both where they were going to be and the opportunities presenting themselves

Ryan 9:51
so when did you purchase the third property or the second investment

Kristal 9:53
yeah so the second investment we purchased only a couple of months ago three or four months ago so we found out i was pregnant and exactly like you were just touching on we were kind of like holy shit we need to buy the third property if that’s what we want to do now while i’m working full time we’ve got advantage of the dual the dual incomes already and we did actually refinance one of our properties to do that so our first ppr after the renovation we managed to add quite a lot of value to the bottom line of that property which really helped because we didn’t necessarily need to save for that third deposit because we put ourselves in a position timing the market at the right time adding the right amount of value to i guess take the cream off the top and put that into the property

Ryan 10:42
yeah and did you build a granny flat on that third one or is that

Kristal 10:45
not yet no so we’re still waiting to do that the intention probably is just to hold the three as they are for the next two three years

Ryan 10:54
so does that mean this one’s only dual income one yeah and then you’ve got two single income investments that you intend to turn both of them into dual income in the future yeah

Kristal 11:04
exactly so we figured priority was to get the properties while we had two incomes and while we didn’t have kids and then in two three years time when i’m back at work and we’re kind of past this stage of life the intention will be at that point to go back and revisit our construction loan options for either knocking down and rebuilding a dual key property or building the granny flat and going down that path

Ryan 11:26
yeah so effectively you’ve done most of the legwork to build up your foundational properties so you’ve secured you’ve got your principal place of residence which is big and obviously once that’s paid off as well you don’t have rent that you have to pay or a mortgage that you have to face that that lowers your expenses there because a lot of people ask okay well how does your principal place of residence fit into the to property strategy and so crystal is an example of someone who’s doing that and then you purchase your two investment properties would you plan for both of them to be dual income but that’s not going to be for a number of years

Kristal 11:58
yeah yep so the intention i guess is within five years to have three properties or with that dual income potential but i guess there’s just obviously that hurdle and for us having kids at this time of life was really important but bedding down those foundational properties was also a really big goal of ours before we had kids so we’ve kind of set up the foundations we just need to work out those ways to add value and get that job income

Ryan 12:25
add value get that extra equity so that you can maybe go to get that construction loan exactly who and who knows how many children will be potentially have five incomes coming in or you could potentially utilize this space in the future if your family grows large enough to have a larger five bedroom house versus africa dreamy currently living in at the moment

Kristal 12:45
yeah

Ryan 12:46
so some flexibility there so pretty exciting story and i think it’s exciting because while you both savers mr you both worked very hard you had been the driver of the purchases of the property and doing the research obviously on the team here at pumped on property we call we call crystal the smartest person in the room she’s got this amazing photographic memory of the properties what made you select the so principal place of residence makes sense because okay you wanted to renovate you where you wanted to live close to the beach so that it’s kind of a logical decision but also emotional what made you decide on the investment properties and those ones specifically yeah other areas and other types of properties yeah

because again the first one was before we really were effectively doing lots of granny flats

Kristal 13:38
yeah definitely so again did you

Ryan 13:40
just discover

Kristal 13:44
i think like we knew at that point in time what morton bay were intending to do so it was always something that maybe we didn’t implement as a core strategy but it was like oh well if we buy a property that has that potential it’s a nice to have so it was still on our radar with our strategy at the time and especially with what i wanted to hold in my portfolio i

Ryan 14:04
thought what did you want to hold what what was your goal

Kristal 14:07
so my goal was yet to have properties that we could add value to through a renovation because my husband is a builder would be stupid not to take advantage of those skills and have something that could potentially be joint income in the future so the primary goal was to be pretty close to the city close to the water and within budget so that was a big thing for us rather than waiting for to save another 20 grand so we could buy another property that might have been a little nicer or a little closer to the city we kind of bought what we could afford to buy at that time and it served us very well because we’ve timed everything that we’ve done quite quite well and we’ve definitely managed to capitalize on sort of the right time of the market and having overextended ourselves going into this stage of life having kids we don’t have this massive amount of debt because we waited to buy this perfect property so for us it was really about finding something that we could afford in a suburb that we’d done research on that we were relatively confident was either predicted to perform or had the characteristics that would point it in that direction in the future so school shops close to the cbd close to the water yeah those types of things and low vacancy rates because the us holding properties that weren’t 10 and 10 was really important knowing we’d have kids eventually we just wanted to know that we could always have income or relatively consistent income

Ryan 15:34
that’s really interesting to see both from you and from adam as well is that that low level of risk yeah no ben is like that so much as well to be like okay i just wanted to play it conservatively whereas so often in the property space you just hear about people over leveraging going too far especially people purchasing their own home as well i’ve got friends who have done it and overleveraged and found themselves in very difficult financial positions where sure they own a great home but they’re they’re struggling to pay the mortgage which creates issues in our personal life it’s like is it really worth owning that home so

Kristal 16:10
yeah so for us it was yeah we weren’t we were conscious of the fact that everything we purchased probably is going to need some work it’s not the prettiest home on the street but it serves the purpose that we needed it to serve which is consistent rental relatively close to neutrally geared as it is with the intention of being positively gave with that second income down the track and yet very low risk low risk low debt like just keeping everything pretty conservative within what we could afford at the time

Ryan 16:40
so when asked now like how does it feel to be like you you’ve effectively almost done in terms of your like property investment to get the foundations there for the financial freedom in the future obviously you’re not financially free yet but you own the properties that you would need you just got to either renovate or build some granny flats or knock down and rebuild like how does it feel knowing that you’re going into your first child in such a good position

Kristal 17:06
needs it’s a bit of a surreal feeling to be honest it’s a little bit overwhelming as well because you’re like holy crap i still no matter what have to make these payments every month and we’re about to go to one income so there’s always a downside of

Ryan 17:19
not having built the granny exactly positive cash flow just ya

Kristal 17:24
know that so there’s always that overshadowing doubt i guess of like have we made the right decision have we done too much too quickly and that type of thing but then i look for that further forward into the future beyond the next 12 months that may be a bit of a struggle having your first kid and just adjusting to that type of thing and go 10 years from now like matt nine might have the potential to neither us need to work because we will have done at that point the granny flats on each of the properties we will have that julian calm down the renovation down the renovations there’ll be a lot lower maintenance and they are today they’ll be generating higher income due to the condition than they do today and

Ryan 18:02
rents will likely go up over time

Kristal 18:04
as well so and the market i’m hoping will perform in that time so the need to save for another deposit won’t be as important because i’m hoping that the properties that we currently hold may have some equity to access as well just freeing up options for those construction loans and without putting too much strain on us saving wise so i think it’s a really freeing feeling because it’s pretty cool to go well i’ve got three properties we’re both i’m 28 he’s 31 we’re having our first child and literally by the time were both 40 we should be in a position where we can choose the life we want to lead and our kids will still be young enough that we can enjoy that

Ryan 18:43
yeah they’re still gonna be young enough that they’ll actually want to spend time with exactly that’s yeah it’s a really exciting to be positioned to be in and i know from personal experience is that as you get kids life gets more hey man we’re talking about it if you want to send your children to private school and things like that stuff just gets really expensive and investing does become harder at that point so it’s really cool that you’ve locked it down now and i hope that it’s really inspiring for everyone out there listening today to hear crystal’s story to hear what she has been able to pull off with not a great amount of difficulty or complexity either it’s a very simple strategy that you’ve been able to do to really kind of set yourself up yeah and i bet being a buyer’s agent and knowing all the markets and inspecting hundreds of properties a month anyway would have definitely helped you in your decision

Kristal 19:36
it definitely helped having that knowledge and seeing the right property and being like holy crap how can i make this one work i want to buy that one for myself so being exposed to that definitely makes a difference but i think just having the confidence to make a decision or having the maybe know how to just start budgeting and implement small changes that help you achieve that as long term goals and realizing that it’s not this unattainable thing in the future, if you break it down to smaller goals, and if you keep it within the parameters of what you can afford, it makes a big difference because that was a big thing for us. Like, I’m sure we could have waited a bit longer to find a slightly nicer property or those types of things. But we just bit the bullet, but we could afford at the time and it’s

Ryan 20:20
paid off, also. So thanks so much for telling your story. I hope that this inspires you. I will link up to Adam story as well. So I interviewed him and talked about his investment journey, which is slightly different to yours. And it’s really good to see people implementing this, especially you guys here at Pumped on Property, implementing it yourself. So I’ll link up to that one. Thanks so much for tuning in today everyone and until next time, stay positive

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