Jason Gray - one man with a good future
By having the right professionals around him Jason uses property as a tool to achieving what he wants from life.
Jason came on as a client with the wHeregroup in early 2004 when he required finance for a unit he wanted to buy in Brisbane. He was a single guy living at home with his parents in Sydney.
At the same time we spoke to Jason about what was possible for him to achieve and WOW hasn’t he come a long way since then…
From that initial loan we wrote for him, Jason then allowed us to buy him a small three bedroom home in Geraldton in WA for $102,000… yes that’s right $102,000!!!
Not long after he purchased a block of land for $79,000 in a new estate also in Geraldton. He had the investing bug at this stage and spoke to his parents about going half share buying another block in the same estate. They decided to build a new 4 bedroom, two bathroom and double garage home on the new block, which the wHeregroup arranged.
Geraldton was the only location in Australia that we have suggested house and land packages due to the research and that the land was grossly undervalued, hence large profits achieved for every client who did this type of investment with us.
These properties rose in value quite quickly due to the research we had undergone in finding the right place to buy. So with the equity he had already obtained, he again purchased a house in a WA country town of Katanning for $140,000. He did have a few dramas here as the tenant had a heater set fire to a blanket and then the lounge room wall. This is where both house and landlord protection insurance pay dividends. His house was out of action for a little while until repaired but Jason was not out of pocket… he still owns this property and it rents for $190 per week.
At around the same time he also purchased a block 0f land for $34,000 in Narrogin, currently worth $80,000.
The house and land package was sold for $460,000… a tidy profit for a package that cost $265,000 in total. Jason also sold the land for $155,000 which was purchased for $79,000. And in the next financial year the house he purchased for $102,000 in Geraldton,he sold for $240,000. This strategy was used to reduce his Capital Gains Tax liability.
With all this new found cash along with proven strategy and performance from the wHeregroup in Jason’s eyes, he again purchased through the wHeregroup in Aldinga beach in SA in late 2007. He purchased a house for $285,000 which is renting for $285 per week.
Jason has requested that we keep him informed on each occasion that we change location to see if he is ready to buy again… so we did exactly that. When we started buying in Sydney for under $300,000 he didn’t believe us. He purchased a house in Woodbine in the Macarthur region for $280,000. Since purchasing this property 15 months ago it has increased in value by $50,000 plus and renting for $340 per week.
Jason’s future plans were to become self employed and he has recently embarked on this adventure but knowing that he would not be able to buy anymore properties for at least two years, we recently purchased him a property in our secret Victorian location for $172,000. The property was a mortgage hardship sale that was partially renovated. The property still required the bathroom to be completed along with carpet. wHeregroup arranged this work to be done within three weeks of settling and now he is receiving $215 per week.
The next stage in his investing strategy will be to sell off a good portion of his portfolio as they mature and buy his home with cash, then straight back into buying more properties again using the equity in his home.
And just to let you all know… this was all done on a tradesman wage.
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