“From this I will be earning a projected $490,000 and I also have two investment properties and live in a waterfront penthouse. I do this full-time now and I am doing all of this with none of my own money. I also just finished writing a book about how I overcame drug addiction to run my own successful business.”
The Property Games was now in its second round, Doodney said, with seven contestants from as far apart as Geelong, Moree, Charters Towers, Sydney, Gold Coast and two from Brisbane.
He said the contestants were put in a single location — in this case South Stradbroke Island — where they underwent extensive training from over 20 mentors including experts in real estate, architecture, accounting, feasibility, surveying, engineering, town planning, real estate and fund management.
“Their training at week 12 has allowed them to now do deals that they have found and are now in due diligence on five deals so far ranging from townhouse, subdivision, renovation, and new build.”
Doodney said participants would pitch their deals to potential joint venture partners at the upcoming Future Housing Task Force event in June.
Naomi Cooper — a graduate of the first round of the Property Games — this week banked $90,000 profit off her project — subdivision of a large block in Shailer Park, Brisbane and renovation and sale of a home that was on it.
Cooper had a joint venture partner put up the initial property at about $550,000, with a deal to split the profits 50-50. Some of her biggest costs were $33,000 concreting, $28,000 renovation, $16,000 earthworks, $16,000 council works, $16,000 bank interest and $10,000 in engineering costs.
“The biggest eye-opener is just how accessible property is,” she said.
“There are so many people complaining about how hard it is to get into the property market but the issue isn’t their age or money, the issue is their knowledge and education.”
She said the program showed her how it was possible to use other people’s money and work around common ways people get into property. “I go to someone who has a lot of money and say you have money but don’t have time, invest and I’ll give a 20 per cent return and split the profit 50-50.”
Cooper said they were in a privileged position. “Not many 20-year-olds can say that. It’s an amazing vehicle to get you where you want to be.”
She now plans to take three months off to work in a summer camp in the US.
Her advice: “Learn from people who have done it. Don’t listen to people who haven’t done it.”