If you were to believe the Reserve Bank, you’d think that Sydney was in the midst of some kind of housing crisis. But like most things poor people are worried about, when you look at the facts you can easily find examples where the reverse is just as true. One such example is young entrepreneur and property investor Stephanie Brennan, who at just 24 has taken out $2.6 million dollars worth of loans to buy a mind-boggling six properties in Sydney’s “unaffordable” market.
Stephanie’s success in getting a bank loan is a direct challenge to those that claim Sydney is in the grip of a housing bubble, silencing critics of Treasurer Joe Hockey’s statement that you just need to “get a good job that pays good money” if you want to owe $2.6 million to a bank.
Miss Brennan says the trick with property is to start small. “Lots of people want to start out living in an apartment like I did three years ago, but it’s just unrealistic these days. Instead you should start by investing in a car space for $120,000, live there for a few years, and then move up to a caravan at a trailer park once you’ve developed a bit of credit history.”
Stephanie is also critical of the idea that young people should seek an expensive education in order to get a foot in the job market. “I never went to university,” says Stephanie proudly. “Sure I’ve attended Macquarie Uni, the International College of Management, the Investment Banking Institute, the Australian College of Professionals, Sydney University, and the Australian Institute of Business according to my publicly available CV, but that was all just made up so I could get that $90,000 a year job at CPM right after graduating high school.”
Above all else, Stephanie is a shining example of how anyone can make it into the property market if they don’t spend all their time complaining about “rent” and “needing to buy food”. Unlike traditional whinging millenials, Stephanie says she got out there and earned every dollar she has, with no help from her family. “All my parents ever gave me were a roof over my head and few odd dollars here and there for my pocket money,” says Stephanie, “but that was barely $1500 a year rent free, so I took it on myself to get out of this poverty trap and decided to inherit $50,000 from my Grandparents at 23. Honestly I don’t see why more people don’t do that.”
On top of her lucrative grandparent investment, Stephanie then had the genius idea of getting a job advising a government minister. “I put it down to entrepreneurial spirit,” says Stephanie. “My father told me about a position that needed filling in the government and I suddenly realised ‘Oh my god, there’s a position in government that needs filling’ so I sent them my empty CV and I got the job! I think the problem is that a lot of young people aren’t actively looking for opportunities like that so they’ll just end up taking whatever unskilled job will hire them, which is just stupid if they want to make big dollars.”
From there it only took Stephanie a few simple visits to the bank to purchase three apartments in Sydney’s most unaffordable housing areas. “I know it sounds impossible for me to have taken out such huge bank loans with only $100,000 in savings and no financial history,” says Stephanie, “but all I had to do was tell the bank my mother would pay all my debt if I can’t repay my 5 mortgages, and then they were suddenly very happy to come along for the ride.”
Stephanie is just one of many shining examples across Sydney who prove beyond question that the housing market is not as unattainable as most Gen-Yers seem to make out. All you need is a high paying job, government connections, rich parents to guarantee your loans, and $50,000 from a deceased relative, and you too could make it in the property market all on your own two feet.
So take note millennials, maybe it’s time to put down those Sega controllers and start tugging on those bootstraps for a change.