Dionne Lee, who turned a nearly £100,000 profit from her initial home flip, now boasts ownership of 18 properties and has shared her journey, including critical missteps to steer clear of.
With close to thirty years in the real estate game, Dionne embarked on her property journey at just 20, juggling three jobs to amass a deposit. Her inaugural purchase, a modestly priced house at £66,100, underwent strategic renovations and sold seven years later for a lucrative £160,300.
Merely a year after her first acquisition, Dionne expanded her portfolio with a second and third property, respectively, in the following years. Now at 47, the financial mentor and brainchild behind A Woman Inspired, Dionne leverages her extensive property portfolio to offer guidance to budding homeowners.
Highlighting key pitfalls to avoid, Dionne, hailing from Queensland, Australia, shared insights with AbsolutelyBusiness.com, reflecting on her initial foray into property investment as one of her best decisions. Despite her rigorous job schedule, Dionne managed to save diligently, aiming for properties that were affordable yet strategically located to self-sustain financially.
Dionne reminisces about her first property, where she minimally invested around £2,600 in renovations, admitting in retrospect that selling it was a misstep. Life’s unpredictable turns, including a job opportunity that fell through just as she was relocating, forced her to sell one of her properties to remain financially afloat.
Since her first venture, Dionne has acquired 18 properties across Australia, ranging from £33,400 to £733,900, each chosen with careful consideration of location and potential for appreciation.
Dionne’s property journey spanned various Australian regions, starting in South Australia, where she bought four properties within five years, then moving to the Australian Capital Territories for another two, and eventually expanding her investments to Victoria, South Australia, Queensland, and Western Australia.
She now shares vital tips for those venturing into the property market, emphasizing the importance of professional advice, thorough research, and financial preparedness. Dionne advises against emotional purchases, stressing the necessity of a well-thought-out checklist and a pragmatic approach to property investment.
Her key strategies include:
- Consulting with seasoned mortgage brokers and solicitors for informed financial structuring and legal advice.
- Creating a detailed checklist to guide property selection, focusing on financial viability, location, and potential growth factors.
- Conducting comprehensive building and pest inspections to avoid unforeseen expenses.
- Preparing for all associated costs, including government fees and ensuring adequate financial reserves for deposits and purchasing costs.
- Securing pre-approved and thoroughly assessed loan applications to avoid financing pitfalls.
- Mastering negotiation techniques or enlisting experienced investors to negotiate on one’s behalf.
Dionne’s methodical approach to property investment, underpinned by her personal experiences and professional expertise, offers valuable insights for both novice and seasoned investors in the real estate market.
