An extraordinary story has captured the world's attention as an eight-year-old girl from Melbourne, Australia, accomplishes something truly remarkable.
Against all odds, she has become the youngest homeowner in the world.
8-year-old girl becomes the world's youngest homeowner after buying her first property by herself
Unlike typical eight-year-olds, Ruby McLellan opted to invest her pocket money in real estate rather than toys and sweets.
Alongside her siblings Angus, 14, and Lucy, 13, she purchased a four-bedroom home in Clyde, Victoria, for $671,000 two years ago.
They pooled together $6,000 from their pocket money by assisting their parents with chores and packaging their father's investment guide.
With their parents providing the additional funds, the kids are now on track to purchase their next investment property.
They plan to use the equity gained from the mortgage of their current house. It's worth mentioning that all three children have their names on the property's title.
Ruby shared her excitement about being a landlord and admitted that she hasn't informed her school friends about it yet.
She finds the experience "pretty cool" but prefers to keep it to herself for now.
The property, which spans over 200 square meters, brings positive returns as the rental income surpasses the mortgage repayments.
This advantageous situation means that it doesn't cost the family anything to hold onto the property.
Father imparts investment wisdom to children and aims to secure their financial future through property.
Cam, the father of the family and CEO of property investment company OpenCorp, imparted his children with essential knowledge about investing and the benefits of debt.
He believes that debt can be a good thing when used wisely.
The underlying idea behind getting their children involved in property investment is to give them a head start.
Cam explains that in ten years when their kids are ready to buy their own homes, the required deposits could amount to $200,000.
Recognizing the financial challenges young individuals face, Cam and his wife aim to assist their children by leveraging the growth potential of the property market.
By purchasing a property now and allowing it to double in value over time, the family plans to secure a substantial profit.
They intend to hold onto the property until Lucy and Angus reach their early twenties, completing a full growth property cycle. Their ultimate goal is for the property's value to reach $1 million.
Upon selling the property, the profit will be divided equally among the children after taxes are accounted for.
Advice on real estate investing from a CEO of a real estate company with over 30 years of experience
Cam highlights the historical trend of property doubling in value every seven to ten years, supporting his investment strategy.
With 30 years of investing experience, he believes that the current economic conditions, including decreasing inflation and predicted interest rate drops, make it an opportune time to invest in property.
Cam believes in a three-step guide when it comes to choosing a property: finding the right market, area, and property.
After purchasing his first property, Cam compiled all his learnings into the bestselling book "My Four Year Old, the Property Investor."
He advises young Australians to enter the market as soon as possible, even if they are currently renting. Additionally, he recommends seeking a mentor who has achieved success in the property field.
