Trawling mortgage sales for bargains
DAVE Baker knows Struggle Street. He is a typical battler of western Sydney who values family and friends, works hard but seemed destined to never see the return for his labours that those on the eastern side of the city take for granted.
Then, with a mortgage of $365,000 on the home he shared with his wife Michelle and their two children, he came upon an opportunity to change his status from battler to property baron.
In February last year he bought a house in Mt Druitt that was being sold under instructions from the mortgagee – as a distressed sale – for just $197,000.
A year later, he still has his investment property, happy with the notion that in the long term it will be part of his wealth creation plans.
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