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How A Young Couple Turn $15K To $10M
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WHILE most millennials are struggling to save a deposit for one home, Gen Y couple Scott and Mina O’Neill own 25.
Unlike some 22 and 23-year-olds, who are fresh out of university and spending almost every dollar they earn from their first fulltime job at the pub every weekend, this Sydney couple were purchasing their first property — an ugly, old home in Sutherland, in Sydney’s south, which they bought for $480,000 to ‘rentvest’ their way into the market.
That was in 2010. Fast forward to 2016 and Scott, 29, and Mina, 28, own a 25-strong property investment portfolio worth more than $10 million.
Just three years prior to purchasing that first investment property in Sutherland, however, Mr and Mrs O’Neill had just $15,000 in the bank between the two of them.
But the decision to knuckle-down and save for the next three years was a very natural one for the pair, who both grew up with steadfast, savvy parents. They said it was this dedication that was really all it took to turn that $15,000 into their first deposit.
“My father was an accountant by trade but an investor part-time, so I was always interested in [investing] from a very young age,” Mr O’Neill told
“What made me really start thinking about [investing] was when I was about 12-years-old, my father told me to buy some Telstra shares ... and I got about $50 back in dividends at the time. Fifty dollars when you are a child is a lot of money and I was pretty thrilled to get that for ‘free’, so that got me thinking about getting returns on money rather than just saving it.”
Mrs O’Neill, who is the child of immigrant Egyptian and Greek parents, said dedication was “ingrained” in her from a young age after seeing her parents sacrifice.
“Both my parents came from poor families, so saving was number one — saving to survive for your family was number one,” she told
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