Real Estate Mum

Reporter: Andrea Burns

Tracey Harvey reads housing floorplans like the rest of us read newspapers. "I look at what I can do with that land, whether I can subdivide it, what I can do with the home"

She's a property multi millionaire. Owns 20 homes. New money. - very new money. And proud of it, 'cause she made every cent herself. "Was a total of about 18 months of going from literally living on a mattress on the floor to buying my second property"

This was Tracey in her 30's - single mum, third generation on welfare, "I blamed everybody. I blamed society, I blamed my neighbours, I blamed the relationship I was in , I blamed everybody. the world really owed me a living, that's how I was thinking at that stage"

And this is Tracey now - 45, first generation property baron. A property portfolio created out of a combination of elbow grease and education, "my net worth, I can't really tell you, it's in the millions"

Tracey says "I left school in year and I went straight into work, working at the supermarket in Langford, you know where the langford supermarket is?"

A Lynwood high dropout...Tracey returned to her old school, to teach these year 11's the lessons she wishes she'd learnt at their age. At least one teacher noted Tracey "had the ability to inspire the rest of the class". She's now hoping to inspire the rest of us to give wealth creation a go. "You can do it , anyone can do it, no matter where you come from, even if you start with nothing" And Tracey did. Her son was born autistic, then her daughter was identified as academically gifted. "I think that was the breaking point, I thought wow she's going to go down teh same path as I have if I don't do something about it"

Tracey went back to school, got a job, saved every cent. Bought one house.. two..."still a single mum, still on a very low income but I wasn't going to give up I'd started something now and I was on a roll no matter how many people slammed doors in my face, I wasn't going to give up"

Now based in Queensland, even on a flying visit home, Tracey's on the property hunt. ." western Australia is a go-getting place"

Real estate agent Sarah Kinsey helping out. This savvy investor always looking to take the next opportunity.

Now the author of two books - Goodbye Welfare and Goodbye Renting, with a deal signed with a big American publisher for a third, Tracey offers these tips to others...

TRACEY'S TIPS

Knocked back for a loan? Don't give up, requirements differ lender to lender. Try another bank.

Treat the mortgage like rent - pay it weekly, it'll cut the amount you pay in interest.

Start small - it doesn't matter if a place is small or ugly, if it's yours.

Go without. Put any extra money onto the mortgage and watch it shrink.

And DON'T SELL. Use the equity in one home to buy another.

Tracey says "property will always go up in value, maybe not now, maybe not next week, but within a few years, it will go up"

For further Information go to:

www.goodbyerenting.com.au

or www.goodbyewelfare.com