Summarize and humanize this content to 2000 words in 6 paragraphs in EnglishA young landlord has revealed why he would prefer to live in his dad’s granny flat despite purchasing eight properties in seven years.Mortgage broker Bill Childs, 28, who lives in Coffs Harbour on NSW’s Mid North Coast, bought his first property at the age of 21. Despite building up an enviable portfolio of eight properties across two states he has decided against moving into a place of his own. Mr Childs worked as a beekeeper earning $60,000 a year when he purchased his first property and was unable to borrow enough to buy a place in his area.He left school at 16 and followed his dad’s advice of putting his savings into property rather than spending money on a car. He borrowed $400,000 from the bank and bought his first place in Tamworth, an almost four hours from Coffs Harbour. ‘I was in a similar position as many young people in Sydney, Melbourne and Brisbane are today where the house prices are ridiculously expensive and it’s very hard for them to afford a home to live in,’ Mr Childs told Daily Mail Australia.’Depending on your salary you may be priced out of the market altogether especially if you’re a single person. Bill Childs was encouraged to use his savings to buy property by his dad (both are pictured) Mr Childs 28, helped his girlfriend Sabrina, 27, buy her first property (both are pictured)’But, if you are happy to rent where you live or if you can stay at home with your parents you can invest elsewhere for a lot cheaper.’Mr Childs rented the home out but admitted the cost of owning the property, up to $6,000 to $7,000 a year, outweighed the income it generated. He then bought his second property in Ipswich, Queensland for $240,000 with a $30,000 deposit. Mr Childs rented the property out and this was also a negatively geared investment. He admitted the first few years of property investment can be tough. ‘If you can get your head around losing a bit of money week to week [investing in property] is going to benefit you long term,’ he said.Mr Childs explained that over time negatively geared properties can become positively geared due to a combination of increasing property and rental value, and falling interest rates. The former beekeeper then used equity of $80,000 to $100,000 from his first two properties to buy a third home in Brisbane. Mr Childs praised his girlfriend for being ‘patient’ and ‘understanding’ his passion (pictured) The mortgage broker now owns eight properties (pictured)’For me to save $100,000 back then, as I still wasn’t making a massive wage, it would have taken me a lot longer than one or two years and that’s when I really realised that [property investment] is a great way to make money,’ Mr Childs said.He now owns eight investment properties and was still a beekeeper up until he bough his sixth home. But despite his impressive property portfolio, the broker prefers to lives in a granny flat out the back of his dad’s home. ‘I live in Coffs Harbour and I’ve got a property in Coffs that I could live in that I bought partly for the reason that one day I can live in it but up until very recently it’s always been me,’ Mr Childs explained. ‘For me to live in a big house by myself it doesn’t make sense and if I was not to live in the granny flat I still wouldn’t live by myself I’d rent a room in a share house so I could save money to keep buying property.’Mr Childs has shared his expertise with those closest to him and recently supported his hairdresser girlfriend, Sabrina, 27, to buy an investment property of her own. ‘When we met she had savings in the bank but didn’t really know what to do with it so I said to her you should buy a property,’ he said.’She was keen to get into it. She doesn’t know a lot but she knows enough to know it’s a good idea long term.’ Mr Childs, pictured with his broker Humberto, lives in a granny flat despite owning eight homes Mr Childs (pictured) wants young people to know investing is possibleAs a landlord, a mortgage broker and with over 10,000 followers on TikTok, Mr Childs admitted he’s ‘very busy’ and is lucky to have a ‘patient’ girlfriend. He said it was important to ‘work when you’re working and when you’re not working be present’ but admitted that as easier said than done. After becoming a mortgage broker in 2023, Mr Childs has made it his goal to encourage young Aussies who believe they’ll never own a home to serious consider investing. ‘I don’t like seeing people budget so hard they can’t even afford a cup of coffee,’ he said. ‘A lot of people say you shouldn’t buy your coffee out, that’s ridiculous. ‘Your income might be relatively capped but if you can get yourself one or two investment properties for $500,000 each, on an average year that will grow seven per cent so that’s roughly $70,000 of capital gain that you make.’ The mortgage broker said he has three rules when it comes to buying property: ‘Don’t buy brand new, don’t buy off the plan apartments and don’t buy apartments in high rise buildings’. Mr Childs admitted he has made some mistakes over the last eight years. ‘My first property was really nice house probably still the nicest house I own but that’s a big mistake,’ he said. ‘I thought a pretty house would go up in value quickly which is not the case. I want to make sure I buy with a very high land value as opposed to the total asset value.”You want to buy with the value in the land not the building,’ he added. ‘The ugly duckling performs better.’
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