BUYING your first property is a daunting task for any adult let alone a teenager.
A 13-year-old Gosford boy has become one of the youngest property investors in Australia.
Akira Ellis was the inaugural winner of the Young Renovator's Scholarship Program established by Renovating For Profit founder Cherie Barber.
The program teaches young, budding property entrepreneurs the ins and outs of the market, how to research and purchase property, and how to structure future investments.
The teenager sought out the investment property by himself, purchasing in Frankston, Victoria, in a joint venture with his parents Frank and Mychel and his brother Oliver and sister Saskia. The siblings even contributed some of their pocket money.
"I used the due diligence system learnt in Cherie's course. First, I picked the suburb and streets that met the criteria she suggested," he said.
"The house is in original but really good condition and will be totally transformed with a cosmetic renovation Cherie Barber-style.
"Actually doing it can be quite scary, especially when it's your first purchase and renovation; there are so many things to think about. It's a big investment and a mistake can cost you a lot. "It's incredibly helpful to have great mentors or people around you who've done it before. Cherie is a great role model for me."
Ms Barber said she was proud of Akira who was her youngest student in Australia.
"He would give any seasoned property professional a run for their money and I have no doubt he'll become a powerful entity in the property world in the future," Ms Barber said.
Akira intends to replace the bathroom and kitchen, update the lights and window furnishings, remove the carpet and polish the floorboards.
"I plan to hold this property as an investment with my parents and rent it out upon completion," he said.
"The garden needs a bit of landscaping to improve street appeal and the roof also needs a refresh.
"The renovation on the property should provide an increase in value and will make it more attractive to the rental market. Then I will look for the next property."
Akira's advice for other young budding property investors and renovators: "Believe in yourself. Do whatever it takes and never be discouraged by those around you."
- news.com.au