Recently-divorced Samantha Morrissey knew she could not afford to buy a property on the east coast but still wanted to invest in bricks and mortar.
She had just moved back to Australia and one of her friends told her that instead of buying a unit, she could invest in a slice of a property by buying Bricklets.
So she did her research and six weeks later, she bought not one but four Bricklets including two in Brisbane and one each in Sydney and Melbourne for a total amount of about $86,000.
Samantha Morrissey (left) with son, James and daughter Isobel
“I had $100,000 in savings to start an investment-cum-retirement portfolio. Having lived abroad in London and Auckland, I had no superannuation. And being divorced, I had no choice but to look after myself.
“If I leave my money in the bank, I will be earning nearly nothing in interest. Another reason why I am happy with Bricklets is that my money is working harder for me.
“Rather than invest in stocks and shares, with Bricklets, I can at least touch and feel the slices of property I own. My plan is to keep the Bricklets in my portfolio for sometime and maybe buy another Bricklet in a couple of months,” she told Really Simple Money.
She was particularly pleased that she got her first rental income – a grand sum of $127 – from her $21,633 Bricklet in a one-bedroom unit in Chester Street in Newstead, Brisbane. It was her share of a two month rental period.
“I was pleasantly surprised to get my first rental income after just six weeks of owning the Bricklet in Newstead – not bad after such a short time.”
Her remaining three Bricklets cost her $23,320 for the holiday rental unit in Alfred Street, Brisbane, $21200 for the Bricklet in Burwood East, Melbourne and $20,162 Bricklet in a residential development in Sydney’s Manly suburb. All three developments are still under construction and are estimated to return an annual yield of between 3 to 8 per cent.
“Because I have been away so for long, returning to live in Perth is like starting all over again. I could not get a bank loan because I have no credit history in Australia – I couldn’t even get a credit card,” said Morrissey who works as an account assistant.
Despite these hurdles, she took the plunge and bought herself a cosy, four-bedroom cottage on Secret Harbour about 60 kms south of Perth for $430,000 – out of her own funds.
Samantha with her dog at her new Perth home
She has just moved in with her dog and two cats while her two grown-up children, James and Isobel, finish their university studies in Auckland.
“I was determined to get a foothold on the property market – now I have a house, an investment portfolio of Bricklets and am looking to further invest in another Bricklet. My long term plan is to probably buy a block of land where I can build a house and rent out my cottage.
“I have no one to look after me financially, I have no superannuation, my house and Bricklets are all part of my retirement plan,” she said.