Property mogul with portfolio worth $55million seeks to add to his collection of over 200 homes but says his mother is happy to stay in her small western Sydney home
Nathan Birch has net worth of $55 million but his mother lives in tiny home Despite his massive portfolio Mr Birch said his 200 properties were not enough Mr Birch made his fortune buying houses at the lower end of the market
A Sydney investor with a portfolio of over 200 properties has revealed he hasn't bought his mother a house. Nathan Birch, 32, claims a net worth of $55 million but his mother lives in his tiny childhood home in Mt Druitt, in Sydney's western suburbs.
When the pair were asked by Sunday Night why Mr Birch's mother doesn't have a new home she said: 'Because mum doesn't want one.' 'My little house is fine, that's what I always say.' Mr Birch explained he had planned to build his mother a 'dream home' where they both could live, but his mother said she was happy where she was. Despite his massive portfolio Mr Birch said his 200 properties were not enough, and explained he plans to purchase more real estate on the Gold Coast.
'The market here I think is only just scratching the surface,' he said. 'It's like Australia's Miami. Prices are still post-GFC prices, still very low.' Mr Birch made his fortune buying houses at the lower end of the market and predicting that their worth will increase over the years.
Luis Hill
Why this CHINK is allowed to exist?
Jose Walker
he doesn't look like chink... more like some baked dude, possibly a burger
Adrian Reyes
I suspect an Aussie shitpost mixed with some kernel of truth.
William Morris
I might be poor, but a least I'm not ugly
Nolan Hall
>chink
Juan Garcia
I don't understand how people do this, especially at 32.
People always talk about it like it's simple.
1. Buy first property 2. Use first property as security to buy second property 3. Buy third property, using security of 2nd property. 4. repeat over n over
The thing is, how is this allowed? What changed with the banks that allow them to offer such services knowing it could be exploited.
Obviously Im missing some key facts of how this process works, but Im interested to know, it seems like there tons of people doing this now.
Is it possible that this is just 1 giant ponzi scheme by the banks to get people on board with doing the same thing?
Alexander Jones
All you need is a loan and a down payment to pick up a new property.
You can be over leveraged with a shit ton of debt and if you can’t make your payments then the bank takes your property that has a lien on it. If you have a shit ton of properties you could loose them all and go bankrupt
Jeremiah Miller
Will enjoy reading his obituary when the property market crashes
Brandon Miller
that is a jew
Jeremiah Howard
Quick background check shows he's ontologically anchored to time and space, probably grandfathered in
Henry Fisher
chinks eternally btfo
Lincoln Torres
He has a net worth of $55m
How much debt would he have then?
If he started on a normie income, and not as a millionaire income, then how much fucking debt would this guy have at 32?
Jayden Roberts
At least 30+ million. I guess he is just paying the interest and moving around the equity to 'pay off' properties on paper.
He's pretty much fucked if the interest rates go up or if equity in properties starts to decrease. Most of these 'property developers' are.
Christian Rogers
He was on today tonight about 8 years ago. Said he worked since 13 or some shit, 60+ hour weeks with 2 jobs and saved like a dog. Slum lorded up the 'Rith.
Aaron Thompson
keep in mind that this guy bought his first property in mount druitt back in 2003. the down payment was probably less than 30k lol
even just 7 years ago it was still possible for people on modest incomes and no inheritances to get their foot in the door of the sydney market if they were willing to slum it.
Jack Gonzalez
Though he bought in shit areas and kept the houses pretty much as is. Gentrification and westward expansion will still have prices go up for him.
Michael Bell
because they are allowed to screw up your life
Carson Martinez
>buy up a shitload of homes in high priced areas >shortage of homes, price increases because of artificial scarcity >starts a mania, everyone begins buying homes >people priced out of neighborhoods leave >entire suburbs filled with empty homes >value keeps going up how do we stop him
Adrian Miller
Fresh news from the Druit...
Alexander Wood
>gentrification and westward expansion >the sydney growth will be unlimited
Sydney is losing people and companies interstate because of these ridiculous property prices and the insane cost of living. Even these immigrants and investors who are meant to keep the bubble going are asking themselves whether it's worth it.
I doubt things will continue like this for too much longer unless you read some property developer sponsored news site that tells you that you can't lose in the property market so buy off the plan and get in debt for millions of dollars.
