Courtesy of Mish
Meet Akira Ellis a 13-year-old kid. He just bought his first piece of real estate, a $552,000 four-room one bath house in Melbourne’s Frankston.
Akira Ellis snapped up the 575 square metre four-bedroom, one-bathroom home in Frankston in May – when he was still 12 – and recently settled the sale.
“[Buying a house] can be quite scary, especially when it’s your first purchase and renovation – there are so many things to think about,” he told the Express Advocate.
“It’s a big investment and a mistake can cost you a lot”.
Although he hunted down and picked the property, the Gosford teenager is not alone in the venture with a fair bit of help from his parents Frank and Mychel.
Even his brother Oliver and sister Saskia chipped in some pocket money to make it a whole family affair. The pint-sized housing prodigy said he planned to ‘totally transform’ the 1970s home before renting it out and looking for his next investment.
His plans include replacing the bathroom and kitchen, updating the lights and window furnishings, changing the carpet and polishing the floorboards. Akira also wants to refresh the roof and landscape the garden to boost the property value and make it more attractive to renters.
The article mention he had “help” from his parents but it did not say how much. He did find that house himself, perhaps with help from “renovating for profit”. Akira is already looking for his next property.
What can possibly go wrong?
Mike “Mish” Shedlock.
