Couple reveals how they got 19 homes, $9 million, after going ‘dead bankrupt’ – realestate.com.au

A Western Sydney couple has revealed how explosive changes in rental prices and home values ​​have allowed them to maintain a $9 million portfolio of 19 properties without spending much of their own money.

Investors Felize and Lisa D’Angola said their immense real estate portfolio is largely positively oriented, with nearly $400,000 per year rental rates covering almost all the costs of servicing their $4.4 million mortgage debt.

It’s a remarkable turnaround for a couple who said they hit rock bottom after their family concrete business went bankrupt in 2008, leaving them “living off credit cards” for the better part of a decade.

“We lost everything. We almost lost our house. We came back broke,” Ms D’Angola told The Sunday Telegraph.

After a series of non-payments by builders, their company was forced into bankruptcy, leaving creditors owed huge sums of money while owing hundreds of thousands that they would never be able to collect.

One of the couple’s properties is a four-unit block near Cairns.

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The psychological toll was enormous. “I had a nervous breakdown,” Mr D’Angola said.

They spent the next few years paying off their debts and trying to revive their business, until in 2018 they were finally back on their feet and ready to start building wealth again.

They saw investing in property as the way to do this and took the equity out of their home through a refinancing deal to buy their first investment, a rental property in Penrith, and later another investment.

The couple’s strategy relies heavily on buying undervalued assets, renovating them or waiting for revaluation, and refinancing to raise equity for further deposits.

They focus on areas where rents are higher than likely repayments, and rely on buyers agency Binvested to arrange submarket deals for them – often forced sales.

Higher rents relative to their repayment have made banks happy to provide them with ongoing loans, Ms D’Angola revealed.

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They own 19 properties across NSW, Queensland, Vic and WA, including this house.

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She attributes their 2008 trauma to their investment success, claiming the collapse gave them a “thicker skin for risk,” pushing them out of their comfort zone.

The couple’s 19 properties, including 10 properties in Queensland, seven in NSW, including their St Clair residence, along with some investments in Victoria and Western Australia.

Two more properties are awaiting settlement, meaning they will soon have 21 properties.

Despite their $4.4 million dent, the couple said they are “ahead of the game” because their rental income covers their operating costs.

Even as interest rates spiked in 2022 and 2023, the couple managed to stay afloat by increasing rents every twelve months.

“Most of these are cash flow positive, some new ones are cash flow neutral,” Ms D’Angola said.

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They said they have no plans to stop buying. Photo: Jonathan Ng

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She noted that the high returns from some properties are used to cover the costs of others, so they never have to put in a large portion of their own wages to maintain their properties.

In an explosive example of their strategy in action, the couple purchased a property in Miles, Queensland for just $90,000. It was revalued six months later at $503,000.

Ms D’Angola noted that it was a forced sale and they bought the property well below its value. “The price was below construction costs,” she says.

The stock jump of $413,000 in six months was used to fund deposits for further acquisitions.

“We took out all that equity and bought four units and another two properties,” Ms D’Angola said.

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Another characteristic of theirs: their homes are predominantly furnished in a positive way.

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Another big win includes a block of units in Cardwell, Queensland, bought four years ago for $980,000. They now have it for sale for $2 million.

The couple, now in their mid-50s, said they wished “we had started a long time ago.” Their goal now is for Felize to retire within two to three years.

“We’re happy to continue as long as we can,” Ms D’Angola said. “Another 10 to 30 homes would be nice.”