It’s a common belief in Australia that you need a six figure individual income or a massive inheritance to build wealth through property. But what if that wasn’t true? In this episode of the Australian Property Investment Podcast, we hear from Thomas, a former chef, who, alongside his wife, went from living on a combined income of $120,000 to owning nine properties. Here’s how they did it and what you can learn from their journey.
From Chef to Property Investor: The Power of Mindset
Thomas didn’t start with a high paying job or a financial windfall. He was working as a chef earning around $60,000 a year, facing the daily grind and watching peers work themselves into burnout with little to show for it. What changed? Mindset.
Realising that staying on the same path would only lead to exhaustion and limited options, Thomas started consuming content about property investment and personal development. One key lesson? The difference between a scarcity mindset (“I can’t do it”) and an abundance mindset (“There is always a solution”).
Cash Flow First: Turning Property into a Passive Income Machine
In the early days, Thomas made the mistake many investors do: buying negatively geared properties that drained their savings. The stress became overwhelming.
So he pivoted. “I didn’t want to work to support my property portfolio. I wanted the portfolio to support my lifestyle,” he said. The solution? Buy high cash flow properties.
His key criteria:
- Positive cash flow from day one
- Strong cash-on-cash return
- Capital growth potential
By focusing on cash flow positive properties, Thomas ensured the rent covered all expenses – mortgage, maintenance, insurance, and more. That meant even if he disappeared for ten years, the portfolio would sustain itself.
Starting Small: A $45k Deposit and a $180k Investment
In 2020, Thomas made his first strategic purchase: a two bedroom apartment in Perth for just $180,000, using a $45,000 deposit. That kind of deal may be hard to find now, but the principle still stands.
He looks for markets that haven’t yet seen significant growth areas overlooked or feared by the mainstream. For example, Thomas recently targeted parts of Victoria that had been flat for 7–10 years. Rather than seeing stagnation as a red flag, he saw it as opportunity.
Why Victoria Over Other Flat Markets?
Victoria, in Thomas’ eyes, offered scale. While smaller markets like Tassie might have good fundamentals, they lack volume. He wanted to buy multiple properties in the same area, and Victoria offered the depth and deal flow to make that happen.
And when he and his wife were building their portfolio in Perth, they went all in. Six properties in just over a year. Why? Because the fundamentals were right: growth potential, strong rental yield, and reliable returns.
Investing as a Couple: Getting on the Same Financial Page
One of the biggest barriers couples face is financial alignment. Thomas credits his marriage’s success to constant communication and investment in personal development. He realised that if he was willing to invest thousands into a business course, he should also invest in getting on the same page with his wife.
“The message doesn’t land unless it’s heard,” he says. That sometimes meant repeating the vision over and over: retire early, live off passive income, and create a life of freedom.
Learn from the Mistakes (and Wins)
Thomas started a sandwich shop that failed. He also had terrible experiences with his first property manager. But these experiences weren’t wasted; they were part of the learning process.
He advises investors to:
- Speak to multiple brokers and property managers.
- Choose a mortgage broker who understands investment finance.
- Value your time or pay someone who already has the answers.
The Value of Community and Mentorship
Thomas only recently discovered the power of the Australian property investor community. For years, he was learning from US based investors on YouTube, not realising there were local voices with strategies tailored to our market.
Joining a community changed everything. It made the journey less lonely, provided validation, and offered practical connections to brokers, buyer’s agents, and other investors who had already walked the path.
The Debt Question: How Much is Too Much?
At one point, Thomas and his wife were sitting on $2.2 million worth of debt. But because every investment was positively geared, the debt never felt like a burden.
His strategy?
- Release as much equity as possible when the opportunity is there.
- Park it in an offset account until a good deal comes along.
- Never buy unless the rental income covers the full cost of ownership.
This disciplined approach allowed him to leverage aggressively while still sleeping soundly at night.
Helping Family and Breaking Through Fear
Thomas offered his sister a $52,000 deposit to help her get started. She said no.
Why? Fear.
Only after identifying what she truly wanted (owning a home) and understanding how property could get her there did she come on board.
This was a powerful reminder that:
- Most objections are fear based.
- You can’t help someone who doesn’t want to be helped.
- But with enough empathy and vision, breakthroughs are possible.
Discipline Over Decadence: No Drinking, All Focus
Thomas hasn’t had a drink since he started investing in property. Not because of morality, but because of clarity.
“If you want to be successful, stop drinking,” he says. The ripple effect of clear thinking, early mornings, and consistency is invaluable. Combine that with a long term view and a willingness to learn, and success becomes inevitable.
The End Game: Passive Income, Time Freedom, and Family
So what’s the goal now?
- Retire his wife so she can raise their future kids.
- Reach $300,000 in annual passive income.
- Have the time to focus on what matters most.
Even though they’re close to hitting their original goal of $60k in passive income, Thomas isn’t slowing down. He knows what’s possible and wants others to see it too.
Final Thoughts: If I Can Do It, You Can Too
From a $60k income as a chef to a $3.5 million portfolio, Thomas has shown what’s possible with the right mindset, strategy, and support. His advice to new investors?
- Start now. Don’t wait.
- Focus on cash flow.
- Surround yourself with people who are doing what you want to do.
- Value your time or pay someone who can save it for you.
Because at the end of the day, the property market won’t wait for you. But if you’re willing to get in, stay in, and learn as you go, you just might surprise yourself.
Next Steps
If Thomas’ story resonated with you and you’re wondering what it could look like to take the next step in your own journey, we’re here to help. Whether you’re a first time investor or looking to grow your portfolio, having the right team, guidance and strategy makes all the difference.
Book a free 15 minute call with our team to talk through your goals and see how we can help you build a portfolio that supports the lifestyle you want.
👉 Click here to book your strategy call
Or tune into more episodes of the Australian Property Investment Podcast for real stories, real strategies, and insights from people just like you.
You don’t need to have it all figured out. You just need to take the first step!
