Builder Grooves to Property Beat - Groove Properties
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Builder Grooves to Property Beat

NICK Madden is the MD of Groove Properties in Brisbane. His main investments, predictably, are in property.

>> QUESTION

What was your first investment and how did it go?

>> ANSWER

It was renovating a property when I was 18. When I bought it the market was strong and I had tenants in there for two years. Within that time the value of the home had increased tremendously. I did a small renovation to it and sold it for a handsome sum. This allowed me to continue to buy, build and sell the next property.

>> QUESTION

What is your favourite type of investment and why?

>> ANSWER

Despite the GFC, I believe in investing in the property market. If you buy well at any time and your home is a quality build and ticks all the boxes, you will always make money. I certainly think this is more stable than shares, especially with the way the share market has performed in recent times.

>> QUESTION

>> What is the best investment advice you have received and who was it from?

>> ANSWER

My dad always says to buy at the right price. That is where you make your money.

>> QUESTION

What has been your best-performing investment?

>> ANSWER

To buy land in a growth area and to build an appealing home that is stylish with quality finishes you can’t go wrong.

>> QUESTION

And the worst?

>> ANSWER

Probably cars. I like nice cars but you never make any money out of them.

>> QUESTION

How would you invest $25,000 if you were given it tomorrow?

>> ANSWER

I would use it as deposit to buy more land for another project.

>> QUESTION

How do you feel about investing overseas?

>> ANSWER

I think there are strong investment opportunities in Australia, so I haven’t looked abroad, but if the right opportunity came up I would be open to it.

>> QUESTION

How well do you treat your credit card?

>> ANSWER

I prefer not to use my personal credit card if I don’t have to. Cash is king, especially in this market.

>> QUESTION

Do you have a personal finance budget and do you stick to it?

>> ANSWER

Yes I do, but I probably should stick to it more and I would always advise other people to do the same.

>> QUESTION

What’s the most extravagant purchase you have made?

>> ANSWER

Probably my wife’s engagement ring, but it wasn’t so extravagant as such, as it was worth it.