A Plymouth St villa is property developer Tom Burrell's most extensive renovation so far. Photo / Bevan Conley
A Plymouth St villa is property developer Tom Burrell's most extensive renovation so far. Photo / Bevan Conley
A 25-year-old property developer in charge of investments of $2.5 million all over the country has recently turned to Whanganui.
Tom Burrell was studying engineering when a book by businessman Robert Kiyosaki convinced him drop out of university - to his parents' dismay - and become an entrepreneur.
He buys,renovates and sells houses in his own business, Inspiring Property. His goal is to make more profit and invest 10 per cent in rent-to-buy properties that will enable more people to buy their own homes.
He's bought about eight properties in Whanganui, and first talked to Whanganui District Council about its housing priorities - infill housing to increase density in the city centre, and making more land available to developers.
Council planning manager Hamish Lampp said Burrell collaborated to get the right outcomes - especially over infill housing.
"Tom is one of the few local developers that's trying to assist in that regard. He listens to feedback and is open to amending proposals to get the right outcomes. We would like more of him."
22 Plymouth St was structurally sound and got a full renovation. Photo / Bevan Conley
The house Burrell is about to sell at 22 Plymouth St is his biggest renovation. The old villa was structurally strong and had a good layout. It has cost $200,000 to add "new everything" - new carpet, a new roof, new wiring, a new kitchen - and remove truckloads of rubbish and old sheds from the backyard.
The house got "new everything", including a new kitchen. Photo / Bevan Conley
After Burrell dropped out of university he looked for a young business mentor and managed a shop in Hamilton called United Sweets. When the shop sold he invested the money in educating himself about property investment and made a business plan.
"I wanted to get to where I wanted to be financially and be able to help others."
He hasn't invested a single dollar of his own in property, but has worked consistently with about 12 investors for the last two years.
In Whanganui he's done renovations, mostly to a top value of $100,000, before selling properties. He's got a subdivision in Otamatea where he will sell six sections and he's about to do his first build - on a section in Akatea St where a house burned down in July last year.
From March 31 this year he wants to put 10 per cent of profit into the rent-to-buy scheme. When there is enough money he will buy a property, make it liveable and rent it.
He may want his own property as a "base" some day, but said his generation don't have the Kiwi mindset of buying a house and then a couple of rental houses, to set themselves up for retirement.
"It's easier and more affordable to travel. We can work anywhere, and work online. We don't want to own as much any more. We're in the time of car sharing and house sharing, Airbnb and Uber."
