An 8-year-old girl has become one of the world's youngest homeowners after a home at the age of six.
Yeah, you read that right - Ruby McLellan, from Australia, is the country's youngest homeowner after she and her two siblings Angus, 14, and Lucy, 13 bought their first home together.
The four-bedroom property, which is situated in Clyde, Victoria, cost the threesome $671,000 two years ago and is now worth $960,000.
The three siblings worked hard to gather a $6,000 deposit from doing chores around the house as well as helping their father pack his book about property investing - now you know why it all kicked in so early - and with the help of both their parents, they were able to purchase a property.
They are now on track to purchase their next investment property using the equity in the mortgage of the current house, with all their names as owners as per a report by the Daily Mail.
Speaking to the outlet, Ruby said that she thinks it's "pretty cool" that she's managed to achieve this at such a young age, but for now, she's keeping it under wraps from her school friends.
Their dad, Cam, who is the CEO of property investment company OpenCorp, said he taught his children the basics of investing in the hopes that they'll be able to put it to good use in the future.
"In ten years time when our kids might start looking to buy their own homes, the deposits are going to be $200,000," he said. "There's no way kids of today are going to be able to afford a home without help from mom and dad."
He continued: "We have four kids and might need to fork out $800,000, so the obvious thing to do is to use one small deposit now, buy a property, let it double in value and then sell it."
The family said that they hope to keep the property until Lucy and Angus are in their early 20s, which will mean they've waited one "full growth property cycle", as Cam calls it, and estimate that it will be values at around $1 million, so that each of their children can have some help when they want to buy their own homes.
"Historically every seven to ten years property doubles in value," Cam continued of the plan. "I've been investing for 30 years and now is a great time to invest based on inflation decreasing and the prediction of interest rate drops."
Cam and his wife Felicity purchased their first property together in their early 20s with the goal of becoming "financially free," and that's just what they've done.
The property investor only works a handful of hours every week to maintain his cash flow and now he has more time to spend with his wife and kids.
"In the first few years Felicity and I bought existing builds, but with new builds you can get the perfect property in any area plus hone in on the right design and depreciation is the greatest at the start," Cam explained before adding: "And tenants prefer new builds over existing ones - there's so many advantages."
So there we have it guys, take those tips from Cam and see how it works for you. But then again, I guess it only works if you have a rich daddy to float the foundations of the project.
