Buying a home for yourself makes no sense

In a housing market often characterized by rising prices and the elusive dream of homeownership, a savvy migrant couple has turned conventional wisdom on its head. Rasti Vaibhav, 48, and Rupali Rastogi, 43, who arrived in Australia in 2006 with backgrounds in IT and banking, now own a staggering 18 investment properties valued at an estimated $11.3 million. Their controversial advice? For aspiring residents of upmarket suburbs, buying a home to live in simply "makes no sense."

The couple's remarkable investment journey began in 2011. With just a 10% mortgage deposit, they purchased land and built a four-bedroom house in Newcastle's Fletcher, costing them $440,000. Fast forward to today, and their impressive portfolio spans the country, with properties in Sydney's outer west, Melbourne's north, Brisbane's fringes, and south of Perth. This extensive collection of investment properties cost them a total of $5.8 million, now conservatively estimated to be worth nearly double that amount.

Mr. Vaibhav argues that a common pitfall for many Australians is spending years diligently saving for a mortgage deposit to live in a desirable Sydney suburb, only to find property prices have soared beyond their reach. "It's very emotional - 'I live in my own home and I can choose to change the décor as and when I like it' - but just be aware that's very costly," he shared with Daily Mail Australia. He challenges the traditional mindset that one must own their primary residence first before venturing into investments.

Defying this convention, the couple themselves opt for a far more economical lifestyle, renting in Narraweena, near Dee Why, on Sydney's northern beaches. This strategic choice allows them to avoid the substantial financial commitment of buying their dream $3.5 million home in the same affluent area. "It's about having both," Mr. Vaibhav explained, referring to the ability to live comfortably while simultaneously building substantial wealth through property investment.

Since 2020, Mr. Vaibhav and Ms. Rastogi have channeled their expertise into Get RARE Properties, a buyers' agency whose name cleverly alludes to "Get Rich and Retire Early." Their ultimate ambition is to become owner-occupiers in their own home, but they are approaching this goal strategically as investors first. The plan is to eventually divest several of their investment properties to fund the purchase of their personal dream residence. "We have just delayed our buying a home - it doesn't mean that we'll never own our own home," Mr. Vaibhav affirmed, highlighting their long-term vision.

Their approach underscores a growing trend among some astute investors: prioritizing asset accumulation and passive income generation over immediate personal homeownership, particularly in high-cost markets. By leveraging rental income and property appreciation, the couple demonstrates a powerful alternative pathway to financial independence and, ultimately, the flexibility to choose where and how they want to live.

Rasti Vaibhav is also the author of "The Property Wealth Blueprint," a guide to his investment philosophy, and co-founder of Get RARE Properties with his wife Rupali Rastogi. Their story serves as a compelling example of how a disciplined, unconventional approach to real estate can lead to extraordinary wealth accumulation.