With tightening lending policies, soaring costs of living and unprecedented prices dominating the Australian property market, today’s first-home buyers face an uphill battle.
Yet, one savvy Sydney teenager is bucking the trend. Having already put a Mosman mansion under his belt, 14-year-old Bennie Factor says that with a lot of planning, and a little bit of elbow grease, anyone can become an overnight homeowner.
What’s the secret to his success?
A little-known legal trick called “parricide”.
In his speaking tour, “From Parricide To Property – How To Unlock Your Instant Inheritance”, Bennie told his story:
“I’ve always wanted a home of my own and, after years thinking about scrimping and saving, I realised there was an easier way to get ahead. I could just knock off my parents.”
“Once I knew what I wanted to do, it was just a matter of doing my research, saving a deposit, then finding a hitman that was within my means,” he said.
Now, four years of imprisonment and one svelte waterfront property later, Bennie is determined to help other struggling young people break into the property market.
His top three tips for securing your “instant inheritance” are:
- Seek out good legal advice
With the right people in your corner, knocking off your parents to inherit their estate doesn’t have to be stressful. Find a good lawyer – it’s critical that you ensure you’re in the Will. Otherwise, you’ll be out of a home and out of pocket!
- Start early
If you’re under 10 years of age, you may not have to worry about assuming criminal responsibility in Australia. However, if you decide to wait until when you turn 14, you may end up doing a little jail time. This isn’t necessarily a bad strategy, just make sure the income and opportunity losses you’ll incur while behind bars will be offset by the property’s capital gains (and don’t forget about CGT!).
- Think outside the box
With property values plummeting, the last thing you want to do is inherit a house with little to no equity and a variable interest rate to boot! If your parents won’t have repaid their mortgage by the time you become criminally responsible, consider conspiring with a younger sibling who can do the dirty work for you at the most financially opportune time.
While his methods are a welcome departure from the bootstrap philosophies eschewed by many financial advisors, Bennie’s speaking tour is not without its detractors.
Victoria Freelander from the Sydney Renters Association told Dropbear that the whole concept of parricide was “deeply problematic”.
“It’s great that he was able to use closing his account with the ‘bank of mum and dad’ as a way to get ahead. But what about people whose parents are renters? Who are they meant to suffocate in their sleep?” Victoria said.
– with Vivienne Mitchell
Dropbear on Twitter: @dropbearRASK
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