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A teenager has purchased his first home his first investment property at only 18 years
old after dropping out of high school at 16. 

Jacob Cooke-Taite worked 40 hours a week to buy a five-bedroom Masterton home in Wairarapa, valued at $400,000, reported.



He saved $50,000 to cover his share of the deposit on the property by working long hours after school and
on the weekends at Masterton Hell's Pizza.






Pictured: Jacob Cooke-Taite worked 40 hours a week to buy a five-bedroom Masterton home valued at $400,000 with his partners Trish Keogh and Blake Kael







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As his savings built up and he noticed his interest
in school decreasing, Cooke-Taite decided to educate himself on property investments
which led him to investors Trish Keogh and Blake
Kael.

The young man spent two weeks renovating a home
with the two, leading to a close friendship among them. 

Not long after, he dropped out of high school which increased
his weekly hours from 40 hours to 70.

Once he had enough savings, Cooke-Taite set out to find
a property valued at around $250,000 but was met with the five-bedroom $400,000 home instead. 






Pictured: Once he had enough savings, Cooke-Taite set out
to find a property valued at around $250,000 but
was met with the five-bedroom $400,000 home instead


The opportunity was too good to pass up so he agreed to go 50-50 on the investment with Keogh and Kael.


He put up $40,000 as a deposit on the house and added $10,000 on top for renovations which was matched by the two investors. 

The group predicts they will be able to spend $15,000 to transform
the home into a 7-bedroom property whilst bringing in $600 weekly for the trio to share among themselves. 

Throughout all the mayhem, the teen still found time to start powerlifting training which led him to win a national
title for 14-18 year olds weighing under 83kg. 






The teen still found time to start powerlifting training
which led him to win a national title for 14-18 year olds weighing under 83kg


Cooke-Tait said that growing up with very little motivated him to
turn his life around through hard work. 

'I was happy to scrub floors or do whatever to save
money - working hard has always been important to
me,' he told . 

He also insists that regardless of how his mum sees it, he is not encouraging
kids to leave school. 

'My message is more to educate yourself,' he said.







Cooke-Tait said that growing up with little motivated him to turn his life around through hard work


'The trick is to buy a house under market value and then add value through renovations
with the gain in value being used as the deposit for the next one,' he added.  


Andrew King, New Zealand Property Investors Federation executive office, commends Cooke-Tait for his great
achievement saying his hard work 'shows it can be done as
long as your are focused.'

Cook-Tait is determined to own 10 properties by age 21 and aspires to become a property investor before he turns 30. 

 










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Teen Jacob Cooke-Taite buys first home in Masterton after dropping out of high school - NZ Herald






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