A driver who created a trucking empire delivering ready-made meals bought 70 vehicles and 17 homes in five years, and says he has zero fear of property bubbles in the Australian market.
CK Refrigerated Transport owner Ashok Patel started saving when he was a truck driver in 2018, with his strong work ethic recognised by firms he was contracted to who urged him to consider expansion. He went on to build a fleet of 70 vehicles, going gangbusters during the pandemic delivering ready-made meals for the likes of HelloFresh and YouFoods in Queensland and New South Wales.
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His confidence in the property market for the long term is unshakeable, even at the mention of property bubbles. “Property is never going to drop out,” he said. ”Queensland is still developing. The property market in Queensland is going higher and higher. Nowadays the interest rate is nearly 7 per cent and still we are getting positive gearing from property and the bank is giving us good values as well.”
Ashok and Asha Patel bought this Toowoomba house for rental purposes early this year.
The Patels’ Townsville rental property bought in the first three months of this year.
His view is to “keep holding even if it goes negative”.
“If one or two properties go negative, I still hold other property that is positive. There’s not going to be a burden on me to manage those two properties going into negative.”
Mr Patel sunk his savings into property investments in Sydney in 2020 including a $430,000 Parramatta apartment, a $560,000 block of land, two other units and another house – some of which doubled in value through the pandemic, setting up an epic buying spree this year.
“The land alone is worth a million dollars in Marsden Park,” he said.
He and wife Asha engaged Bharat Patel of Cashflow Properties to take the next massive step – a dozen properties in six months, 10 of which are in Queensland, one in Melbourne and one in Tasmania.
Ashok Patel with his buyers agent Bharat Patel of Cashflow Properties.
“I was afraid of making a big mistake if my plan went wrong,” he said. “We have enough savings to acquire properties. We have a plan to create a massive property portfolio while we work and are active. We will be targeting different states and regions as a next step to keep building our investment portfolio. It is a combination of growth and cashflow properties that can help not only to hold for a long time but also to have less risk in rainy days.”
“It’s not only about having assets acquired but also holding them until you see them double in the next cycle.”
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The Bundaberg rental property the Patels bought early this year.
One of two houses Ashok and Asha Patel bought in Rockhampton.
He bought five houses in Queensland worth $1.9m within the first three months of this year – with a sixth in settlement stage in Middlemount.
“Another four in Macleay Island (a four-pack townhouse development) – we just had the contract signed yesterday, and one contract signed in Mildura near Melbourne, and one in Tasmania.”
Long term, sustainable wealth is the goal, he said, which he had total confidence property would deliver.
“For every property I have, I have a buffer, so it’s not hurting too much to hold during rising interest rates.”
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