Golden Girls Get Going

Meet Pat Fleming – an Australian Golden Girl (over 50's single woman), tax specialist and successful property Investor ... but it wasn’t all smooth sailing.  

In 2000 after a series of adverse events, she was left with absolutely no assets and nothing to retire on.  Pat says, “With only $60,000 collected from my super and long service leave I was devastated. It was like starting all over again, except I was now 50 years old.”

Adversity Turns to Action 
According to Pat, she turned this adversity into action and it was the kick start she needed to take control of her destiny.  “Investing in property was the logical choice as I had little time for risk and it was the safest option for the long term.”

After purchasing her own home on the Gold Coast, Pat then purchased her first investment property in a suburb south of Brisbane with a small deposit and a credit card.  “Using a credit card isn’t something I would advise my own clients to do,” she laughs.  “I paid $82,000 for it.  It is now worth $175,000."  She continues by saying, “I then leveraged off my house and purchased another two properties in the same area.  This then led to a share in a commercial property, a pair of duplexes which I renovated, another unit and just recently a duplex on 530sqm in Southport.” 

Portfolio worth over $2.25 million
In around 5 years Pat has turned her life around and she now owns a property portfolio worth over $2.25 million. Pat Fleming’s story is inspirational to all women and proves that a man is not a financial plan.  Statistics indicate that 40% of Australian women over 50 will be single through choice, divorce or death of their partner and a woman’s superannuation will be typically half of that of a mans at retirement. 

Pats’ success in property has opened new doors for her future and she willingly talks about her newest project, a joint venture with a group of like minded women who all want to go to the next level in property investment by moving into bigger projects.  Like all good Joint Ventures, each member brings their own experience to the table.  Amongst them is a property manager, a purchasing manager who is very good at sourcing things, a business owner, an admin manager who is great at detail and research and of course Pat, the accountant.

Reno Kings Report: 12 Keys for a great JV

“We all mix well together”, Pat announces, “This way we are spreading the risk and making it easier to get finance.  We may not have bought anything yet but we have made offers on several properties.”

It is easy to assume that a group of women together may mean trouble.  However Pat is clear in explaining that the rules of engagement were enforced right at the start. Pat explains, “Any property purchased must be a unanimous decision and if the whole group does not agree, individuals do have the right to pursue projects individually.  All of our buying is done in the name of a trust with a corporate trustee.”

Can't afford to make a mistake at my age 
Joyce Malcolm, is another Golden Girl who wants to secure her financial future through property. She is also a member of the JV group and explains that this provides her with the opportunity to explore her ideas with other women in the property investment business. “I can’t afford to make a mistake at my age,” she voices.  “I have read a lot of books and attended all of the Reno Kings workshops which I fully recommend to people.  You must get your financial education to make this work.”

This sentiment is one supported by Pat who emphasises that research is an essential ingredient is a successful property strategy. Pat says, “When you are buying a property you need to research thoroughly. Although some research can be a little costly, it is worth the investment. The good news is that much of the research will cost you nothing.”

Look out, here come the Golden Girls.

Additional Information

For Pat’s tips on researching your next investment property

For Information on the Property Women Workshops

For information on the Reno Kings Workshops