4
L
arissa and Adrian Ford are building a property
investment portfolio the old-fashioned way,
being prepared to slog it out on the renovation
front while their tenants live in greater comfort.
It is common to hear people criticise “the youth of today”
as being absorbed with needing to have everything now –
yet not being willing to sacrifice their lifestyles for long-
term gain.
Not so Larissa (31) and Adrian (33). Having both seen
their parents improve their station in life by working their
way up through property, they are focused on their goal.
So much so that they are living in a unit while the house
they bought to raise a family in is being rented out.
They have been together for 15 years and married for five
and have been paying off a mortgage for the past 10 years.
Larissa was born in Matamata and schooled at Bethlehem
College and met Tauranga Boys College student Adrian
when they were teenagers, before Larissa then went on to
complete her tertiary studies.
“We did the long-distance relationship, me in Matamata
and him in Tauranga,” recalls Larissa. “I was still finishing
off a degree at Wintec in Hamilton, commuting from my
parent’s house.
“I was about six months off finishing when Adrian bought
a property in Ohauiti with a guarantee from his parents. It
had always been a rental and was a bit knocked around. We
gave it a general tidy up, including new carpets, paint and
bathroom fixtures before moving in and later followed on to
the outside landscaping, decks and new fences, which kept
us busy for the next eight years.”
Larissa started fulltime work with a building company
doing colour consultancy and reception, eventually moving
to a law firm and then had a short stint at a real estate com-
pany in a marketing role before taking a part-time job at an
investment company. Adrian has now clocked up 14 years
as an architectural draughtsman.
“We are two creative people – it’s our forte,” says
Larissa. “We are both very practical.”
They successfully marketed their Ohauiti property
themselves through Home Sell and took the advice of
Larissa’s nana Lorraine Harris, a retired real estate agent in
Matamata.
“Adrian is the numbers man and also loves precise meas-
urements. Our renos are always done well because he’s a
perfectionist.
“I’m the passionate creature, making sure it is presented
well and has the right marketing.”
While the Ohauiti property was for sale Adrian’s parents
purchased a do-up in The Avenues, Tauranga.
“The four of us did it up collectively in 14 weeks. It was a
full reno – wall linings, electrics, paint, wallpaper, kitchen,
bathroom, flooring, new roof and new joinery.”
They moved into the unit and started looking for a family
home, somewhere that had good schools for their future
children, yet was close to town.
“We bought a house in Pillans Pt, but we don’t live in it.
It will be our family home. It needs some TLC, and it is
looked after for us by a property manager.
“We’re living in a 90 sq m unit with single garage instead
of this 200 sq m house with tandem garage,” says Larissa.
“This sometimes takes a bit of explaining to people when
they ask why we don’t live in our own house,” adds Adrian.
The unit is finished to a very high standard, as Adrian’s
parents were prepared to do that because they knew they
were doing it for Adrian and Larissa to live in.
“By having Pillans Pt rented out, we get more a week in
rent than we pay for the unit,” adds Adrian, “so it is very
cost effective for us and at the same time my parents know
their investment is well looked after.”
The couple even found time for a big adventure overseas
last year, as if to show that it was not all work and no play.
“Maybe in another 12 months we will make the move
into Pillans Pt,” says Adrian. “We are at a crossroads. We
could potentially buy the unit we are living in off Mum and
Dad at market price, or do up our Pillans Pt house.
“If we improve the equity in Pillans Pt first, we could use
that to finance the unit we are in.
“There is also another unit adjoining ours that my parents
own that the four of us renovated earlier this year.
“Our ideal picture is to have the family home and the two
units, which would set us up for retirement.”
They have been saving any extra income, “rather than
wanting stuff now”. “It gives us options. We are not over-
committed if something happens.”
“We will always keep an eye on the market,” says
Larissa. “We would also love to build a new home at some
stage to use the skills that we have, to either live in or sell.
“So far, we have always bought well, usually the worst
in the best street, something that needs work. If you’ve
got vision and are prepared to do the hard yards, it will
happen.”
“We are trying to spread our eggs – we want to have it
all, but not right now,” says Adrian. “Once you are on the
[property] ladder and do it right, you can stay there.”
Young couple prepared to do the hard yards
WORKING
By Paul Dykes
THEIR WAY UP
