Joseph Chou, founder and CEO of Ironfish, is a Chinese migrant who has built up a very successful business along with some very capable partners and along the way he has duplicated his success and fulfilled his dream of being a good example to other migrants and ambitious individuals.
In what city/state was your first house located and approximately what year did you buy it?
I bought my first house in Ermington, Sydney in 1992 for $175,000.
What was your living situation prior to buying your first house? Where/with whom/etc?
I was renting a 2-bedroom house in Denistone.
What motivated you to purchase your first house?
The landlord wanted to increase the rent by $100 per month and did it in a very unfriendly manner.
How did you go about getting the money together to buy it?
I had some savings and also borrowed some money from friends and got a mortgage.
When you purchased, were you thinking of it as an investment or as a place to start a family. Please elaborate.
A place to live in.
What are 3 things you liked most about the house?
Close to my wife’s work place, clean (ready for us to move right in), and within our budget.
Was there anything you didn’t like about it?
Small and it only had a one-car garage.
Did you make any improvements or major renovations to the house?
Put in an air conditioner and re-did part of the drive way.
Please share 1-2 of your fondest/funniest memories from living there.
It was our very first house. We were so excited when buying furniture for it. I always enjoyed walking our two dogs, a big black Belgian Shepherd and a tiny white Maltese Terrier together.
Do you still live there or did you sell it or renting it?
We sold it three years after.
IF YOU SOLD IT, please provide sales data:
● Year you bought the house
● Year you sold the house
● What you bought it for
● What you sold it for
What advice would you give other first time home buyers?
We should have kept it as an investment property. It would be worth over $1 million today.