A US migrant has revealed how she turned her real estate side hustle into a multimillion-dollar fortune.

Connie Bai, an immigrant from China, bought her first home in California’s San Francisco Bay Area in 2011.

Nearly 15 years later, the software program manager’s dream of being a homeowner has blossomed into a burgeoning real estate portfolio.

Ms Bai now owns three properties, including her primary residence in one of the nation’s priciest real estate markets and a rental home, earning her $US2.4 million ($A3.7 million) in equity alone.

“I didn’t know the market was low,” Ms Bai told Realtor, looking back on her first foray into real estate.

“I just felt that I wanted to buy a home. I felt the need.”

MORE: Neighbours at war over tycoon’s ‘iceberg’ basement

‘King’s not having it’: Charles’ wild blow up

‘Misfit’: Neighbours unleash on Meghan

Ms Bai, who briefly worked for Move, Inc., the parent company of Realtor in 2017, said that through her real estate “side gig,” she has not only cobbled together a small fortune, but also discovered a passion for housing investments.

Last year, she obtained her real estate license to become an agent, and she is now preparing to take the broker exam.

“I want to help real estate investors to better invest, invest wisely,” explained Ms Bai.

“I want to help them with my knowledge and experience.”

First-time homeowner

Ms Bai arrived in the Bay Area from China in 2001 armed with a law degree and a drive to succeed.

She pointed out that her mother always taught her to be independent and ambitious — and she took those lessons to heart.

“I want to be successful financially, and I like money,” she readily admitted. “So I am very highly self-motivated.”

In the years that followed, Ms Bai earned a master’s degree in computer science from California State University–East Bay, followed by a law degree from the University of California–Berkeley School of Law.

By 2009, Ms Bai had been working in tech in Silicon Valley for several years when she decided to launch her own start-up, Yeepet, which she described as a social media network and e-commerce platform for pet lovers.

Although her online venture did not survive in the long run, Ms Bai said luck was on her side, because Yeepet generated enough profit to allow her to buy her first home: a four-bedroom, two-bathroom property in San Jose, California, which she snapped up for $US675,000.

“I wanted to own a home and I wanted to have a permanent address,” she said. “That was the initial motivation.”

What Ms Bai did not know at the time was that she was sitting on a gold mine.

As Silicon Valley’s tech industry exploded, San Jose’s housing market has soared.

“I just kept monitoring the market value of the property,” Ms Bai said. “Every year, it just kept going up.”

As of April, San Jose had the highest median list price in the US, at $US1,399,000 ($A2,164,000), up more than 24 per cent from six years ago, according to the latest Realtor.com Monthly Housing Trends Report.

That was welcome news for Ms Bai, whose 1964-built home was now worth roughly $US2.2 million ($A3.4 million).

Expanding the real estate portfolio

But the ambitious tech entrepreneur was not done with her money-making hobby.

In December 2019, shortly before the COVID-19 pandemic plunged the world into a state of turmoil, Ms Bai said she observed that the interest rates were low.

Although she was not on the market for a second home, she saw an opportunity and again took a swing, closing on a sleek property with a pool in California’s Central Valley.

Ms Bai said she paid $US567,000, which was more than $US100,000 below the original asking price.

Fast-forward to 2025, and that second property, which the homeowner has been using as her vacation retreat, is now valued at around $US800,000 ($A1.2 million).

In 2021, at the height of the pandemic, Ms Bai bought a four-bedroom home in the town of Tracy, California, about 20 minutes from the Bay Area, for $US605,000.

While the appreciation rate of her third property has been lower than the first two — a Realtor.com estimate shows that the home is currently worth $US649,000 ($A1 million) — Ms Bai said she has been making a handsome profit by renting it out.

Ms Bai explained that while buying real estate is never an easy decision, she approaches each closing with confidence informed by her awareness that land in the Bay Area is scarce, which means that its value is bound to go up in the long run.

“So every time I jump into a single-family home, I know I am going to sit on the pile of cash sooner or later,” she added. “And that’s been proven as a fact.”

Learning from her mistakes

It has not been all smooth sailing for Ms Bai in her real estate journey.

Speaking to Realtor, she said that she had made “a bunch of mistakes” as a novice investor.

Her first faux pas was buying a rental home for more than $US500,000 ($A773,000), instead of opting for something cheaper.

Ms Bai’s second misstep was to splurge on $US50,000 ($A77,000) worth of renovations to the home — even though she knew she was planning to lease it out.

“I tried to treat it as if it was my own home where I would live,” she said, “but I shouldn’t have done it”.

Ms Bai’s third error was not doing enough homework about the city where she was looking to buy property.

She said she learned only after the fact that Tracy, California, does not allow Airbnb-style short-term rentals — something she wished she had known in advance.

“So my advice to those real estate investors like me would be, do your market research, really be aware of yourself,” Ms Bai urged.

“You think you’re experienced. Yes, you may be experienced as a homeowner, but you may not be experienced enough as a real estate investor.”

Looking ahead, Ms Bai said she plans to continue growing her property holdings, and ultimately transition into real estate full time, but focusing on consulting rather than sales.

“As long as I can provide value, meaning, knowledge, education, guidance, diligence, then money becomes a by-product,” she said.

Parts of this story first appeared in Realtor and was republished with permission.

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: Crumbling Toorak mansion linked to royals hits market

Melb buyer’s bold plan after forking $2m on home

Aussie uni’s sell-off to pay $72m in staff debt

The post ‘I turned my real estate side hustle into $3 million fortune’ appeared first on realestate.com.au.

A 1960s Toorak home with council-approved plans is drawing buyers keen to turn it into one of the suburb’s next multimillion-dollar masterpieces — all without the price tag of a finished home.

Tucked away in a quiet cul-de-sac, 4 Theodore Crt is a striking mid-century residence set on a 387sq m block, with a price guide of $3.2m-$3.52m.

The existing home still wears the hallmarks of its era — stonework, sculptural lines, original cabinetry and bold geometry.

The property also comes with a full set of endorsed architectural plans to bring it back to life in spectacular modern form.

RELATED: Nation’s cheapest home loan hits shock low

First-home buyers hit with $40k+ tax bill

Why The Block architect says beige is over

RT Edgar director Jeremy Fox said interest was strong among design-minded buyers looking to create something unique in a tightly held Toorak pocket.

“It’s a uniquely designed 1960s house, those kinds of homes are really coming back into fashion,” Mr Fox said.

“The lady who started the renovation had a clear vision, but now it’s ready for someone else to step in and put it all back together.

“It’s a unique opportunity for someone to bring those original 1960s features back to life and reimagine them in a modern context.”

The council-approved plans include four bedrooms with ensuites, a vast open-plan kitchen and living zone, rooftop terrace with sweeping Yarra views, an in-ground pool, and off-street parking for two cars, all brought together by natural stone and luxury finishes.

Mr Fox said the property appealed to a specific type of buyer — savvy, creative and keen to capitalise on the value difference between what exists and what’s possible.

“We’re seeing strong interest from all the usual suspects, renovators, husband-and-wife teams who can’t find a finished house in Toorak for $6m or $7m,” he said.

“They see the potential here to finish it off for $1.5m and have something worth closer to $8m when it’s done.”

The RT Edgar director said the home was priced below market value compared to many finished homes in the area and noted that the lack of a heritage overlay gave buyers welcome flexibility.

“All the architectural plans are ready to go, which is a huge bonus,” Mr Fox said.

“And because there’s no heritage overlay, buyers have the freedom to restore or rebuild. That kind of flexibility is rare in Toorak.”

Just a short walk from top private schools, Como Park and Toorak Village, the property is surrounded by some of Melbourne’s most prestigious homes and sits on elevated, north-facing land.

---

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: Melb hardware hero stared down prison with a sausage sizzle

Private slice of country paradise up for grabs

Trade turmoil: Aussie’s home dream crushed

david.bonaddio@news.com.au

The post Toorak mid-century home listed with plans to transform into $8m luxury residence appeared first on realestate.com.au.

Locals have launched a furious campaign against an UK tech entrepreneur over his plans to build a mega basement under his mansion.

Millionaire investor Peter Dubens wants to erect a whopping 7700 sq ft underground leisure complex with saunas, a bar and a luxury cinema, The Sun reports.

The tycoon, who founded Oakley capital in 2002, has infuriated neighbours with the “iceberg” plans.

Mr Dubens submitted a planning application to the local council detailing the two year project.

Locals and neighbours quickly objected to the “vanity project” which would take up nearly 50 per cent of the area under Mr Duben’s garden.

The renovation would take two years to complete and would also feature a wine cellar, an entertainment space and a golf simulator.

MORE: Block star reveals mistake that devalue homes

‘Misfit’: Neighbours unleash on Meghan

‘King’s not having it’: Charles’ wild blow up

Dozens of objections against the millionaire’s controversial proposal began flooding in soon after the application was made.

Neighbours took issue with everything from the traffic management plan to potential flooding risks.

Locals said the last time Mr Dubens had work done to his £10 million ($A20.8 million) mansion it took nearly three years to complete.

Claims were also lodged that cars, water pipes and sewage pipes were damaged during the previous renovation works.

Six ward councillors have written to the council objecting to the massive planning application, saying the basement development would create an “iceberg” home.

An “iceberg” home is a residence with more square footage below ground than above.

Specific legislation was introduced by the borough to control the development of basements and prevent “iceberg” homes from being built.

Ward councillors also said the plans posed an unacceptable flood risk and would harm the character of the conservation area.

Additionally councillors raised concerns about overdevelopment and harm to residential amenity, hazardous construction impact and cumulative harm to sustainability, heritage, and quality of life.

One local objection to the application reads: “The current Construction Traffic Management Plan envisages 10 concrete mixers and 10 skip lorries a week (averaging one every two hours, with a forty minute maximum dwell time) for a period of many months.

“In other words, hundreds of vehicles will be needed to drive up a road which is too narrow to take them.”

Another local objection said: “This is nothing more than one man’s appalling vanity project.

“Why does one man need so much? He clearly doesn’t care one jot about anyone else, nor the area in which he lives.”

The planning application was unearthed by news outlet The Chelsea Citizen.

“We make every effort to listen to the concerns of our neighbours,” a spokesperson for Mr Dubens told The Chelsea Citizen.

“In the event that any development work does take place, it will be undertaken with due care and consideration, and in strict accordance with planning regulations.”

The application will be considered for approval by the local council this month.

A spokesperson for the local council said: “All planning applications go to consultation so that anyone can provide feedback.

“The consultation on this application is open until Friday 6 June.

“Officers will review the application and all the feedback after the consultation closes, before making a recommendation.”

The Sun contacted Peter Dubens’ team for comment.

Mr Dubens, who’s worth £100 million ($A208 million), made millions in colour changing T-shirts before pivoting into investment.

He went on to make more money from the sale of Pipex broadband and invested in Time Out magazine.

In 2019 the millionaire set up the Peter Dubens Family Foundation to support good causes, mostly in the UK.

Parts of this story first appeared in The Sun and was republished with permission.

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: Overlooked VIC suburbs winning in 2025

Melbourne Uni offloads historic mansion

$250 a day: Melb market ‘on like Donkey Kong’

The post Neighbours at war over tech tycoon’s ‘iceberg’ mega-basement appeared first on realestate.com.au.

Homeowners are hopeful that 2025 might bring them good fortune, as numerous forecasts suggest a series of consecutive interest rate reductions.

Many will be taking comfort in the fact that the nation’s big four banks are predicting several rate cuts for the rest of the year.

The cuts come as the Reserve Bank of Australia shifts its focus from reducing inflationary pressures to measures designed for economic growth.

When does the RBA meet next?

The RBA has listed the following meeting dates on its website:

July 7 and 8

August 11 and 12

September 29 and 30

November 3 and 4

December 8 and 9

However, the RBA told reporters late last year that some of those meeting dates may shift.

That may include the November meeting, so it doesn’t clash with Melbourne Cup Day on November 4.

When will an outcome be announced?

The outcome of the respective meetings will be announced at 2.30pm on the second day scheduled, and the Governor will hold a media conference at 3.30pm.
The minutes of the monetary policy meeting will continue to be published two weeks after each meeting.

RELATED

Banks aggressive tactics to retain customers revealed

Mortgage mistake 70% of Aussies are making

Named: 13 Aussie banks refuse RBA’s rate cut in May 2025

What is the cash rate target?

The RBA has set the cash rate target at 3.85 per cent as of May 21, 2025.
This rate was lowered from 4.10 per cent by 25 basis points at the May 20, 2025 meeting. The next update for the cash rate target is scheduled for 2.30 pm on July 8, 2025.

When will be the next rate cut?

Mortgage holders could be waiting until September to see a reduction in their home loan repayment rates as some economists predict the RBA will not make a further cuts at its July and August meetings.

RBA governor Michele Bullock said the board had considered a 0.50 per cent cut during its May meeting, before reaching consensus on the 0.25 per cent reduction to the cash rate target.

“Does it mean we’re headed into a long series of interest rate cuts? I don’t know at this point,” she told media.

She described the 0.25 per cent cut as “cautious”, adding that it came “with a recognition that if we need to move quickly, we can. We have got space.”

MORE NEWS

Australian mortgage holders ‘can’t be bothered’ refinancing to a better deal

‘Major lift’: Shock Aus city tops price boom

These Aussies may never be able to buy a home

Australia’s Big Four banks have also shared their predictions.

CBA predicts a cut each quarter in 2025, taking the cash rate to 3.35 per cent by the end of the year.

Westpac predicts further cuts in August, and November, taking the cash rate to 2.25 per cent by the end of the year.

ANZ predicts two more cuts, taking the cash rate to 3.35 per cent by August, while National Australia Bank expects that rates will ease more quickly through the middle of this year, taking the cash rate to 2.6 per cent by 2026.

MORE NEWS: Great Aussie dream crushed by cost surge

When will interest rates go down?

If the RBA does cut rates, it’ll be up to the banks to decide if they’ll pass that cut on to customers.

So if you have a mortgage, you’ll have to wait to hear from your lending institution about whether your rates are changing.

When rates were cut earlier this year, each of the big four banks reflected the change within a few minutes.

This time around, some lenders have already begun lowering rates, as banks have a high degree of confidence the RBA will make a cut.

The post When does the RBA meet next and interest rates go down? appeared first on realestate.com.au.