LESSONS LEARNED THE HARD WAY
When it comes to property investment journeys, Shane Storey’s is in part, a cautionary tale. At 25 years old, the Massey University student owned 12 seven-bedroom student houses in Palmerston North. Only two years later the pressure from problems relating to his portfolio landed him in the hospital coronary unit, with a stress-induced heart condition. He was close to bankruptcy.
The Waikato-born investor and accountant grew up on the family farm and following high school, and an 18-month stint farming, he enrolled at Massey in 1988 to study business and accounting.
It was there in Palmerston North where he made his investing debut: he and his then-girlfriend couldn’t find any accommodation so they used their interest free student loans from the bank as a deposit for a three-bedroom house.
They’d seen a friend convert a garage into two-bedroom accommodation at another
