Property investor Bharat Patel, 43, first came to Sydney as a student and now was 56 homes across the country.
An IT worker who arrived in Australia as a student 20 years ago has revealed he now owns 56 homes, 18 of which were bought in the last five months – but he claims he isn’t being greedy by buying so many.
Sydney resident Bharat Patel, 43, said his properties were worth a combined $20 million and the rents he pockets from his property empire totalled nearly $780,000 a year.
He added that he only holds about $7.5 million in debt against his $20 million portfolio because the values have skyrocketed since he purchased many of his homes.
The portfolio is reportedly positively geared. Mr Patel claimed that he pockets about $108,000 a year in passive income after he pays his loan costs, insurances and other ownership costs.
He brushed off suggestions his property buying spree could be denying others homes given that many Aussies were struggling to buy even one, saying he hoped he could “inspire others”.
“I know some people who have hundreds in Australia,” he said. “When I read about them I get motivation. They worked hard.
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One of his recent purchases was this unit block in Dubbo, with a blank parcel of land next to it that he plans to subdivide and develop.
“I am sure there are others who might also want to work. I want to pass on the message that you can do it. If you think it is too expensive, it’s not.
“I expect there will be positive and negative comments.”
Mr Patel explained that a new strategy started this year allowed him to turbocharge the growth in his portfolio, with 18 homes purchased in only the last few months.
These included an entire block of six units in the Surat Basin region of Queensland, along with unit blocks in Dubbo in NSW and Townsville.
“I buy in bulk,” he said. “I buy whole apartment blocks, which I can usually get for cheaper than if I’d bought them separately.”
His portfolio comprised 38 properties in June and but will grow to 56 when he soon settles on a block of six units he recently signed contracts on.
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He also bought this block of units in Queensland’s Surat Basin region earlier this year.
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It’s a far cry from when Mr Patel started his empire in 2009. Back then he was earning about $54,000 a year in an IT role, equivalent to about $85,000 in 2025.
He had about $50,000 in savings to put towards his first purchase, a $322,000 house in Western Sydney, and his income was supplemented by a second job at a fruit market.
He had arrived in Australia from India in 2004 as a student, studying a course at the University of Technology Sydney. He received permanent residency a few years later.
His income increased in the years that followed and he was earning in the region of $120,000-$150,000 for much of the late 2010s, with additional income coming from his wife Vaishali.
His peak earnings were about $200,000 a year before he started a property business in 2021.
“I sacrificed a lot to get where I am now,” he said. “I live a basic life. I don’t have luxuries. I just want to fulfil my goals.”
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Bharat Patel has invested with wife Vaishali.
Mr Patel noted that in the beginning he mostly bought cheap homes selling for “under market value”. He targeted properties where the rents covered most of his mortgage payments. Other properties were supported with negative gearing tax claims.
He also researched areas likely to see huge spikes in home values – often due to a coming infrastructure project. Rapid rises in local prices meant his equity stake in his early properties quickly grew.
He would then refinance his properties to draw the equity out to use for the upfront costs of subsequent purchases – a process known as leveraging.
This strategy helped him acquire more than 30 properties, but he started to hit a brick wall when trying to get financing for new purchases as he already had considerable debts.
It was at this point that he shifted tactics and began his “bulk buying” approach.
“If you’re buying a unit block with more than three apartments you can qualify for a commercial loan and it’s easier to get finance,” Mr Patel said.
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The Patels pictured outside one of their properties in Western Sydney. Picture: Tim Hunter.
He added that the benefits of a commercial loan were that banks put much more weight on the rental income when assessing loan applications. High rents relative to the loan size meant banks were more likely to greenlight a new mortgage.
The catch was that the deposit burden would be higher, requiring 30 per cent of the purchase price in some cases.
Mr Patel said he believed anyone could replicate his success if they were willing to work hard – but he added that most people didn’t have the risk appetite needed to get started.
“I don’t stress (about debt),” he said. “I have never been worried by debt. I buy where property is going to make me money. I go where the market is going to grow.
“With every purchase since 2010, I buy below the rebuild cost. I buy where there is more demand and less supply, so the property values go up.
“There is no magic number for when to stop buying. I am 43 now and will keep buying until I am 50. At that point, I may sell off a few to consolidate, but we’ll see.”
