A 22-year-old landlord and student says there is no reason why the youth can’t buy a home and he plans to semi-retire with a property portfolio by the age of 30.
Josh Parrott was inspired after he experienced working as an estate agent as a child.
He bought his first house for £115,000 when he was just 19 years old, using money he had saved from two jobs he took between school lessons.
He rented the house to his parents paying the rent, saving enough to buy another at the age of 21 for £140,000.
The knowledgeable boy improvised by £20,000 and saved money by doing most of the work himself after the job, increasing the price by £60,000.
He plans to move in soon and is already looking for his third property.
The businessman plans to own ten properties — nine to rent out — until he turns 30, then buy one a year so he can finally get his feet up and running when he’s at work. If you can, you can work.
Josh said there’s no reason young people can’t afford to buy a house – but admits that his peers said he was “boring” when asked not to drink or buy new clothes.
The apprentice mortgage consultant from Stockport, Greater Manchester said: “There’s no reason people my age can’t buy a house.
“You just have to get out of this mindset that there are certain things you do at a certain age.
“It wasn’t about being super bright or anything.
“You just need to make the most of living at home: It’s not as expensive as renting privately or through an agency.
“I didn’t spend money just for drinks and I spent almost nothing on clothes.
“All my teammates said I was being boring.
“And I don’t have kids or anything to spend on yet.
“I was given a Ford Fiesta which I kept while many of my friends are buying expensive cars like Mercedes on financial plans.
“I mean they are nice cars, but by the time I went full-time, I was able to spend up to £1,200 a month.
“I could spend it going out of town.
“Working as an estate agent is a great job for young people and doesn’t require any qualifications.”
Josh began working as an estate agent on a two-week work-experience placement when he finished his GCSE in 2015, eventually working two nights and one Saturday each week.
She also worked as a cleaner at a locksmith company owned by her parents, Glenn, 55, and Anne Millen, 53, while doing her A-levels.
When he finished college in 2018, he pursued his studies full-time, paying £120 a month to his parents, and £2,000 a year to drive his car, Paid most of his salary of £14,000 a year.
Josh had saved enough for a £11,000 deposit and bought his first home in Stockport in June 2019 for £115,000.
A year later the house was worth £140,000 and he rented it out to pay off the mortgage.
£30,000 a year at his job until 2020, with Josh saving up for his next home, which he bought in Manchester in April for £140,000 with a £1,000 deposit.
He has made £20,000 renovations on the house he plans to live in, cutting costs by doing as much work as he can himself.
He has covered bags of rubble and an entire ladder in his little fiesta, sometimes making seven rounds to the tip after his day’s work.
The house has increased in value from Josh’s estimate of £60,000, so he plans to re-mortgage and release some of this profit as a deposit for his next purchase.
Josh plans to build his portfolio of eight more properties using this model – buying properties that increase in value, then using that profit as a deposit for the next house.
Josh, who left his job as an estate agent in May to work as a case handler for a mortgage broker, said: “As long as the homes I buy keep increasing in value, the plan works well. Will do
“There is an increase in the number of people who need houses and they are not being built at the same growth rate, so their need is increasing.
“There is always risk, but even if there is a major accident or anything I have to go slowly with the savings.
“I’ll slow down at 30, I’ll be bored if I can’t retire completely, but I want to get a boat-boat like my grandfather and go to Italy for the odd six months.
“Or maybe I’ll be a stay-at-home dad.
“I have to slow down because I can’t just do one day’s work, I always push myself to get more done, and if I keep working out like this I’ll have the body of a 60-year-old. am 30
“I have even pushed my car to its limits.
“Under the seats I can find ten bags of rubble in my Fiesta: it’s like the TARDIS.”
Credit: www.independent.co.uk /