A young landlord and student from Stockport has asserted that there’s no reason why young people can’t buy houses with a little effort.
Josh Parrott, 22, bought his first home at 19 using money he saved from two jobs he had in between his school lessons.
He went on to rent out the £115,000 house while paying rent to his parents and buying a second £140,000 home by 21.
Josh spent £20,000 renovating the property and saved a lot of cash by doing the labour himself after work.
He plans to move into the house soon and is already looking for a third house to rent out.
The young businessman wants to own 10 properties and rent out nine by the time he’s 30.
This means he needs to buy one every year until then when he plans to put his feet up and work when he feels like it.
And, Josh offered his advice to young people who want to do the same.
The trainee mortgage advisor said: "There’s no reason people my age can’t buy houses.
“You just have to get past the mindset that there are certain things you do at certain ages. It wasn’t about being super bright or anything.
“You just need to make the most out of living at home. It’s nothing like as expensive as renting privately or through an agency.”
He continued: “I just didn’t blow money on going out drinking and I spent almost nothing on clothes. My mates all said I was being boring.
“And I don't have the expense of kids yet or anything.
“I was given a Ford Fiesta, which I kept, whereas a lot of my friends are buying expensive cars like Mercedes on finance schemes.”
The 22-year-old added: “I mean they're nice cars but I was able to put-away up to £1,200 a month by the time I went full-time.
“I could have spent that by going out on the town.
"Working at an estate agent is a great job for young people and it doesn't require any qualifications."
Josh stated work at an estate agents doing work experience in 2015 and also had a cleaning job at his parents locksmith company.
He went full time after finishing college in 2018 and saved the majority of his £14,000 a year salary by paying just £120 a month in rent to his parents. He also spent £2000 a year running his car.
In June 2019, he had saved £11,000 as a deposit on his first property which was worth £140,000 after a year. He then rented it out to pay the mortgage.
In 2020, his earnings had jumped to £30,000 and he bought his second home in Manchester with a £15,000 deposit. After doing work on the house it’s now worth £60,000 more than he bought it for.
Josh, who left his job at the estate agent in May to work as a case handler for a mortgage broker, said: “So long as the houses I buy keep going up in value the plan will work well.
“There are increasing numbers of people needing houses and they aren’t being built at the same rate of increase, so the need for them is going up.
“I’ll slow down at 30, I can’t retire completely then I’d be bored, but I’d like to get a sail-boat like my grandad and pop over to Italy for the odd six months. Or maybe I'll be a stay-at-home dad.
"I'll need to slow down because I can’t just do a day's work, I always push to get more out of myself, and if I keep working like this I’ll have the body of a 60-year-old by the time I’m 30.
“I’ve pushed my car to its limits too.
“With the seats down I can get ten bags of rubble in my Fiesta: it’s like a Tardis."
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