A 22-year-old landlord from Stockport who bought his first house for £115,000 when he was just 19-years-old says there’s no excuse why others can’t do the same.
Josh Parrott managed to save up a deposit by putting aside the money he earnt from his side jobs whilst at school.
The young landlod worked at an estate agents while finishing secondary school and also juggled a job as a cleaner at his parents’ locksmith firm.
He went full-time when he finished college in 2018, and saved most of his £14,000 a year salary whilst paying £120 a month to his parents, and £2,000 a year to run his car.
He was able to save £11,000, which was enough for a deposit on a house in Stockport, which he bought in June 2019 for £115,000.
A year later the house was worth £140,000 and he rented it out to pay the mortgage.
He then saved up the money he received through rent towards his next property.
His salary went up to £30,000 a year by 2020 and Josh saved for his next house which he bought for £140,000 with a £15,000 deposit in Manchester in April.
Josh did a property renovation for £20,000 and did a lot of the work himself, which saved him a great deal of money and increased the value of the property by £60,000.
With two properties under his belt Josh believes that young people have no excuse and can afford to buy a house.
He hopes to be semi-retired with a portfolio of ten properties by the age of 30 and wants to live in one and rent out the other nine, which will hopefully give him the freedom to work as he pleases.
But, he had to make some sacrifices to buy the two houses.
Going to the pub and spending money on things people his age would typically do took a backseat, and at times his friends would say he was ‘boring’.
The trainee mortgage advisor said: “You just have to get past the mindset that there are certain things you do at certain ages.
“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.
“I just didn’t blow money on going out drinking and I spent almost nothing on clothes.”
He went on to say: “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.
“There’s always risk, but even if there’s a massive crash or something I’ll just have to keep going more slowly with savings.
“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.”