Student, 22, who’s on his second home, insists there’s no reason young people can’t buy houses

A student who is on his second home renovation has insisted that there’s no reason young people can’t buy houses and said he plans to semi-retire with a property portfolio by the time he’s 30.

Josh Parrott, 22, from Stockport, Greater Manchester, was inspired to start buying and renting out homes after he completed work experience at an estate agents when at secondary school.

He bought his first house for £115,000 when he was just 19, using £11,000 he had saved up from the two jobs he worked between school lessons.

The trainee mortgage advisor rented out the home while paying £120 a week rent to his parents, and eventually saved up enough money to buy another property for £140,000, aged 21.

He did a £20,000 revamp and saved money by doing most of the labour himself after work, increasing the value by £60,000, according to Josh. He plans to move in soon and is already on the search for his third property.

Josh Parrott (pictured), 22, from Stockport, Greater Manchester, was inspired to start buying and renting out homes after he completed work experience at an estate agents when at secondary school

Josh Parrott (pictured), 22, from Stockport, Greater Manchester, was inspired to start buying and renting out homes after he completed work experience at an estate agents when at secondary school

Josh Parrott (pictured), 22, from Stockport, Greater Manchester, was inspired to start buying and renting out homes after he completed work experience at an estate agents when at secondary school

He bought his first house for £115,000 when he was just 19, using money he had saved up from the two jobs he worked between lessons. Pictured, renovations at Josh's second house near completion

He bought his first house for £115,000 when he was just 19, using money he had saved up from the two jobs he worked between lessons. Pictured, renovations at Josh's second house near completion

He bought his first house for £115,000 when he was just 19, using money he had saved up from the two jobs he worked between lessons. Pictured, renovations at Josh’s second house near completion

The trainee mortgage advisor rented out the home while paying rent to his parents, and eventually saved up enough money to buy another property for £140,000, aged 21.

The trainee mortgage advisor rented out the home while paying rent to his parents, and eventually saved up enough money to buy another property for £140,000, aged 21.

Josh's second house before he started the renovations, pictured

Josh's second house before he started the renovations, pictured

The trainee mortgage advisor rented out the home while paying rent to his parents, and eventually saved up enough money to buy another property for £140,000, aged 21. Pictured, Josh’s second house before he started the renovations

The businessman plans to own ten properties – renting out nine – by the time he is 30, buying one a year so he can finally put his feet up and work when he fancies.

Josh said there is no reason young people can’t afford to buy homes – but admits his friends said he was ‘boring’ when he said no to drinks or buying new clothes.

He 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.

‘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.

He did a £20,000 revamp (pictured, before the makeover) and saved money by doing most of the labour himself after work, increasing the value by £60,000, according to Josh. He plans to move in soon and is already on the search for his third property

He did a £20,000 revamp (pictured, before the makeover) and saved money by doing most of the labour himself after work, increasing the value by £60,000, according to Josh. He plans to move in soon and is already on the search for his third property

The house pictured during the renovations

The house pictured during the renovations

He did a £20,000 revamp (pictured left, before the makeover, and right, during) and saved money by doing most of the labour himself after work, increasing the value by £60,000, according to Josh. He plans to move in soon and is already on the search for his third property

The businessman plans to own ten properties - renting out nine - by the time he is 30, buying one a year so he can finally put his feet up and work when he fancies. Pictured, the house before he started the renovations

The businessman plans to own ten properties - renting out nine - by the time he is 30, buying one a year so he can finally put his feet up and work when he fancies. Pictured, the house before he started the renovations

The businessman plans to own ten properties – renting out nine – by the time he is 30, buying one a year so he can finally put his feet up and work when he fancies. Pictured, the house before he started the renovations

Josh said there is no reason young people can't afford to buy homes - but admits his friends said he was 'boring' when he said no to drinks or buying new clothes. Pictured, Josh's second home now

Josh said there is no reason young people can't afford to buy homes - but admits his friends said he was 'boring' when he said no to drinks or buying new clothes. Pictured, Josh's second home now

Josh said there is no reason young people can’t afford to buy homes – but admits his friends said he was ‘boring’ when he said no to drinks or buying new clothes. Pictured, Josh’s second home now

‘I was given a Ford Fiesta, which I kept, whereas a lot of my friends are buying expensive cars like Mercedes on finance schemes. 

‘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.

He continued: ‘Working at an estate agent is a great job for young people and it doesn’t require any qualifications.’

Josh started working at an estate agents on a two-week work-experience placement when he finished his GCSEs in 2015, eventually working on nights and a Saturday every week.

He also had a cleaning job at the locksmith company owned by his parents Glenn, 55, and Anne Millen, 53, while he did his A-levels.

Josh started working at an estate agents on a two-week work-experience placement when he finished his GCSEs in 2015, eventually working on nights and a Saturday every week. Pictured, the second home before the makeover

Josh started working at an estate agents on a two-week work-experience placement when he finished his GCSEs in 2015, eventually working on nights and a Saturday every week. Pictured, the second home before the makeover

Josh started working at an estate agents on a two-week work-experience placement when he finished his GCSEs in 2015, eventually working on nights and a Saturday every week. Pictured, the second home before the makeover 

He went full-time when he finished college in 2018, and banked most of his £14,000 a year salary, paying £120 a month to his parents and £2,000 a year to run his car.

Josh had saved enough for an £11,000 deposit and bought his first house in Stockport for £115,000 in June 2019. A year later the house was worth £140,000 and he rented it out to pay the mortgage.

Pulling-in £30,000 a year in his job by 2020, Josh saved for his next house which he bought for £140,000 with a £15,000 deposit in Manchester in April.

He’s done a £20,000 refurbishment on the home where he plans to live, cutting costs by doing as much of the work as he can himself. 

The house has increased in value by £60,000 Josh estimates, so he plans to re-mortgage and release some of this profit as a deposit for his next purchase.

Josh left his job at the estate agents in May to work as a case handler for a mortgage broker

Josh left his job at the estate agents in May to work as a case handler for a mortgage broker

Josh (pictured right) plans to build his portfolio of eight more properties using this model - buying properties that will increase in value, then using that profit as a deposit for the next house

Josh (pictured right) plans to build his portfolio of eight more properties using this model - buying properties that will increase in value, then using that profit as a deposit for the next house

Josh (pictured right) plans to build his portfolio of eight more properties using this model – buying properties that will increase in value, then using that profit as a deposit for the next house

Josh plans to build his portfolio of eight more properties using this model – buying properties that will increase in value, then using that profit as a deposit for the next house.

Josh, who left his job at the estate agents 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.

‘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 father.

‘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.’ 

link

(Visited 31 times, 1 visits today)

Leave a Reply