The date was the 15th of April 2021, and it was yet another day in the job I hated, sitting at a desk in one of the thousands of generic call centres that litter the UK. I was five months away from my 40th birthday and trading my time for money.
An envelope was placed on my desk; I opened it and found a one-page letter informing me that my annual wage was to increase by 6.1% from £19,136. I deemed this little remuneration for a job I hated, with shift patterns that covered from 8 am to 10 pm seven days a week. Nevertheless, this was the wake-up call I needed; I knew I had to formulate my ‘out.’
I have never considered myself that smart; indeed, I felt some of my colleagues to be my intellectual superiors, and I seldom give myself praise to the point of many accurately labelling me a self-deprecator. Even now, I find it difficult to type the established fact that—in a very short period of time—I was able to leave my living-wage job to embark on a new career as a successful property developer and landlord.
My aim in writing this article is simply to inspire you to take your first or next step in your journey.
The Fuse Is Lit
During my lunch break, I kept tight hold of the letter while I watched Homes Under the Hammer on BBC 1, as I so often did. I always found the programme inspiring as I watched developers with envy. It wasn’t about the money they made as much as the freedom that property gave them.
I looked at the letter several times that day as I was extremely grateful to have received it (not the £1,227 wage rise, but the physical letter itself). It was my affirmation and a catalyst to make the move into property development. No more procrastination. A switch was flipped inside me, and my low wage, lack of savings, and practical knowledge were not going to stop me; of this fact, I was sure.
‘Work Your Butt Off’
This is my favourite Arnold Schwarzenegger quote, and it also became my plan: I was going to live frugally, work every hour of overtime available, work two additional jobs driving and labouring (I hated both), and educate myself about all things property. The plan was crude, but I have always had a strong work ethic and, more importantly, I knew where I wanted to be and was determined to get there.
Often, people ask me, “What is the most important component of your success?” I refer to the above quote, and they roll their eyes. But it’s true. Unfortunately, there is no magical pill that brings success.
My First Property
My first investment was a one-bedroom terraced house that sold just 18 months earlier for £54,000 (following a comprehensive refurbishment). The owner was struggling to sell for the asking price of £50,000, and consequently, the price was slashed to £39,950. I understood why; the door had been kicked, and the tenants had left an unsanitary mess, the details of which I will spare you. Most around me, including my Dad (a former estate agent), tried strongly to discourage me from property in general, but in particular this one.
At this point, I had to be brave; you have to be in our industry. I knew the street well and felt the property would be a great buy once the cosmetic issues had been addressed and some minor layout changes had taken place. After some time, it became apparent that the vendor would accept the price of £35,000 for a quick cash sale, a £15,000 reduction on the original asking price.
Through a combination of savings, a small personal loan from my brother, and primarily, a credit card cash advance, I was able to obtain the sum of £28,500. To my amazement, the offer was accepted; it’s amazing how much easier negotiation is when you can’t bid any higher! If I had more funds available to me, I would never have made such an audacious offer.
It’s definitely not a strategy for everyone—or even something I recommend—but I was officially ‘all in’ on a compact but charming house in my hometown of South Shields.
It’s Not All Social Media
I had acquired a solid property, yet despite my excitement, it had previously occurred to me that I neither had the skills nor finances to refurbish it. One evening, I highlighted my predicament in a local pub to friends, a place where many of the best ideas and conversations start.
Some of the best contacts I have made have been from talking about what I do in social situations; the power of social media is amazing, but I always advise people not to use it in isolation. One of the lads pulled me aside; he was an out-of-work builder who had recently returned to the area but had nowhere to live. The synergy was beyond apparent. A frank discussion ensued and a ‘rent for work’ agreement was reached within one pint.
We immediately became symbionts and later very good friends. I agreed to assist him with the refurbishment and provide the required materials; the latter would be done via an interest-free credit card. I had been astute enough to protect my credit score and take time to tell people what I do, and I was about to reap the rewards of these actions.
The Result
I smile looking back at the acquisition, and why not? There is a strong argument that it is right up there with my best deals. On this scale, any investor would be happy with the below figures:
Purchase price, including legals: £29,500
Refurb costs (excluding three months free rent): £2,500
‘Done up value’: £65,000
75% refinance at 2.1% for five years
Monthly rental income: £565 pcm
Gross monthly profit (after mortgage and insurance): £480
Rapid Expansion
I embraced my frugal existence, spending weekends immersing myself in property-related content while my friends enjoyed their social lives.
Attracting investment (sales) has never been my strong point, and to this day, I’ve avoided investor finance or joint ventures. Instead, I made a shrewd decision to purchase properties near the South Shields coastline and refurbish them to a high standard.
My strategy was to run them as holiday lets, capitalising on the Times 2022 Beach of the Year award and the surge in staycations.
The Results
This strategy proved more popular than I could ever have anticipated. Demand was high, yet so were my prices, as at times I struggled to cope with demand. Nevertheless, the cash flow I was generating, along with refinancing my own house and low operational overheads (due to doing most things myself), facilitated a rapid expansion of the business.
By mid-2022, less than a year and a half after my journey began, I left my nine-to-five job, living off the income my holiday lets generated. By early 2023, I achieved my next goal of owning a double-digit portfolio featuring a diverse mix of standard rentals, serviced accommodation, student lets, and houses of multiple occupancy.
Envy No More
I recently received a call from Lion TV. They told me they were aware of my recent auction purchase. I knew who they were and waited with bated breath for them to ask, “Will you consider filming an episode of Homes Under the Hammer?” Without hesitation, I responded that I would. This had been a dream of mine and was the biggest milestone I have achieved in my journey to date.
To be completely honest, it was only at this point that I realised how far I had come in such a short time. Things had gone full circle; now someone would be looking up at me on their TV screen the same way I did to others a mere three years ago.
Reflecting on the Journey
There have, of course, been many challenges along the way and costly lessons have been learnt. Property is far from easy, and I would advise you to give a wide berth to anyone who tells you otherwise. I’m still at the start of my journey for what I want to achieve, and I really can’t wait for the next three years of it.
I hope my story has given you some inspiration to get to where you want to be. Keep an eye out for me on Homes Under the Hammer later this year.
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