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

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A college student in the process of renovating his second home insists there’s no reason young people can’t buy homes and said he plans to retire with a real estate portfolio by the age of 30.

Josh Parrott, 22, of Stockport, Greater Manchester, was inspired to buy and rent houses after gaining work experience with a real estate agent in high school.

He bought his first house for £115,000 when he was just 19, with £11,000 saved from the two jobs he’d worked between school classes.

The mortgage adviser in training rented out the house while paying his parents £120 a week, eventually saving enough money to buy another house for £140,000 when he was 21.

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

Josh Parrott (pictured), 22, of Stockport, Greater Manchester, was inspired to buy and rent houses after gaining real estate experience in high school

He bought his first house for £115,000 when he was just 19, with money saved from the two jobs he'd worked between classes.  Pictured, renovations on Josh's second home nearing completion

He bought his first house for £115,000 when he was just 19, with money saved from the two jobs he’d worked between classes. Pictured, renovations on Josh’s second home nearing completion

The mortgage advisor in training rented out the house while paying rent to his parents, eventually saving enough money to buy another house for £140,000, at the age of 21.

Josh's second home before he started the renovation, pictured

The mortgage broker in training rented out the house while paying rent to his parents, eventually saving enough money to buy another house for £140,000, aged 21. Pictured, Josh’s second home before he started the renovation

The businessman plans to own ten properties — rent nine — by the time he’s 30, and buy one a year so he can finally put his feet up and work whenever he wants.

Josh said there’s no reason young people can’t afford to buy a house, 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 smart or anything. You just need to get the most out of your home – it’s not as expensive as renting privately or through a brokerage.

“I just haven’t wasted money on going out and I’ve spent next to nothing on clothes. My friends all said I was boring. And I don’t have the cost of kids or anything yet.

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

The house in the picture during the renovation

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

The businessman plans to own ten properties — rent nine — by the time he's 30, and buy one a year so he can finally put his feet up and work whenever he wants.  Pictured, the house before he started the renovation

The businessman plans to own ten properties — rent nine — by the time he’s 30, and buy one a year so he can finally put his feet up and work whenever he wants. Pictured, the house before he started the renovation

Josh said there's no reason young people can't afford to buy a house, but admits his friends said he was

Josh said there’s no reason young people can’t afford to buy a house, 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 got a Ford Fiesta, which I’ve kept, while many of my friends buy expensive cars like Mercedes with financial arrangements.

“I mean, they’re nice cars, but I could save up to £1,200 a month by the time I went full-time. I could have spent that by going into town.

He continues: ‘Working for a real estate agent is a great job for young people and you don’t need any diplomas.’

Josh started working at a real estate agency on a two week work experience placement when he completed his GCSEs in 2015, eventually evenings and Saturdays every week.

He also had a cleaning job at the locksmith business of his parents Glenn, 55, and Anne Millen, 53, while doing his A-levels.

Josh started working at a real estate agency on a two week work experience placement when he completed his GCSEs in 2015, eventually evenings and Saturdays every week.  Pictured, the second home before the makeover

Josh started working at a real estate agency on a two week work experience placement when he completed his GCSEs in 2015, eventually evenings and Saturdays every week. Pictured, the second home before the makeover

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

Josh had saved up enough for a £11,000 down payment 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 the mortgage.

Josh was earning £30,000 a year from his job in 2020, saving for his next house, which he bought in April for £140,000 with a £15,000 down payment in Manchester.

He has completed a £20,000 refurbishment on the house he plans to live in, cutting costs by doing as much of the work himself as possible.

The house is estimated to have appreciated in value at £60,000, so he plans to re-mortgage and release some of this profit as a down payment on his next purchase.

Josh quit his real estate job in May to work as a case handler for a mortgage broker

Josh (pictured right) plans to build his portfolio of eight more homes using this model – buying property that will increase in value and then using that profit as a down payment on the next home

Josh (pictured right) plans to build his portfolio of eight more homes using this model – buying property that will increase in value and then using that profit as a down payment on the next home

Josh plans to build his portfolio of eight more properties with this model – buying properties that will increase in value and then using that profit as a down payment on the next home.

Josh, who left his brokerage job in May to work as a case manager for a mortgage broker, said, “As long as the homes I buy increase in value, the plan will work well.

‘There are more and more people who need houses and they are not being built at the same pace, so the need for them is increasing.

“There are always risks, but even if there’s a huge crash or something, I just have to slow down with saving.

‘I’ll take it easy when I’m thirty, I can’t retire completely, then I’d be bored, but I’d like to have a sailboat like my grandfather and go to Italy for half a year. Or maybe I’ll become a stay-at-home dad.

“I’ll have to slow down because I can’t just work any day, I’m always pushing 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.” am.’

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