A man who owns multiple homes has revealed that he still lives with his parents for free and says he is “never getting a job”.
Despite being only 28 years old, Ahmed Khan already has a property portfolio worth £4.8 million under his belt.
Growing up, he believed that the key to success was getting good grades and a high-paying job, but as he didn’t want to end up paying someone else’s mortgage, he took matters into his own hands.
After purchasing his first home in December 2018 for £237,000, he continued to save up for his second property with the rental income generated – and paying zero bills while still living in his family home.
Now, the investor has bought his 12th property, but plans on staying with his folks as he views moving out and the associated costs as a “waste of money”.
“I don’t see the point of moving out and spending so much just to live in your own house,” Ahmed, from Hertfordshire, told http://NeedToKnow.co.uk .
“However, I did get married this month, so we will have to look at moving out in the near future as we need more space – but if that wasn’t the case, I’d never leave.
“It’s very common in Asian culture for kids to live with their parents into adulthood, as that’s how the family dynamic works, which also includes paying no bills.
“Having your own home seems to be associated with success in this country and if you’re living at home, it means you’re struggling financially.
“But for me, the cost of living elsewhere isn’t worth it anymore, so I invested my money instead.”
Ahmed initially looked at purchasing a home in London worth £200,000, while putting down a £50,000 deposit.
As he was aiming to buy multiple properties, he didn’t want to ask his parents for help and took to setting up his own business through subletting homes for others as holiday rentals.
Over the next two years, he had saved £100,000 and started his journey, before seeking help from private investors to further fund his now lucrative career.
Now, he hopes to share his money making advice with others and claims that owning multiple homes can be done with as little as £30,000.
He said: “It’s a common misconception that you need a lot of money to build a portfolio, but this is wrong if you invest wisely.
“Most people buy their first home based on their personal preferences and where they’d like to live, essentially for emotional reasons.
“Instead, look at a property where profit can be made.
“Buy a small one-bedroom flat which can be turned into two bedrooms over time, or a house with a large garden where another house can be built.
“If you’re able to buy something that can add value, then you’ll be in a position to generate enough of a profit that can be used to buy the next.
“You’ll never be able to learn how to build a portfolio if money is given to you, it has to be done from scratch.
“Don’t buy something new, as it’ll depreciate in price straight away and always go for homes which are rundown.
“It’s also better to buy an investment property first before getting your own home.”
Ahmed, who has made most of his money back, is now looking at using his skills to invest in other business opportunities.
Currently, he earns £5,616 per month from his rental properties and hopes to continue the success so he “never has to work” in his life.
The 28-year-old added: “They’re an asset and living away from home would be a liability since it costs money every month.
“While I’m young, I want to use all the money I have to keep buying more and more until I’m settled.
“I’ve built a platform for myself where I never have to get a job and I’ve unlocked the true key to success.”