HOME TRUTHS
I shared one room with 10 family members – now I own SIXTEEN homes without any help from my parents
A MAN who lived in a tiny space with 10 family members now owns a whopping 16 homes - and he did it all on his own.
Vijay Singh moved from India to the UK when he was 13, and starting saving hard-earned cash after starting work at his dad's restaurant.
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After years of staying in when his mates went out, working long weekends and saving "every single penny", the then 22-year-old was able to jump onto the property ladder.
He told : “Like most Asian families, after arriving in the UK we weren't financially there yet and used to save every single penny.
“I helped out in the restaurant on weekends and kept working all the way up to my graduation, which meant didn't spend much money on socialising, like the rest of my friends may have been doing.
“I was a great saver.”
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He bagged himself a £105,000 house in the Midlands, after amassing an impressive £10,000 deposit.
The 33-year-old has previously attributed his success to the Help-to-Buy scheme, which is no longer available.
It allowed the young lad to put down a 5% deposit on the two-bed two-bath home.
The property investor added: “I knew that investing in property is always a good idea.
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“It was a brand-new property, so it was a standard purchase.
“I spent £1,000 on legal fees and used a broker."
Vijay said he never imagined buying a house so early in life and prided himself on the "good achievement at the time".
But he didn't stop there, and quickly looked for ways to garner more success.
“I sat down and started to research ways to make money and all the wealthiest people seemed to own multiple properties," he explained.
This was the moment the determined 22-year-old decided to throw everything into becoming a landlord.
Six years later, Vijay forked out for second property, worth £73,000, with money from his current e-commerce business.
Now, he snaps up a property every three to four months to continue growing his £1.56million empire and adding to the 16 homes already under his belt.
KEY TO SUCCESS
The property investor wants to share his wisdom with those trying to break into the market themselves.
While Vijay explained he has hopes of owning 50 properties in the future.
He said: “I felt like getting the first property is always the hardest as it is a psychological thing.
“When I was growing up, I would have been happy with just owning three properties, so I never imagined I would do this for a living."
The 33-year-old encouraged others not to be put off by the current tough financial climate out there.
“This is the time to build yourself up – your skills, knowledge and income, and save as much as you can," he advised.
“Many youngsters are influenced by flashy objects they see on social media, but I suggest you ignore that, delay gratification and focus on your future goals."
He added while it may be harder to hop onto the property ladder - there has never been "a better time to make money".
Vijay explained: “Hard work is paramount; there's no shortcut to success.
“Stay with your parents as long as you can. I lived with my parents till 30.
“Also, you could buy your first home and rent the spare rooms out to friends or family!"
While living within his means is still important, the successful young businessman said he enjoys investing his hard-earned money too.
This comes as a former McDonalds employee became a multimillionaire property mogul with 78 houses worth £24million.
Eddie Dilleen revealed he "didn't even know what uni was" and worked at the fast food chain from the age of 14.
Meanwhile, another man owns an impressive 12 homes worth £4.8million at the age of just 28.
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Yet Ahmed Khan, from Hertfordshire, still lives with his wife at his parents' house - but doesn't care if people judge him because he sees paying bills for his own home as a "waste of money".
FIVE MYTHS ABOUT BUYING A HOME, ACCORDING TO VIJAY
1. You don’t need to own a home by a certain age, don’t consider it a ‘failure’.
2. Renting isn’t all bad but can have many benefits and offer flexibility.
3. You need a perfect credit rating to get a mortgage – it helps but it’s not impossible to secure one without it.
4. Don’t just go for a mortgage because it has the lowest interest rate – consider other factors such as if it’s variable, what the exit fees are, etc.
5. The first house you buy won’t be your 'dream home'. This is never the case and your first property should be the one that gets you onto the property ladder and used as a stepping stone for bigger things in the future.
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