A man has revealed how he bought his first house in his early 20s and how, in the past decade, he has accumulated 16 homes in total.
Vijay Singh, 33, was born in the UK but spent most of his childhood living in India, sharing a tiny space with 10 family members before moving back to the UK at the age of 13.
He was taught the value of money from a young age by his parents; working at his dad’s restaurant from age 14, the teen saved up as much money as he could with the goal of one day getting his own bricks and mortar.
At just 22 years old, he took the plunge, paying £105,000 for a house in the Midlands.
In 2023, 11 years since he bought his first ever house, Vijay has a property portfolio worth £1.56 million and owns 16 properties across the UK.
He’s now sharing his top tips for other young people looking to follow in his footsteps.
“Like most Asian families, after arriving in the UK we weren’t financially there yet and used to save every single penny,” the property investor, who is now based in the Midlands, told Absolutely Business.
“Though my dad had a good career in his own right, we were always taught the value of money, and to this day, they still live frugally.
“I helped out in the restaurant on weekends and kept working all the way up to my graduation, which meant I didn’t spend much money on socialising, like the rest of my friends may have been doing.
“I was a great saver.”
Vijay quickly accumulated a £10,000 property deposit and was able to use the Help-to-Buy scheme, which is no longer available, to purchase his first home, a two-bed, two-bath terrace house.
He said: “I knew that investing in property is always a good idea.
“At the time, I had close to £10,000 saved up and very little outgoings as I was living with my parents.
“I put down a 5% deposit using the Help-to-Buy scheme – and it was mine.
“It was a brand-new property, so it was a standard purchase.
“I spent £1,000 on legal fees and used a broker.”
“It was a cool feeling to be handed the keys because I didn’t think I would buy a house at such a young age, it was a good achievement at the time.
Once settled in his new home, Vijay set his sights on finding alternative ways to boost his finances.
He added: “I sat down and started to research ways to make money, and all the wealthiest people seemed to own multiple properties.
“I decided to go all in on educating myself on how it works and learn different strategies to becoming a landlord.
Vijay bought his second home using the profits from his e-commerce business, putting down a 25% deposit on the £73,000 property.
He purchased his first house in 2013, but he didn’t buy the second until 2019.
He now buys a property every three to four months, with no thoughts of slowing down.
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.
“I would like to own 50 properties one day.
“So far, I’m just over a third of the way there.”
Eager to help others climb the property ladder, especially young people, Vijay has also shared some of his secrets.
He added: “It’s a tough time out there but it’s not impossible, many others are doing it.
“This is the time to build yourself up – your skills, knowledge and income, and save as much as you can.
“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.
“Yes, it’s getting harder to get on the property ladder but at the same time, there has never been a better time to make money.
“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!
“Those saving money habits and living frugally, especially since my time in India, are still part of me and always will be.
“However, I am in a slightly different situation than my parents now.
“I am more informed and understand that saving money isn’t the best use of money, so, therefore, I like to invest my money instead.
“I still live below my means and will always do.”
FACT BOX: FIVE MYTHS ABOUT BUYING A HOME, ACCORDING TO VIJAY
- You don’t need to own a home by a certain age; don’t consider it a ‘failure’.
- Renting isn’t all bad but can have many benefits and offer flexibility.
- You need a perfect credit rating to get a mortgage – it helps, but it’s not impossible to secure one without it.
- 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.
- 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.