I was a landlord when I was 24. People think we’re shady because we earn £70,000, but it’s hard
A man who became a landlord at the age of 24 has claimed that while his job is vilified and he can make a lot of money, it is actually very difficult.
After Mark graduated from college, he decided to live with his parents for a few years and save enough money while working so that he and his brother could buy an apartment together.
But the only property they could afford was in a less-than-healthy area of London, where they were unwilling to live.
So instead of buying it for themselves, they rented it out and Mark became a landlord at the age of 24.
Despite being in a financially lucrative position, he said Shame: “It was quite stressful for a 24 year old.”
It did have its benefits though, with Mark adding: “Well, you know… I made a lot of profit. I made 60 or 70,000 when it came to [selling it]which was a huge amount.”
If I didn’t have that apartment for someone, the person who rented it from me wouldn’t have a place to live. Nobody gave me that money – I went to work and I earned it. So no, I don’t feel guilty.
Mark, landlord
Landlords usually get a bad rap, often seen as heartless middle-aged men trying to extort every last cent from their tenants, or even as aging people interested in boosting their retirement fund while living in the sun .
A housing shortage coupled with rising rents and a cost of living crisis. The prospect of people currently in their 30s being able to own their own home is little more than a dream.
According to a report from think tank Resolution Foundation, a third of millennials are predicted to never own a home.
Although Mark bought his property when the housing market was not yet in the position it is in today, it was still unusual for someone his age to own a home.
He said: “It sounded very strange [to friends].
“People were living at home, living in flats or renting somewhere.”
Mark added: “I am privileged in many different ways.
“I didn’t come from a broken home, my parents loved me, I went to a decent school… and that was the reason I bought the flat when I did.”
He said he had no feelings of guilt about being a landlord.
Mark said, “I don’t think so [being a landlord] should be a maligned role.
“If I didn’t have that flat for someone, the person who rented it from me wouldn’t have a place to live. No one gave me that money – I went to work and I earned it. So no, I don’t feel guilty.”
Not everyone who is a young landlord is so debt-free – and those who are able to purchase a home can often only do so with help from their family.
One landlord who declined to reveal his identity said: “My mother has just given me and my siblings a share in a flat that we are going to rent out.
‘I think it’s gross. A stranger will pay a lot of money to live there.’
The plan is to eventually sell the flat so they have enough money for a down payment.
‘Kind of immoral’
They said collective ownership of rent-controlled apartments was “the best system” and added that being a landlord was “a bit immoral.”
They also revealed that they once made fun of someone for owning a property, but then realized he did.
Although being a landlord can make you a lot of money, it’s not the easiest responsibility to take on when you’re still quite young.
Greggory Davis became a landlord of four properties in Yorkshire in his 20s.
It was an absolute nightmare. I would never do it again
Gregory Davis, landlord
Instead of being an easy source of income, it brought its own problems.
When his mother died when he was 17, the family was relatively wealthy and lived in Surrey, and he inherited a “fair sum of money”.
He initially bought a flat in London, but this turned out to be too expensive and he ended up buying four places in the north where the cost of living is not that expensive.
However, things did not go according to plan as tenants damaged the properties and ran out of rent after months of not paying rent. Furthermore, he claimed that “agents defrauded me.”
Ultimately, he became involved in four lawsuits and a police investigation.
Greggory said: “It was an absolute nightmare. I would never do it again.”
HOUSING CRISIS
The government has pledged to put a further £3 billion into affordable homes, while Housing Secretary Michael Gove has outlined plans to relax planning laws to allow empty high streets to be converted into new homes.
However, the demand for housing is much greater than the supply.
Just 178,000 homes were built in England and Wales last year, well below the government’s target of 300,000.
The Center for Policy Studies think tank has just concluded that Britain actually needs to build at least 5.7 million new homes in England over the next fifteen years.
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