The Part Nobody Tells You About Becoming A Property Millionaire

Did you grow up believing nobody can make money without having some in the first place? If you did then you might want to read on.

There are two reasons why I am giving you this advice:

1.    I have made money in property with no money
2.    I own a property portfolio worth over a million pounds

It wasn’t always this way.

My first job was working in imports at a HMV store in Oxford Circus, London. I soon realised that a music store wasn’t the place where I wanted to spend the rest of my life.

I wanted to make some real money. There was just one thing stopping me. I had no money.

I had just bought my first car, a red mark II golf. It had leather seats and a state of the art radio cassette player. This was the closest I got to luxury at that time!

Then I discovered a property investment book one afternoon at a WH Smith shop – while waiting for the train home.  It didn’t show me how someone like me would get there, only what it was like to get there. Nobody ever tells you where to start the journey do they?

So I decided to make some sacrifices and think more creatively. I needed to make some quick money outside of my day job.  

I started by selling every book I had. I then went down to the rare records store and sold my Bob Marley collection. I was almost in tears.

Even then, it still wasn’t enough. I looked at the car. I had grown so attached to this car. All those memories in this red golf GTI.

So I sold the car as well.

This got me the £8,000 I needed to invest in my first property.

The property eventually cost me around 30k. It was a mess.

I slept in that house for a month. I put up with the damp and all the upheaval while I got the builders in to fix the place up so I could rent it out. It wasn’t until a year later I finally got my reward. The house had more than doubled in value to £65,000. I was able to rent it out and earn £250 net a month after all my costs were taken out. From there I went on to invest in more properties.

One thing I learned from this experience is that achieving something in life usually involves some kind of sacrifice. So to make money in property with no money means being prepared to give up something.

For me it was just a car and some records. For you it could be something else.

What have you given up to achieve your dream? I would love to hear your thoughts.

Kind regards

Loxley McKenzie
Managing Director

Join The Conversation - Be The First To Comment

Categories: Property Invest

Like What You Read? Stay In Touch

Follow Colordarcy on Twitter or Facebook