A MORTGAGE broker shared that he owns multiple buy-to-let properties, some of which he doesn’t have to refurbish at all, and then makes a profit renting them out.
Glen Russell regularly talks about his experiences of property development and attaining mortgages on social media.
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The property mogul shared insights into his own property investments as well as tips for first time buyers looking to get their foot on the ladder.
In a recent video, uploaded to TikTok Glen shared a key mistake people make when it comes to buying their dream home.
He said: “Stop listening to family members and friends who tell you how to do it.
“Unless they’re qualified mortgage brokers and do it every day, then just listen to the professionals. That’s the first thing you need to do.”
Continuing the series, Glen, who is chief executive of Russell Financial Services Ltd., explained the next thing first time buyers should be aware of.
He said: “Comparison is the thief of joy.
“Stop comparing to what your friends and family have got. Speak to a mortgage broker or a bank, be realistic and find out what you can afford.”
He also joked that people should be careful not to show off about holidays they’ve just put on their credit card while meeting with their mortgage broker, who will be looking for someone savvy with money.
Glen, who has been in financial services for more than 20 years, also buys his own houses to rent.
The dad-of-one shared that he had bought one of his properties in Suffolk in 2020 for £118,000.
He explained that it was a three-bed terrace house with off street parking and a garden.
The property expert then said that the house is now worth £135,000 despite him only doing a few minor repairs costing £700. Leaving him with a profit of £16,300.
Despite the hefty increase in value, Glen decided to rent the house for £725 pcm and pays a mortgage of £219 pcm. Leaving him with a tidy £506 to play with every month.
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We recently caught up with Eve Obasuyi who bought her first home in Bristol two years ago and now makes £6,000 a year by renting it out.
Another couple, Danielle Owen-Brodie, 30, and her boyfriend Darren, Grogan, 29, decided to buy a run down property and do it up themselves – only using YouTube and DIY books.
Are you a first-time buyer who has recently made it onto the property ladder? Then why not check out our My First Home series for tips and tricks for home ownership.
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