An entrepreneurial landlord has just bought her fourth buy-to-let property and started her first estate agency by scrimping and saving since she was a teenager.
Rachel Ollington (main pic), 41, purchased her first house aged 19, her second at 23 and a third at 24 after leaving school at 16, first by saving cash from her £100-a-week estate agency job.
She and husband Mike who are based in Wickford, Essex, now own properties worth £990,000 after paying £592,000 for them – and have their sights set on buying even more buy-to-lets.
Ollington, who trained as a mortgage advisor in 2020, saved hard as a teenager then continued to tighten her belt with a young family. She later went on to work for several estate agencies including Sarah Beeny’s firm Tepillo.
The couple first put down a £37,000 deposit on a £91,000 two-bed bungalow in Wickford, renovated it, then sold it for £187,000 – raking in nearly £100,000 in profit.
Other purchases were funded by doing DIY and repairs themselves, upcycling and making second-hand purchases. They now live in a four-bedroom house worth £475,000 which they bought for £183,000.
Help people “I have a rental property portfolio and co-own an estate agency business, which people have said we were mad to start in the middle of the recession, but I really want to help people to do the same as me,” she told Mirror Online.
Ollington’s property firm boasts 11,000 followers on Instagram and aims to get others onto the property ladder. She advises investors to keep in contact with their mortgage broker to keep on top of available finance deals.
She adds: “Find a property you can do work to, or one that’s outside of your key area such as not being near a station as the house prices will be cheaper.”
Pic credit: Rachel Ollington/eXp
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