A property investor has revealed how he turned his student loan into a portfolio worth £1.2 million (C$2 million) in just 10 years.
James Coupland, originally from York, bought his first house at the age of 19 with his student loan. The reason for his purchase was the “shocking” condition of his shared apartment at the university.
The 29-year-old young man always wanted to save. He worked throughout his studies and managed to save enough money to put a deposit on a modest house worth 53,000 pounds (89,500 CAD).
“It is the most profitable asset in the world and I think it will always be that way,” he assured the DailyMail.
In his opinion, you must do everything possible to preserve your property and avoid selling it at all costs.
Real capital wealth is created over time as property prices rise naturally, he says.
James revealed that the recent rise in mortgage rates has benefited him in some ways.
“Due to rising interest rates, buyers panicked and demand for properties slowed. This allowed me to buy more as the prices were much lower than the market value,” he explains.
“My last purchase was at an auction I attended. There was only one other person in the room, which is very different from before when more than 50 people showed up,” he added.
James grew from four to more than seven rental properties in a year.
“Don’t wait to buy property, buy property and wait,” he advises.