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How to become a property developer in your twenties: Trio debunk myth that millennials can’t get on housing ladder after saving for a £750k portfolio by ditching lunches out, avoiding peak travel times and only buying clothes in the sales

Daily Mail logo Daily Mail 08/02/2019 Sarah White For Mailonline
© Getty

Three millennials have ‘debunked the myth’ that young adults can’t get onto the property ladder by sensibly saving and investing – and they say that anyone else can do the same if they follow their ‘ingenious money-saving hacks’.

Nicholas Agwuncha, 27, his wife Eve Obasuyi, 27, and Nicholas’s sister Ashley, 25, have a combined property portfolio worth £750,000 thanks to shrewd investments and careful managing of their personal finances.

It’s become such a way of life that they’ve decided to let Mail Online in on their secrets in the hope that they can encourage others in their 20s to become homeowners too.

a group of people sitting at a table: Nicholas Agwuncha, 27, his wife Eve Obasuyi, 27, and Nicholas’s sister Ashley, 25, launched not-for-profit ‘Money Medics’ on Instagram a year ago, where they now advise up to 5,000 followers on ‘healthy money management for millennials’ © Provided by Associated Newspapers Limited Nicholas Agwuncha, 27, his wife Eve Obasuyi, 27, and Nicholas’s sister Ashley, 25, launched not-for-profit ‘Money Medics’ on Instagram a year ago, where they now advise up to 5,000 followers on ‘healthy money management for millennials’

Nicholas told Mail Online: ‘We want to debunk the myth that millennials can’t buy their own homes. We bought property worth three quarters of a million pounds between us while still aged under 26 – without using the bank of mum and dad.

‘We want to show others how they can do it too with our ingenious money-saving hacks and with shrewd investments. It’s become such a way of life for us, I’m only gutted I didn’t start sooner. I could have saved a fortune!’

The banking consultant raised nearly £20,000 for the deposit for his £284,000 immaculate, two bedroom, newly-built flat he bought in Ebbsfleet, Kent, last year with an index fund which yielded a seven per cent return over two years in blue chip stocks like iPhone giant Apple and Alibaba, which owns China’s largest shopping website.

a large brick building © Provided by Associated Newspapers Limited

He combined his Oyster and his under-25 railcards, always commuting before 630am and after 7pm, so his rail fares were discounted by up to 30 per cent. He still checks daily for Oyster automatic charging errors which can generate refunds of up to £90 a time.

Even now he’s got his own place Nicholas still spends around £10 a week preparing work lunches at home, skipping coffee breaks or making coffees for free in the office while he buys cheaper food just before it goes out of date via toogoodtogo.co.uk.

He also dines out at some of London’s finest restaurants on launch nights, where he can get 50 per cent discounts, so he only pays up to £20 for meals.

a large brick building: Nicholas still spends around £10 a week preparing work lunches at home, skipping coffee breaks or making coffees for free in the office. His apartment is pictured above © Provided by Associated Newspapers Limited Nicholas still spends around £10 a week preparing work lunches at home, skipping coffee breaks or making coffees for free in the office. His apartment is pictured above

The savvy shopper buys expensive clothes during sales only and goes to free events promoted on websites including Londontheinside.com and Eventbrite.co.uk.

He even declares the tax relief on charitable giving which increases his annual personal allowance before he has to pay tax.

His wife Eve, 27, lived with her parents while studying, before moving into cheaper accommodation in Bradley Stoke and Yate, Bristol, while her university friends paid higher rents living in the more salubrious suburb of Clifton from 2014-2016.

Now a pharmacist, Eve cancelled all direct debits, paying for everything up front to earn discounts, and lived within a strict budget for essentials only, ‘split over different accounts with savings going straight into a separate account on payday so that I couldn’t overspend when my money ran out’.

a man standing in a kitchen: Nicholas Agwuncha is pictured inside his Ebbsfleet home in Kent. He combined his Oyster and his under-25 railcards, always commuting before 6.30am and after 7pm © Provided by Associated Newspapers Limited Nicholas Agwuncha is pictured inside his Ebbsfleet home in Kent. He combined his Oyster and his under-25 railcards, always commuting before 6.30am and after 7pm

With nearly £20,000 saved, she had the deposit for her £165,000 two-bedroom, modern flat near Bristol city centre, which she now rents out while living with Nicholas in Kent.

Meanwhile fellow pharmacist Ashley, 25, used the same money-saving hacks, also raising £20,000 while living with her parents for two years until 2017 when she also invested in her own two-bedroom apartment in South Ockendon, Essex, for £230,000.

She continued: ‘I also spent 50 per cent of my deposit on stocks and shares and put the other 50 per cent into a cash ISA so I generated an extra £2,000 over two years.’

All three launched not-for-profit ‘Money Medics’ on Instagram a year ago, where they now advise up to 5,000 followers on ‘healthy money management for millennials’.

© Getty

Eve said: ‘We’ve already started catching the attention of the fin-tech community.

‘I love my job, so I don’t see this as my next career. I see it as a fascinating hobby, where we can help others to help themselves, just like we’ve done.’

Ashley added: ‘We don’t stop living. We still have fun. It’s just about finding the right balance.

‘The short-term gains from the thrill of spending money unnecessarily are far outweighed by the satisfaction of being a young homeowner.

‘Now we’re on the property ladder we can really enjoy life.’

Related: Secret tunnels in real homes [LoveMoney]


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