A former dishwasher who started saving from scratch managed to buy his first house with only 21 years, and only four years later, he is now looking for his fourth property.
Riyaan Mohamed, from Christchurch in New Zealand, emigrated to the country for the first time from India with his family when he was 13 years old.
He dropped out of high school at age 18 and found a job as a part-time restaurant dishwasher to make ends meet, but he always focused on creating a property portfolio someday.
For several years he saved as much as he could and finally managed to save a deposit of $ NZ70,000 ($ A67,130) for his first house in Hornby in Christchurch, worth $ NZ350,000 ($ A335,651), just twenty-one)
It was a feat that was even more impressive since it essentially started “with nothing.”
“I didn’t have any financial help from my parents to buy the first house,” he told news.com.au.
“They really wanted me to study again, while I wanted to earn money and move on in life.
“Saving working as a dishwasher was hard and long … I often worked well for 40 hours and spent as little as possible.”
He said he “barely took a vacation” and, as a result, he earned lump sums in the form of annual vacation payments when he moved out of work, first in retail at a health supplement store and then managed the opening of a new store in Christchurch.
He soon got hooked on real estate and set out to grow his portfolio. Today, it is located in three properties for a combined total value of $ A1.15 million, and Mohamed said he planned to buy several more properties this year, and essentially “retire” in the next 10 years or so.
And although his real estate trip has been challenging, he said anyone could do it if they worked hard enough.
“My ultimate goal is to have enough passive income from my properties (so that) I am no longer tied to jobs from 9 to 5 and can spend more time with my family,” he told news.com.au.
“I feel I can do this when I am 35 years old or before.
“The only thing I was passionate about was starting a property portfolio and now my main goal is to make it grow.”
In January 2019, he and his partner saved a deposit of $ NZ160,000 ($ A153,440) and bought a second property in the city: a three-bedroom house worth $ NZ484,000 ($ A464,157 ).
In December, they refinanced and bought a third one-bedroom townhouse in Christchurch CBD for $ NZ410,000 ($ A393,191) using a deposit of $ NZ41,000 ($ A39,319). The couple rents the house, with that income destined for the mortgage.
Now, the 25-year-old is focused on buying his fourth property in the coming months, with the goal of further increasing his portfolio.
His 2020 plan is to buy up to three more properties.