I became a landlord aged 24 – people always vilify us & think we’re seedy for making £70k… but it’s really hard

A MAN who became a landlord aged 24 has claimed that while the job is vilified and he can make a lot of money, it’s actually really hard.

After Mark graduated from university he decided to live at his parents for a few years and save up enough money while working so he and his brother could buy a flat together.

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But the only property they could afford was in a not very salubrious area of London, where they weren’t prepared to live.

So instead of buying it for themselves, they rented it out and Mark was a landlord at the age of 24.

Despite being in a financially lucrative position, he told Vice: “It was pretty stressful for someone who was 24 years old.”

It did have its benefits though, with Mark adding: “Well, you know… I made a lot of profit. I made 60 or 70k when it came to [selling it], which was a huge amount of money.”

If I didn’t have that flat for someone, then the person who rented it from me wouldn’t have somewhere to live. Nobody gave me that money – I went to work and I earned it. So no, I don’t feel guilty.

Mark, landlord

Landlords usually get a bad rap, often seen as heartless middle-aged men trying to squeeze every last penny from their tenants, or even aging people interested in boosting their pension fund while living it up in the sun.

A housing shortage coupled with soaring rents and a cost of living crisis the prospect of those currently in their 30s being able to own their own property is little more than a dream.

It’s predicted that one-third of millennials will never own a home, according to a report by the think tank Resolution Foundation.

While Mark bought his property when the housing market wasn’t in quite the situation it is now, it was still unusual for someone his age to own a place.

He said: “It sounded very strange [to friends].

“People were either living at home or living in flatshares or renting somewhere.”

Mark added: “I’m privileged in many different ways.

“I didn’t come from a broken home, my parents loved me, I went to a decent school… and that’s what led me to buy the flat when I did.”

He said that he had no feelings of guilt about being a landlord.

Mark said: “I don’t think [being a landlord] should be a vilified role.

“If I didn’t have that flat for someone, then the person who rented it from me wouldn’t have somewhere to live. Nobody gave me that money – I went to work and I earned it. So no, I don’t feel guilty.”

Not everyone who is a young landlord is quite so guilt free – and those who are able to buy a place can often only do so with help from their family.

One landlord who declined to reveal their identity said: “My mother just gave me and my siblings a share in a flat that we’re going to be renting out.

“I feel gross about it. Some stranger will be paying a lot of money to live there.”

The plan is to eventually sell the flat giving them enough money for a deposit.

‘KIND OF IMMORAL’

They said that collective ownership of flats with rent control was “the best system” and added that being a landlord was “kind of immoral”.

They also revealed that they had once started making fun of someone for owning a property but then realised they were one too.

While being a landlord can make you a shed load of money, it’s not the easiest responsibility to take on when you’re still fairly young.

Greggory Davis become a landlord to four properties in Yorkshire when he was in his twenties.

t was an absolute nightmare. I’d never do it again

Greggory Davis, landlord

Instead of being an easy source of revenue, it came with its own issues.

When his mum died when he was 17, the family were relatively wealthy and living in Surrey and he inherited a “fair sum of money”.

He initially bought a flat in London but this proved to be too expensive and he ended up buying four places up north where the cost of living isn’t so expensive.

However, things didn’t go to plan as tenants damaged the properties, and ran out after months of not paying the rent, plus, he claimed “agents have ripped me off”.

He ended up being involved in four court cases and a police investigation.

Greggory said: “It was an absolute nightmare. I’d never do it again.”

HOUSING CRISIS

The Government has pledged to pour in another £3billion into affordable homes while Housing Secretary Michael Gove has outlined plans to relax planning laws so empty high street shops can be converted into new houses.

However, demand for homes far outstrips supply.

Last year, only 178,000 homes in England and Wales were built, well short of the Government’s target of 300,000.

The Centre for Policy Studies think tank just concluded that Britain actually needs to build at least 5.7million new homes in England over the next 15 years.

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This post first appeared on thesun.co.uk