In 1997 following a divorce he found himself in a small 2 bedroom house and started his property investing career. It was at this point that he noticed that the properties around him were inexpensive relative to the rents being charged, within 2 years he had purchased 2 buy to let properties, the profits from which were covering his own mortgage and was effectively living for free. He continued to enjoy investing in property until by the age of 36 he was financially independent due to the passive income from his million pound property portfolio. Mike will be the first to admit that his success is due to the support of an experienced property investor to whom he turned for advice in not only what to buy, but what not to buy, over the last 5 years he has mentored a number of people wanting to invest in the local property market and sent them on their way to financial independence and long term financial security. Currently there is great uncertainty in the property market due to the economic crisis and banks requiring 25% deposits, funding to individuals and in particularly first time buyers are finding it difficult to raise a deposit to fund a mortgage. Therefore they are turning to the rental market.
