A woman who has £12million assets just six years after launching a property business aged 21 has shared how she became rich.
Linda - known as LindaFinance on TikTok - advises cash-hungry Britons eager for a passive income to buy dilapidated properties, renovate and flog them to make the biggest cash return.
When Linda first started she held less than $500k in assets and she juggled a job at the same time as learning to invest.
But only six years later she has over $17million and was able to quit any other sources of income, giving her the time to focus on property full-time.
Celebrating her success in a post, she wrote: “When you realise you started with a single family home at 21 years old and now you’re 27 with $17+ million in assets.”
Now Linda has “over 180 units” in her asset portfolio that she rents.
Linda said one of the biggest mistakes made in the industry is to not set aside the time to study the tricks of the trade in investing. Similarly, creating a broad portfolio rather than nailing one area can make it harder to understand a market. She said: “Educate yourself first before investing in anything else.
“Don’t invest in anything you don’t know or fully understand. “Invest in real estate for cash flow, appreciation and tax right offs. “Always be willing to invest your money into systems, tools and people that work for you.
In the early days of her venture, she bought a drop-shipping business and took up one-on-one mentoring sessions to develop the skill of investing. Despite this, she “made a lot of mistakes along the way.”
And for those who may be sceptical, Linda has given four reasons why you should invest in property.
In property, you can leverage other people's money to buy investment properties if the numbers make sense. "This allows you to minimise you having to use your own personal funds for the deal".
You can also benefit from tax advantages. The Government offers tax breaks for property depreciation, insurance, maintenance and repair expenses, legal fees and the likes, she writes.
Thirdly, passive income through property means you can have a steady income without little effort once all is setup.
Finally, Linda says 'everyone needs a place to live', meaning there shouldn't be any issues renting your unit.
She added: “It’s one of the safest investments with high returns. “Real estate usually appreciates in value over time allowing you to build equity.”
Finally she urged people to stay focused on their own personal goals - and not to get sidetracked by comparing themselves to others. “Everyone’s progress and journey is different," she said.