Meet the 24-year-old who saved up to £1,500 a month, bought two properties and built a growing property portfolio while living with his parents (Image: AI)
Meet Jacob Waddington, a 24-year-old from Lancashire who has managed to build a property portfolio while many people his age are still trying to save enough for their first home. Since leaving college at 18, Waddington has been putting away as much as £1,000 a month, later increasing that to around £1,500 from a monthly salary of £2,200. At 23, he and his girlfriend Holly bought a two-bedroom house for £98,000. A year later, they had another property, this time a 200-year-old cottage bought for £140,000. Waddington started working for a telecommunications company after leaving college, earning £24,000 a year. As his salary rose to £33,000, he was putting away about £1,500 a month. As per LADBible, in May 2025, the couple considered buying a home together. They paid £98,000 for a two-bedroom terraced house and put down a 25% deposit. They then spent about £20,000 renovating it. By January 2026, around nine months after buying it, the renovation was finished. The property was then valued at £160,000. They remortgaged the house and rented it out in March 2026. The tenants pay £875 a month, while the couple’s mortgage is around £430 a month, according to LADbible. They bought a 200-year-old, one-bedroom cottage at the foot of Pendle Hill in Lancashire for £140,000. They plan to spend around £30,000 renovating the cottage and hope to eventually operate it as an Airbnb. Waddington estimates that if the property were rented for £120 a night at 60% occupancy, it could generate around £2,000 a month. After expenses including the mortgage, he estimates roughly £1,000 could remain. For Waddington, the journey that started with putting £1,000 aside each month at 18 has turned into something much bigger: by 24, he is already managing two properties and planning his next move.
Because he was still living at home and paid his parents around £200 a month, he was able to save a large part of his income. Because neither was in a hurry to move out, they decided to buy a property that needed work, renovate it and potentially sell it, but. Because his first step was not a high-paying investment strategy, waddington’s story is interesting.
He said he mainly spent money on going out at weekends, while he and Holly also enjoyed inexpensive activities such as walking and occasional meals out. “Don’t be afraid to buy something that needs a little work doing to it,” he said, arguing that a run-down property can offer room for its value to increase after renovation. The unusual part is not just his age. He lived with his parents, kept his spending relatively low and eventually turned those savings into property. His lifestyle was relatively simple. The savings eventually gave the couple a different idea of what to do with their money. The work included a new kitchen, bathroom, boiler and replastered walls. The couple initially considered selling the renovated property but changed direction after seeing demand for rentals in the area. That gave them another source of income while allowing them to keep the property. The historic location is associated with the Pendle witch trials, and the couple believes the rural setting could make it suitable for short-term holiday rentals. Those are his projections, rather than guaranteed returns. It was saving consistently while his living costs were relatively low. His advice to other potential buyers is to consider properties that need work rather than automatically looking for a finished home. The couple now plans to continue building their property portfolio before eventually buying a home for themselves. Looking for trusted parenting advice? Follow TOI Parenting Circle on Instagram for expert guidance, relatable stories, and practical tips delivered every day. Get the latest Lifestyle News and more. Download the TOI app.