A North East entrepreneur is set to prove that anyone can get on the property ladder – with an ambitious project to showcase how to buy a home with no money.
Newcastle businessman Daniel Gibson runs estate agents Daniel Craig Residential, and has his own portfolio of properties.
But now he has set himself a mammoth task, to prove that even someone with no cash or savings can buy a home.
Daniel, 30, is launching his own experiment – the No Money Challenge – where he has set himself the goal of being able to buy four properties, in and around Newcastle, before his 31st birthday in March 2020.
He will be joined by his brother-in-law, Robbie Griffin, with the twosome operating within a strict set of guidelines.
“The question I’m asked the most is how to buy a property with no money,” said Daniel.
“I’ve been lucky because I was given a step on the ladder from my dad and I was able to fund my first property from a job when I was at university and also use my student loan because I lived at home.
“I was then able to buy more and more properties so it is difficult for me to put myself in the shoes of someone who is on a limited income or has a large number of outgoings, so I want to see if it can be done.”
Daniel and Robbie are starting from zero cash and the rules include not being allowed to use any of their existing contacts, family or friends and not use any skills built up from their previous property purchases.
Any work they undertake has to be unskilled labour – and done outside of their day jobs.
“I run three companies, multiple building projects, a property portfolio as well has having a six-week-old baby at home so if I can find the time, anyone can,” said Daniel.
The only concessions the pair are allowed is use of a car and the internet and the assumption that whoever is following in their footsteps has a good credit rating.
Daniel came up with the idea after posting a podcast online, where the most asked question was how to buy a home with no money.
The whole journey will be charted via a You Tube channel and on Daniel’s blog (with weekly updates as to the pair’s financial status.
“I started to wonder what would happen if I had to start from scratch today with no money and no savings and could I replicate my success starting from that point,” said Daniel.
“And now the plan is to find out. The rules I’ve put in place are actually going to make it harder than it would be for most people to buy their first property but that’s all part of the challenge.”
Anyone watching the video progress will also be able to ask questions and put forward their own ideas, with the aim to bring in experienced investors who can also offer free advice.
“My brother-in-law doesn’t own any properties so this is a new experience for him. What we’re doing is not only relevant to anyone wanting to get into property investment but who wants to get on the property ladder to buy a home to live in.”
I Love Newcastle Magazine would love to hear your thoughts about the above post, so please feel free to share them in the comments box below.