‘I bought two homes by 24 – here’s how I did it’

Jacob Waddington from Accrington bought his first two-bed house at 23 for £98,000

A man has bought his second property at just 24 years old, having put aside at least £1,000 a month from his earnings since turning 18.

Jacob Waddington, 24, has consistently saved at least half of his income since finishing college, enabling him to buy a £98,000 two-bedroom house at age 23.

Together with his girlfriend Holly, 23, Jacob from Accrington, Lancashire dedicated a year to renovating the property, before having it valued at £160,000 and subsequently letting it out.

The couple remortgaged the house and utilised the equity to snap up a second £140,000 cottage at auction, with intentions to convert this into an Airbnb.

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“The plan is to maybe buy one more house to do up and sell, and then maybe buy a doer-upper to live in,” said Jacob,

“All my friends and family say it’s amazing, and it does feel really rewarding. I’ve found a real passion for doing it and I just feel really motivated to keep going.”

After leaving college aged 18, Jacob began working for a telecoms firm, earning £24,000 annually.

This represented a significant increase from the £6 per hour position he’d held at JD Sports while still studying, making it relatively straightforward to save a substantial portion of his monthly income.

Since Jacob was still living at home and contributing just £200 monthly to his parents, he managed to deposit £1,000 a month into a savings account.

His salary then rose to £33,000, allowing him to set aside approximately £1,500 from his £2,200 monthly pay packet. To set aside such a substantial portion of his earnings, Jacob didn’t feel the need to adhere to a rigid budget.

“I’d only really spend money on going out at the weekend, but you don’t need to spend loads on that”, he said.

“Me and my girlfriend would go for the odd meal out, but we love going on walks and things like that”.

During May 2025, Jacob and Holly deliberated over how they should utilise their savings.

“We thought about buying a house together, but neither of us were desperate to move out, so we decided to buy a house to do up and then sell”, Jacob said.

Between them they placed a 25 per cent deposit on a £98,000 two-bedroom terraced property and invested £20,000 in refurbishments.

Jacob left his position to take up bar work two days weekly, bringing in £800 monthly, and dedicated the remainder of his time to the renovation venture.

They fitted a new kitchen, a new bathroom, re-plastered the walls, and installed a new boiler.

Come January 2026, nine months following their purchase of the property, the renovation was finished.

They then had the property revalued at £160,000 and extracted the growth in value to their bank accounts through remortgaging the house.

Following discussions with estate agents, they opted to let out the property, rather than selling it, as demand was strong for rental properties in their locality.

During March 2026, tenants took occupancy of the property, paying £875 in rent, more than double Jacob and Holly’s £430 monthly mortgage.

The couple then began their search for a second property, eventually discovering a 200-year-old one-bedroom cottage nestled at the foot of Pendle Hill, famous for the Pendle witch trials.

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“We’re thinking we might Airbnb this one out because it’s in a rural location”, Jacob said.

“It’s really picturesque and it’s in a historic area. It will be like a couple’s getaway.”

The pair used funds raised from remortgaging their first home towards the £140,000 cottage, securing a 75 per cent bridging loan over 12 months to cover the remainder.

A bridging loan is a short-term financial arrangement whereby, rather than making monthly repayments, interest accumulates over an agreed period.

Jacob and Holly intend to spend a year renovating the property, with an estimated budget of £30,000 for the refurbishment.

Following completion, they plan to remortgage the cottage, using the released funds to clear the bridging loan before transitioning to a standard mortgage.

“The house next door has just sold for £320,000 for a two bed, so I’m hoping to get this one remortgaged at around £250,000”, he said.

“If we can do that, we’d be able to pull out more money than we put in, because it will have increased in value by so much”.

Jacob has worked out that letting the Airbnb at £120 per night with 60 per cent occupancy would generate £2,000 monthly.

Once council tax, utility bills and the £650 mortgage are settled, approximately £1,000 would remain as profit.

“It could be more profitable than the standard rental”, he said.

Jacob intends to purchase another property to either sell or rent out following this project, before eventually buying a home to share with Holly.

He advised: “If someone wants to buy a house, whether to live in or to sell, don’t be afraid to by something that needs a little work doing to it.

“If you buy something a bit more run-down, you can get much bigger returns on it, as it will have increased in value.”

He documents his renovation journey on @buildingwithjacob.