This as-told-to essay is based on a conversation with Alfred Dzadey, a real-estate investor who lives in Coventry, England, about building his portfolio. Insider has verified Dzadey's rental income.I pursued a degree in aerospace engineering. After graduating, I realized my degree wasn't going to help me get wealthy young, as I'd hoped. I started researching how rich people built their wealth and found that owning real estate was a key factor.
Investors in my network had shared which property investments were working for them. Using that knowledge and help from a local agent, I purchased my first property in February 2020: a mid-terrace house in Coventry, West Midlands, for £225,000. My aim wasn't ever to sell for a quick return. My long-term goal was to hold the properties and build equity.
For each new property I wanted to flip, I assessed how much capital I needed and raised it, as required, from my network. For example, if the equity on the property I was completing was £50,000 short of what I needed to purchase the next property, I'd reach out to my network and crowdsource it. Also, I researched how local authorities reacted to unit modifications in the area. Were they lenient about changes? Or did they make things difficult?
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