Post

Sharon O'Dea
@sharonodea.com

Step one: be 17 in 2009. Step two: buy a £100,000 house with 100% bank financing immediately after the global financial system has fallen through its own arse. Step three: because you're too young to own it legally, have your stepdad go on the deeds. Why, many are asking, aren't Gen Z doing this?

16 reposts270 likes

Sharon O'Dea
@sharonodea.com

The interview doesn't explain what the lender understood about that arrangement, which feels like quite an interesting detail to glide past. But never mind. By 20 he had seven properties, helped by buying when, in his own words, sellers couldn't sell and were trapped in negative equity.

Sharon O'Dea
@sharonodea.com

To recap the universal wealth formula: • be 17 during the aftermath of a historic financial crash • obtain 100% property finance • have a family member able to hold the property legally • acquire distressed assets • wait Young people simply don't want it enough.

Stevie Zero
@stevie-zero.bsky.social

He didn’t obtain 100% finance is my understanding. He said he borrowed 80% of the value because the seller was taking a loss. Tricky to get banks to agree to that in my experience (I work in a bank fwiw), especially in 2009. But I’d agree with everything else you’ve written.

Sharon O'Dea
@sharonodea.com

He also says blaming landlords for high rents makes no sense because “the market determines the price”. My brother in Christ, YOU ARE THE MARKET. The rent isn't delivered to your house each morning by the Bank of England's weather balloon.

Sharon O'Dea
@sharonodea.com

His advice for young people includes sourcing property deals, forming joint ventures and finding investors. Which is useful. Next week: “Can't afford lunch? Have you considered a leveraged acquisition?”