Two sisters in their early thirties have revealed how they built a multi-million pound property empire – all starting from their student days.
Ruth Shipley-Palmer, 32, and her sister Becky, 33, currently own eight properties worth over £2 million, raking in a cool £120,000 each year in rental income. But their journey began much earlier, with their first foray into the property market at the tender age of 20 while studying in Bristol.
“We realised we wanted financial security and the freedom to pursue our passions,” Ruth explains, “Investing in property seemed like the perfect solution.”
A Family Affair and a Bold First Step
With a little help from a family friend who provided the deposit money, the sisters took a leap of faith. They purchased two properties in Bristol – a four-bedroom house for £150,000 and a five-bedroom for £160,000.
After refurbishing both properties, they rented them out, achieving an impressive 10% return on their initial investment. This early success fuelled their ambition, and within two years, they refinanced both properties, releasing a hefty £150,000 in capital.
The HMO Strategy – Maximising Returns
Instead of splashing out their earnings, Ruth and Becky wisely reinvested the money into another property, this time a four-bedroom house for £180,000. This purchase marked a strategic shift as they converted it into a House of Multiple Occupation (HMO).
HMOs, properties rented by three or more unrelated tenants, are known for their higher rental yields. This approach, combined with their refinancing strategy, became their recipe for success, replicated five times over to build their impressive portfolio.
Breaking Barriers and Empowering Others
The sisters are keen to share their knowledge and inspire other aspiring investors, particularly women.
“When we first started, the property investment scene felt dominated by middle-aged men,” Becky recalls, “We want to show other women that it’s achievable for anyone with the right knowledge and determination.”
They now run a dedicated Instagram account, @honestpropertysisters, and a podcast, Honest Proper-tea, offering valuable advice and dispelling myths about the property market.
Looking Ahead – A Future Built on Property
With their sights set on financial freedom and early retirement, the sisters aim to expand their portfolio to 14 properties by 2030, ultimately owning ten properties each.
Their story is a testament to the power of early investment, smart strategies, and a relentless drive to achieve financial independence. More than just savvy investors, Ruth and Becky are inspiring a new generation to take control of their financial futures, one property at a time.