A man from Manchester has revealed how he snapped up a run-down house for £10k - and increased its value by 550%.
Jake Knotman, 25, spotted the boarded-up terraced property in Burnley last year and instantly saw its potential.
The 'uninhabitable' home was filled with damp, mould and fly-infested rubbish before Jake began his impressive renovation.
After being valued, the house is now worth £65,000, an impressive £55,000 more than his initial purchase price.
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The Burnley home was a 'dream buy' for property investor Jake, who purchased his first house at just 21.
He is keen to enlighten other young people about the different routes into property - and stresses that big sums of money are not always required.
Jake said: “People don’t believe me when I tell them it is possible to buy a house for £10k but you just have to know where to look.
"Burnley is a fantastic example of a post-industrial market town with a huge amount of terraced housing stock that is priced well below the national average."
“It won’t stay that way forever though as this town is going places – it’s under an hour from Manchester by rail or road, has massive rental demand with big name employers such as Boohoo, a growing university and college scene, an American-owned premier league football club and the Pennines on its doorstep," he adds.
"There are a number of property hot spots like this in the north west – it’s about doing your research and knowing your market.”
Following an investment of £26,000, in part funded by an interest-free loan from Burnley Council, the young entrepreneur added a new bedroom to the Burnley house, which is now rented out through a local social housing scheme.
Jake is encouraging others to look into interest-free loans that are offered by many councils to renovate run-down, empty properties.
He continues: “This project has been satisfying on so many levels – having turned an ugly, dangerous eye-sore into an attractive modern property we’ve helped raise house prices for everyone on the street and helped provide great value, modern, safe, comfortable accommodation to vulnerable people through the council’s social housing scheme.”
After joining an estate agency at the age of 17, Jake now owns seven properties and has just purchased his first commercial building which will be turned into eight offices.
Jake concludes: "Property can pay you every single month, every single year for the rest of your life, but only when knowledge, experience and the right vision come together."
Jake’s podcast The Best In Property offers advice for aspiring developers.
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