right
lets back on topic
Re-checked the actual live article in full, no assumptions this time. Here’s the corrected and updated takedown of the “minimum wage millionaire” taxi driver landlord myth:
What the Article Actually Says:
Mick Whelan, 68, started buying property in 2020.
He saved £16,000 over two years by working 80-hour weeks at around £10/hour.
First purchase: £63,000 house in Ferryhill, Durham (2020).
Now owns 7 properties, claims to be “on track” to millionaire status.
All properties are in the North East, priced low (£60k–£100k range).
What the Article Doesn't Say (but should):
1. How He Scaled from 1 to 7 in Just 5 Years
Nowhere does it explain how he got mortgages on six more houses in such a short time.
Minimum wage—even at 80 hours/week—wouldn't meet most buy-to-let mortgage requirements, especially post-2021.
Likely explanation (never mentioned):
He leveraged rental income from Property 1 to fund deposits on Property 2, 3, etc.
Possibly used interest-only mortgages, rolling equity, or non-standard lenders.
Omission: Article frames it as “hard work alone” when it’s clearly based on leveraged capital.
2. Implied Accessibility = Myth
Headline implies that anyone on minimum wage can replicate this, which is wildly misleading.
Average house price in the UK is £280,000+—not £63,000.
He bought in one of the cheapest property zones in the UK.
Most renters today:
Pay far higher rent
Can’t save £16k in 2 years
Don’t have the credit profile to get multiple BTL mortgages
Deception by Omission: Article never states that his results are geographically and economically exceptional, not typical.