Get going, says millionaire (21)

A MILLIONAIRE 21yearold with 11 properties across the country has come under fire for borrowing money from his parents, but he says he could have done the same without it.

Jonathan Brownlee owns 11 properties valued at more than $3 million, from Auckland to Invercargill.

He has created $1 million in equity and expects to pull in more than $60,000 a year in afterexpenses income once he finishes his next renovation.

Following the publication of a New Zealand Herald article on his story, the budding property magnate has been accused of having achieved his success only because of his privilege.

While he previously spoke to the Herald of his entrepreneurial spirit from a young age, some readers focused on the fact his parents topped up his savings to make the deposit on his first property in Hamilton.

In a social media video, Mr Brown lee responded to the ‘‘keyboard warriors’’, saying he did not want people to think they could not do it in today’s market, at a young age on their own.

‘‘I am quite grateful and blessed my parents were in a position to lend me part of a deposit for my first property and guarantee my loan.

‘‘But do I think 100% I wouldn’t be here without that? No not at all.’’

Mr Brownlee said the first home he bought was in Hamilton, and did not need to be renovated. He later learned of other areas where houses could be bought for $100,000, on a 20% deposit.

‘‘I realised if I had bought one of those, and renovated it, within a couple of months I would have created sweat equity, and been able to revalue that sooner.’’

He said people could get started with as little as $30,000.

‘‘Start building equity, renovate and get going.’’