Meet one of Britain’s council house millionaires.

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Meet one of the UK’s council house millionaires.

WHO ARE THE MILLIONAIRE BUSINESSMEN WHO OWN COUNCIL HOUSING?

The Channel 5 show, which premiered in 2020, examines how a group of private landlords became so wealthy by purchasing council properties. It is estimated that private landlords now own 40% of all council homes in the UK. Niven Samachetti, 32, is a multimillionaire who made his fortune in the UK’s council housing market.

The landlord owns 25 “rentable bargain properties.”

“For me, they’re like cash machines,” he admitted.

From his tenants, he receives £27,000 in rent each month.

Niven is worth £4.5 million after 10 years in the industry.

It isn’t all plain sailing, though, because he must invest a significant amount of his own money in his properties.

The film depicts one of Niven’s properties that has been vandalized by his tenant.

He’d also missed five rent payments in a row.

As a result, Niven had to spend £15,000 to make this house rentable again.

“That place is filthy,” he admitted.

Nonetheless, the purchase of council properties by private landlords means that there aren’t enough homes for those in desperate need.

“It’s kind of worked in my favor that the council hasn’t been able to provide homes for everyone,” Niven explained.

“They shouldn’t be for sale in the first place if there’s such a high demand,” he continued, “but I have no control over the policy.”

While it benefited Niven, who recently purchased a Ferrari “worth more than one of my houses,” it has hurt others.

Niven, on the other hand, is able to provide housing for those who cannot afford to pay high rent or even buy a home.

One of his tenants, who pays only £360 per month including bills, is overjoyed at the lower rent.

For £400 per month, he also houses a university student.

“The majority of them are quite expensive, and I cannot pay £600 or £700 per month,” the tenant said of university housing options for students.

Because his parents are unable to assist him with expenses, Niven provides him with the opportunity to rent for less.

“On the one hand, you could say we’re creating a problem for first-time buyers because as investors, we’re buying houses that first-time buyers don’t have the option to buy,” said Andrew, another council property owner.

On the other hand, we’re investing in real estate.

“Brinkwire News Summary.”

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