McDonald’s worker boasts about buying a $280,000 investment property at the age of 18 after working 30-hour weeks – when in reality his dad paid for nearly ALL of it
- Theo Hancock saved $30,000 for a down payment on an investment property
- His father contributed $260,000 for the home and the renovations it needs
- The teenager said he achieved a ‘big goal’ without saying how he did it at first
A teenager who boasted about buying his first home aged 18 by working 30-hour weeks was actually given the cash by his dad.
McDonald’s worker Theo Hancock saved $30,000 for a down payment on an investment property in Whangārei, New Zealand.
But his father contributed the remaining $260,000 for the $280,000 home – with $10,000 extra to help cover renovation costs.
The teenager, who worked at the fast food chain while studying and ‘completing odd jobs for extra cash’, has been mocked online for implying he got the home with nothing but hard work.
‘So dad lent him 260k cash? Doesn’t sound like he did anything on his own.. anyone could buy a house if they are lent the money,’ one person said.
Theo Hancock proudly posed out the front of his new investment property in Whangārei, New Zealand
‘Basically you saved the first $30k and then received a handout for the rest,’ another added.
But most were supportive of Hancock’s ability to save $30,000 at such a young age, and said if they were in a position to help their children out, they’d do the same.
‘He’s obviously a safe bet for a loan… not many 18-year-olds have $30,000 in the bank,’ one person wrote. ‘At that age, he might struggle to get a loan but he has done well.’
‘It’s awesome that at such a young age he has a vision to build his life and try to secure financial freedom. Many teenagers don’t even think about that,’ another added.
Hancock hopes the home will be his first of many, and said he will pay his father back with four per cent interest once he turns 25 and sets himself up.
He told Daily Mail Australia he worked the overnight shift from 10pm to 6am before heading to school in the morning to get better rates of pay and lived a ‘very basic lifestyle’.
‘The plan is to just keep growing as many as possible then pay back my father when we are ready. My main goal is to secure financial freedom by 25,’ he told New Zealand Herald.
‘Might be a stretch but it’s the idea. I’d like to add a few [properties] to my portfolio each year.’
Hancock paid $280,000 for the home. He saved $30,000 working at McDonald’s and his dad lent him the remaining $260,000
Hancock told his Facebook friends the home was a ‘big goal achieved’ and offered words of wisdom for anybody looking to follow in his footsteps.
‘Don’t ever let anyone tell you that nothing’s impossible. If you want something badly enough, it will happen.’
He didn’t mention the $260,000 loan in his original post.
The teenager told Daily Mail Australia the best advice he could offer other young people in his position is to ‘differentiate wants from needs’.
‘Is the $50 branded shirt a need or is it a want?,’ he said. ‘Having good will power also helps.’
Hancock plans to complete his own renovations, including freshening up the bathroom, giving the home a fresh coat of paint and redoing the decking.
He hopes once the property has tenants, he will be in a position to borrow against the equity in the home to buy a second and a third with a bank mortgage by June 2020.