'How I made four million flipping council houses into luxury student digs'

Norwich millionaire made his fortune by buying ex council properties and turning them into luxury student rentals. 

Norwich millionaire made his fortune by buying ex council properties and turning them into luxury student rentals. - Credit: E&H Properties

Euan Cragie's first job was as a dishwasher in a local pub at the age of 15, earning £3.62 an hour.

Less than 15 years later he has a property portfolio worth £4 million. 

The 29-year-old entrepreneur grew up in Mulbarton and said: “My upbringing was quite poor. I was aware early on that we had less than most.  

“My first holiday was at 15 years old and that’s because my friend's dad paid for it. 

Euan acquires ex council homes, and updates them to turn them into luxury student rentals. 

Euan buys former council homes and turns them into luxury student rentals. - Credit: E&H Properties

“However, I am grateful for the winning mindset my parents installed in me.” 

Euan got into sales when he worked at Audi in Norwich, working 45 hours a week driven by his "hunger to succeed". 

Euan said: “I didn’t have a huge passion for sales so it was so hard in the beginning.  

Euan looks around for ex council houses with luxury potential. 

Euan looks around for ex council houses with luxury potential. - Credit: E&H Properties

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“One day though, it just clicked. People overcomplicate sales and back then money really was my main motivator - I was just at that age.” 

Quickly Euan became a talented salesman and in 2017 he moved in Dubai to sell luxury villas.  

Euan Cragie is 29, and he has built his fortune up from nothing. 

Euan Cragie, 29, has built his fortune up from nothing. - Credit: E&H Properties

While there, he began working on his own venture E&H Properties.

Having moved back to the UK he began to do up properties, explaining: "We began buying ex-council properties that needed a lot of work and restoring them for luxury student housing.  

“We moved back to Norfolk in May last year due to the volume of work we had in this area.” 

Euan chooses houses that need work carrying out on them so he can turn them into luxury rentals. 

Euan chooses houses that need work carrying out on them so he can turn them into luxury rentals. - Credit: E&H Properties

Now, as a young millionaire, Euan and his partner own ten luxury homes where the rent is £3,000 - £3,750 per month.  

Euan said: “When I closed the deal on property number ten, that was when I felt maybe we have done okay." 

Euan has built his fortune through hard work and being frugal and rarely splashes his cash.

Euan's company now owns ten properties, with each costing £3000 to £3750 in rent.

Euan's company now owns ten properties, with each costing £3,000 to £3,750 a month in rent. - Credit: E&H Properties

He said: “Now my properties are worth £4m. I hope that over the next five years we can boost our portfolio to the value of £12m.”

He said: "I've got no plans to sell my portfolio any time soon. I want to keep restoring and renting. Hopefully one day I'll be able to get my son involved in the business and pass the empire on to him."

Euan now has 10 properties and has put an offer on number 11.

Euan now has 10 properties and has put an offer on number 11. - Credit: E&H Properties