JUST seven years ago, Abi Hookway was a broke single mum struggling to get by.
Now, the 39-year-old has totally transformed her , building an £8 million property portfolio and a £10 million .
But having said that, the Property Expert and Entrepreneur has confessed that she is in £3.7million of .
Despite this, the isn’t bothered by the debt and still lives a very lavish, millionaire lifestyle.
Abi doesn’t work a standard and people have called her a “lunatic”; as a result, but she isn’t phased, as she’s too busy living the dream.
Posting on , the businesswoman, who spends £800 a month on a housekeeper and has £70,000 in , got candid on her financial situation.
Instead of working for someone else, Abi earns money by – she buys a property, renovates it, and sells it for a profit.
As she filmed directly from a concert, she said: “I’m £3.7million in debt and I like a baby – honestly, it is the best time of my life right now being in so much debt.
“Most normal people would go ‘oh my gosh, you’re in so much debt, you’re a lunatic, what are you doing?’ – for me, it makes me happy.
“Why? Because my debt is . It’s leveraged on that pay for my lifestyle.”;
Abi then explained: “I don’t work a 40-hour a week job, I don’t have a boss, I do what I want, when I want, because I’ve got all these houses paying to me so I can do what I want in life, I can be at peace and fulfilled doing what I love most.”;
Abi stressed the importance of understanding how to earn passive income and knowing the difference between “good debt and bad debt.”;
She acknowledged: “We’re taught all debt is bad, but it’s not – good debt is leveraged on assets to make you . Figure it out.”;
To have debt leveraged on assets involves borrowing money specifically to acquire or invest in assets with the expectation that those assets will generate enough income or appreciate in value to not only cover the cost of the debt (interest and principal payments) but also provide a net positive return.
Despite her “debt”;, Abi has an £8 million portfolio, which includes buy-to-let properties, holiday in the Lake District and Peak District, and commercial properties.
And her ambitions don’t stop there, as in the next 10 years, .
How exactly did Abi get started?
It was when Abi found herself consumed by “fear and anxiety”; as her credit card debt spiralled, that she took the plunge in property flipping.
Her breakthrough came during a conversation with her dentist, who admitted he’d love to invest in property but didn’t have the time.
Abi seized the opportunity and her dentist agreed to fund her first property flip, in exchange for a 10% return on his investment.
Her first project was a neglected house in Doncaster that had been vacant for 18 months.
The next big goal is taking my business to the £100 million mark
Abi Hookway
Using her dentist’s investment, Abi successfully flipped the property, paid back the loan with a 10% return and walked away with £72,000 in just six months.
Abi previously told : “I said goodbye to my £24,000 debt, and the rest of the money was reinvested.
“I’d just made double my annual salary in less than six months, working less than six hours a week. Why wouldn’t I do it again?”;
Now, Abi earns between £50,000 and £100,000 with every property flip.
Abi added: “My most recent deal is a three-acre plot of land used to storeand containers. I’ve got about six or seven holiday homes and four or five commercial properties.
“The next big goal is taking my business to the £100 million mark.
“This year, my business should turn over around £10 million, but I want to fast-track it.”;
Social media users react
The clip, which was posted under the username @abihookwayproperty, has clearly left many open-mouthed, as it has quickly racked up 414,400 views.
It’s also amassed 20,200 likes, 121 comments and 1,036 saves.
Passive income is a game changer. Love it!
TikTok user
Social media users were stunned by Abi’s claims and raced to the comments to share their thoughts.
One person said: “I want to do what you are doing.”;
Another added: “Passive income is a game changer. Love it!”;
A third commented: “It’s crazy but you’re right.”;
