Jon Simpson of Stoke-on-Trent fixes tenants rent for 10 years at Lillie-Rae Estates, enabling home ownership.
He owns nine homes in Stoke-on-Trent at age 32. Jon’s company is named Lillie-Rae Estates, after his two daughters. He fixes rent for ten years, giving tenants the option to buy.
This lease option allows tenants to buy after a decade at the initial price. Tenants must maintain the property while Jon charges slightly more rent at first to provide future price stability.
Jon owns properties in Longton, Meir, and other towns and is about to purchase his tenth house. He registers that he cannot evict tenants except for non-payment of rent, guaranteeing the purchase price.
Stoke-on-Trent residents often struggle with high rent. Jon keeps rent down to help them save, which allows residents to buy their homes and even use home equity for a deposit.
Jon received a house from a WW2 veteran, Edward Booth, who gifted it after Jon helped him. Booth was touched by Jon’s kindness in a supermarket. The house was in Meir and worth £30,000. Jon then sought help from Samuel Leeds, a property entrepreneur and trainer worth roughly £20 million who left school at 16.
Using Leeds’ advice, Jon bought another property, using equity from the gifted house. Friends’ parents also loaned him money. He buys more homes using equity and investors.
Jon joined the Samuel Leeds Academy to study more investment strategies to grow his company further. Leeds now plans to follow Jon’s example with ten properties. Leeds calls Jon’s approach “compassionate capitalism,” as it allows tenants to get on the property ladder. Inspired by Jon’s work, he aims to do the same for his tenants.