The Man Who Bought the Cheapest House on Rightmove and Turned It Into a £100,000 Passive Income Stream
From builder to millionaire: how one man transformed a £38,000 wreck into a five-figure monthly income with a little help from property mentor Samuel Leeds
When construction worker Damien Cheeseman typed “cheapest house in the UK” into Rightmove, he wasn’t looking for a dream home. He was looking for a way out of the rat race.
What he found was a three-bedroom terrace in Gainsborough, Lincolnshire, so filthy that most buyers wouldn’t even step inside.
“The bathroom hadn’t been used in years,” Damien says. “There was rubbish everywhere. It was unlivable.”
Where others saw a disaster, he saw a chance. Within months,that same house became the foundation of a property business now worth over £45 million.
From £38,000 to financial freedom
Damien bought the rundown house for £38,000, spent £20,000 on refurbishment, and £2,000 on fees. In total, he invested £60,000.
When it was revalued at £100,000 he refinanced, pulled out £75,000, cleared his short-term loan, and walked away with £15,000 in cash plus a newly renovated property that now brings in about £2,800 a month through serviced accommodation.
After mortgage costs, the house nets around £1,900 profit each month.
“If you have £38,000, buy something ugly. Move fast. Add value. Refinance. Then make it earn.” — Damien Cheeseman
Mentored by millionaire investor Samuel Leeds
Damien credits his success to property entrepreneur Samuel Leeds, founder of the Property Investors Academy.
“Before meeting Samuel, I knew how to build houses, not how to build wealth,” says Damien. “He taught me how to buy smart, refinance properly, and keep my money working.”
Leeds says Damien’s story proves that property success comes from knowledge and action rather than luck.
“Damien bought the cheapest house on Rightmove and turned it into a goldmine,” says Leeds. “He shows what happens when you move quickly and think big.”
How the deal happened
Location: Gainsborough, Lincolnshire
Purchase price: £38,000
Condition: “Poo on the floor, bathroom condemned”
Seller: Moving to Thailand and needed completion within four days
Finance: £40,000 personal loan originally intended for home improvements
Renovation cost: £20,000
Revaluation: £100,000
Net monthly profit: Around £1,900
Damien never even viewed the property before buying it. “I had a short video from the agent, and that was it,” he says. “I sent in my builders, and this is only my third time here.”
From builder to business owner
After twelve years in construction, Damien decided to switch sides and start owning the projects instead of working on them. He joined the Property Investors Academy in 2023 and began scaling his portfolio rapidly.
He now manages 171 units valued at £45.2 million through a mix of serviced accommodation, HMOs, lease options, and social housing, which together generate about £28,000 a month.
One of his biggest projects, an eight-bed house leased to a housing provider, earns £12,000 a month while offering accommodation for families escaping domestic abuse and people recovering from illness.
Samuel Leeds: “Everyone wants a perfect deal. Damien proved that perfection isn’t profitable. Courage is. He didn’t just buy a house. He built freedom.”
The bigger picture
Damien says his goal now is to help others do the same through mentoring and partnerships.
“It’s not about finding perfect properties. It’s about being ready when the right opportunity appears. That’s what Samuel taught me,” he says.
Today, the once-derelict terrace that nobody wanted stands freshly painted and fully booked. It is a symbol of what can happen when preparation meets opportunity.
