Business · Companies · 7 hrs ago
Roblox resale earnings helped 25-year-old buy a Windsor home
Aziz, now 25, bought a five-bedroom detached house in Windsor, Ontario, for $710,000 in July.
He started reselling limited-edition virtual items on Roblox at 15, using $10 and his mother’s PayPal account.
By 2017 and 2018, he says the business was bringing in about $40,000 to $50,000 a year, but it became less profitable as competition grew.
He later combined savings from that work with his public-service salary, investments and lower living costs while staying with his parents.
Moving from the Greater Toronto Area to Windsor also made buying a home more affordable for him.
He took $60,000 from his RRSP through the Home Buyer’s Plan and $25,000 from a first home savings account to cover his down payment and closing costs.
His mortgage has a 30-year repayment period and monthly payments just under $3,000, and he hopes to pay extra to shorten it.
He chose the larger house partly because he could accommodate a future family or rent it out if his circumstances change.
Aziz, 25, bought a five-bedroom detached house in Windsor for $710,000.
He put down $71,000 and bought the home on his own in July.
His Roblox resale business, savings, investments and public-service salary helped him afford the purchase.
Aziz began reselling virtual items on Roblox at 15, starting with $10 and his mother’s PayPal account.
He earned around $40,000 to $50,000 annually from the business in 2017 and 2018, before increased competition reduced its profitability.
- Who
- Aziz, a 25-year-old public-service worker.
- What
- He bought a five-bedroom detached house for $710,000, putting down $71,000.
- When
- In July; the year is not stated.
- Where
- Windsor, in Southern Ontario.
- Why
- His Roblox resale earnings, investments, savings and salary helped him buy the house.
This story does not have two clearly opposing sides.
I think at the beginning I probably wasted a lot.
When you’re 16 and can’t open a TFSA or an investment account until you’re 18, and you have a bunch of money coming in suddenly, then you really don’t know what to do with it.
Aziz began buying and reselling Roblox virtual items after noticing that some sold-out items were available from other players.
He earned around $40,000 to $50,000 annually from the business.
Increased competition made the resale business less profitable, and he stopped.
Aziz added to his first home savings account while investing mostly in index funds.
Aziz bought his Windsor home for $710,000.
- Age
- 25
- Home
- Five-bedroom detached house in Windsor
- Purchase price
- $710,000
- Down payment
- $71,000
- Roblox earnings
- Around $40,000 to $50,000 annually in 2017 and 2018
- Mortgage rate
- 3.45 per cent variable rate from a credit union
Sources
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