You speak absolutely 1000 times better than most of the property ''guru's'' that i follow. Those guys talk a lot, but they don't actually given you anything useful. All the good stuff is held back, trying to get you to purchase their training package
Btw i am actually looking for a mentor. How much will you charge to assist me to get started in a HMO? I've already got a vanilla buy to let, and dont want anymore. Looking for cash flow now
Thank you for the kind words - they really mean a lot to me. I think it's because I don't need to sell you anything - whereas some people on RUclips have to in order to make a living.
You can book an initial call with me using the link below. Full disclaimer - I'm more of a buy-to-let specialist rather than HMOs. I started off the HMO route, though I'm transitioning away from that strategy. I know a lot about it - though not as current as those that still actively undertake the HMO strategy. ms7.uk/project/coaching-mentoring/ @@wicked-witch-of-the-west
Thanks Petar. I have 1 left now, although we are close to agreeing a sale. See detailed on the link below. It's the first listing. ms7.uk/project/for-sale/
Very timely video for me as I'm currently seriously considering taking on a rent-to-rent HMO. I figure that, as an example, if I net 800 pounds a month and spend 40-hours a month managing the property (10-hours a week), my hourly rate will be 20 pounds an hour, which is acceptable for me personally as it will be on top of my full-time salary. My question to you is do you think single-handedly managing say a 7-bed HMO is doable if working a full-time job 38-hours per week, Mon - Fri?
Great question! Very good to see you are viewing the deal on an hourly rate basis too. I think it’s do-able. I also think it will take you less than the time you’ve allocated to manage!
@@thepropertypilot I ve set up my mind to go for an HMO until I watched this video today, pls what happen to d management company, y did it not work out???
@@kenosky9163 It works out. It's just not as profitable and futureproofed as other strategies! If you're starting out, it's not a bad strategy to generate cash flow (if that's your goal).
Why is it more profitable to convert a C3 to C4? I am not getting it. If one is buying a 500K property, then converting it by spending 100K on it, and then lets us be saying just per chance you deciding to sell it immediately, it is worth 400K because now its a HMO..I am not getting why this one is more profitable, than just buying an existing 400K HMO?
Great question Ravi. It very much depends on the area and rents. Using this property as an example, it was worth around £100,000 as a family home. But around 35% higher than this as a HMO. Purely because investors are willing to pay more based on the HMO rental income.
My chalkemge is that i have an HMO in an Article 4 area, which is a single terraced house but is now a C4, but, when i am trying to remortgage, the lenders are asking for planning permission, but, i dont have any idea whether a 4 year or 10 year rule applies ‐ do you have any idea, apart from asking the local authority itself, whether a 4 year or 10 year rule applies?
In my area, you would need a certificate of lawful use. To get this, you need to prove the property has been let as a HMO prior to the introduction of article 4. E.g. tenancy documents that show it was rented to multiple people.
You speak absolutely 1000 times better than most of the property ''guru's'' that i follow. Those guys talk a lot, but they don't actually given you anything useful. All the good stuff is held back, trying to get you to purchase their training package
Btw i am actually looking for a mentor. How much will you charge to assist me to get started in a HMO? I've already got a vanilla buy to let, and dont want anymore. Looking for cash flow now
Thank you for the kind words - they really mean a lot to me. I think it's because I don't need to sell you anything - whereas some people on RUclips have to in order to make a living.
You can book an initial call with me using the link below. Full disclaimer - I'm more of a buy-to-let specialist rather than HMOs. I started off the HMO route, though I'm transitioning away from that strategy. I know a lot about it - though not as current as those that still actively undertake the HMO strategy.
ms7.uk/project/coaching-mentoring/
@@wicked-witch-of-the-west
Great video !
Question, have you sold already and if not let’s have a chat as I’m actually looking to buy ?
Have a great week.
Thanks Petar. I have 1 left now, although we are close to agreeing a sale. See detailed on the link below. It's the first listing.
ms7.uk/project/for-sale/
Good Video, some food for thought
Thank you for the feedback!
Very timely video for me as I'm currently seriously considering taking on a rent-to-rent HMO.
I figure that, as an example, if I net 800 pounds a month and spend 40-hours a month managing the property (10-hours a week), my hourly rate will be 20 pounds an hour, which is acceptable for me personally as it will be on top of my full-time salary.
My question to you is do you think single-handedly managing say a 7-bed HMO is doable if working a full-time job 38-hours per week, Mon - Fri?
Great question! Very good to see you are viewing the deal on an hourly rate basis too.
I think it’s do-able. I also think it will take you less than the time you’ve allocated to manage!
I've been thinking the same thing. Can i work full time and manage a HMO. I'm not giving a property management company money for doing nothing
why not do social housing? It's apparently handsfree
Great question Abigail. I prefer to rent to private tenants - I have more control this way.
What about using a management company to manage ur HMO with rent guarantee ??
I do that with 1 of my HMOs. Still not worth it for me going forward!
@@thepropertypilot I ve set up my mind to go for an HMO until I watched this video today, pls what happen to d management company, y did it not work out???
@@kenosky9163 It works out. It's just not as profitable and futureproofed as other strategies! If you're starting out, it's not a bad strategy to generate cash flow (if that's your goal).
The fixed term stuff never went through, and council tax has been reversed. You need to buy those HMOs again 😅
Haha! Good time to buy HMOs now.
Why is it more profitable to convert a C3 to C4? I am not getting it. If one is buying a 500K property, then converting it by spending 100K on it, and then lets us be saying just per chance you deciding to sell it immediately, it is worth 400K because now its a HMO..I am not getting why this one is more profitable, than just buying an existing 400K HMO?
Great question Ravi. It very much depends on the area and rents. Using this property as an example, it was worth around £100,000 as a family home. But around 35% higher than this as a HMO. Purely because investors are willing to pay more based on the HMO rental income.
My chalkemge is that i have an HMO in an Article 4 area, which is a single terraced house but is now a C4, but, when i am trying to remortgage, the lenders are asking for planning permission, but, i dont have any idea whether a 4 year or 10 year rule applies ‐ do you have any idea, apart from asking the local authority itself, whether a 4 year or 10 year rule applies?
In my area, you would need a certificate of lawful use. To get this, you need to prove the property has been let as a HMO prior to the introduction of article 4. E.g. tenancy documents that show it was rented to multiple people.
Hate HMOs
Why?
@@thepropertypilot
Saturation, low returns, legislation, low barrier to entry....
@@ldn876 I certainly agree with 1 and 3.