£94K Rental INCOME from ONE Property | Incredible HMO Conversion
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- Опубликовано: 21 авг 2024
- £94K a year rental income from one property!🤯
We met up with @lee.moffatt_elmproperty to have a look at his latest property deal in Lewisham.
It’s an HMO conversion and the numbers are insane.
In the video he gives us a tour, breaks down the numbers, talks about his biggest lessons and much more!
#property #propertyinvestment #propertytips
I wish I grew up with a father with all this financial wisdom. This is where I strive to be 🖤❤️💛💚
We have HMO round the corner from us.. ALL residents were arrested one evening and it’s up for sale!! In my experience HMO property gets trashed quicker than others.. you have to choose residents very wisely..
I’ve had a 7 bed for years
Luckily I’ve never had any trouble
All over 50 single 👌
Strat is to try find filipinos or east asians in general . They wont do any damage
Thanks guys for coming over to see my project. Looking forward to showing you round the next one 👍
Our pleasure!
Such a fantastic project! Well done!! 👏
My HMo has been makeing 72k a years for the last 7 years and i couldnt sell it for 900k which was mad to me as i thought people would fight to buy it first, incredible. Now i wouldnt even consider 1.2m. I sold some flat in Bucharest instead for 120k that were rented out for 500 a month. Crazy how undervalued London is.
Great result but what’s the net yield on this? I’d expect some hefty running costs !
4:24 private courtyard..... which anyone in the living area can see into as well as see into your bedroom as you get dressed.
Only 2 rooms were fully finished as explained in video. There would be blinds/curtains now
This is amazing. Are there many HMOs in the area for a valuer to make a comparison? Also wondered if you did the extension work and configured the internals to a larger family home what the value would be?
@LEE MOFAT
Great job on the project, inspired by your journey.... hoping to get on a similar path someday, working at a corporate atm
what areas in London are not under Article 4? As a first time HMO investor, what areas do you suggest one should target in Zone 2/3?
Also in Lewisham, it come into effect on 19/01/2024... does this mean the Sui Generis HMO layout needs to be approved before this date?
Great project!! I'd love to understand how he estimated a £1.1m commercial valuation, given the gross annual rent is £92,400.
Good point. If they’re lucky they’d get a x10 multiplier on the gross annual rent. Making it £924,000 not £1.1m
Well done to the guy but it’s no secret that money tends to stick to money this bright chap certainly looks like he’s from a affluent background and will of had significant help in regards to advice/support financially and through the steps of the process I’d bet .I would be confident that a lot of people with a £800,000 start up fund surrounded by affluent and knowledgeable support could easily make this business model work also, we’re just not all in that position unfortunately. However lots would fail also so still credit where it’s due. Just personally appreciate the ones that get started with nothing but hard graft and hands on types that make it more bit insightful non the less Thankyou 👍🏻
You may be surprised to know that I didn’t come from an affluent background. I grew up in Hounslow, a rather rough/undesirable area on the outskirts London. My mum worked the checkout at the local supermarket and my dad was a telephone repairman. None of them had any financial understanding of money. Arguments at home were always about money I had no financial support or advice from my parents. What I have achieved so far was off my own drive not to end up like my parents and not have to constantly worry about money.
@@CoLivingCreators you’ve done an amazing job, thank you for sharing your story! ☺️👏
@@CoLivingCreators weren’t you a student at St Andrews when you where younger which is widely considered one of the most prestigious universities in the uk and the 2nd most expensive to attend in the entire country.? Doesn’t sound like the poor upbringing with all the struggles your trying to profess here I’m afraid.
@@bdizzle7633 I dont know where you heard that from but I did earn a scholarship for St. Andrews. Yes, it is one of the most prestigous universities in the UK however a scholarship means you get your fees covered on the merit of your ability and hard work. At the end of the day you can believe what you want but from my experience its about the opportunities you want to make for yourself. It's upto you if you want to believe your circumstances are going to prevent you from achieving what you want or not. Which ever way you want to think either way you will be right.
@@CoLivingCreators if you read my 1st comment I commended you as even with a good start plenty will still fail partly because maybe it’s been to easy for them and said credit where it’s due. If I’ve offended you apologies however I believe the truth is maybe somewhere between us both I of course don’t know your life admittedly, however with such a prestigious education and starting a business model in property in London requiring such capital i don’t believe everything your saying about your humble beginnings from a family who barely got by etc. and also maybe I was a bit over presuming in how much help maybe you’ve had getting where you are either way wish you all the best which you clearly don’t need as you seem to be doing well.
Very nice. Were the rent prices with utilities all or part included though? I assume all but don't think you said
how much was the cost for planning and buying rights before the extension ? it would help us
Amazing work.
Great content. Thanks
Inspirational stuff ❤
Glad you enjoyed🙌
How depressing earing 50-60K a year and only living in a 'room' ,very nice room, but with seven other people. Although a nice shared house i assume (maybe incorrectly) that in your late 20 early 30s on that income living with 7 other people (not related to) for 2-3 years must be like being back in university.
Typical short term thinking. Those recent graduates are renting a good standard of property at a relatively small amount of rent. Saving their own money to invest and own their own properties very quickly.
In Lewisham aswell lmao. It has the biggest Police station in the UK for a reason
@@rwjc4530😂
Hi, Excellent project! Was the re-valuation on a bricks and mortar basis or commercial?
Commercial most probably if it’s a large hmo
Im in shock you can get this much for this property, i grew up in Lewisham an laleham road where this property is (right near catford) is a shithole. Colour me surprised.
I grew up in Catford as well. Horrible place and now overpriced by a toff coming to take advantage of the housing situation
Question, why would someone on a 50k to 60k salary live in an HMO??
Cos it's London baby, also they might be a contractor working in London but living with family on weekends so have the room just for the week. I spend min £100 a night staying in London for work and here you get a kitchen to cook your own meal in etc
It is a questionable claim.If I had made £ 50K I would rent a one bedroom flat instead of ling with 6 a dozen people you do not know
@@Tasucu-b4jyou can’t afford a 1 bed flat in london on £50k. As someone who’s previously earned that salary in london! I lived in a HMO and rented accomodation with friends to save money and buy a flat.
@LeeMoffat Excellent job!
Are there HMO specialist lenders?
Any recommendations? Thanks
Thanks Ahmad. Yes there are specialist lender. We use Shawbrook Bank for a lot of our projects.
@@CoLivingCreators Thanks for your reply, would you typically wait for your fixed mortgage term to expire before you refinance?
@@ABurbanhomes Typically yes if you want to avoid early repayment charges. You however need to be careful if you are operating a HMO on the incorrect mortgage product if your initial term has not expired.
The floating words say “HMO Conversation” by the way
Doesn’t really matter it’s not important mate
The thing is...… this guy probably came from a very wealthy background hence why he has all this. I don't think that this video is directed at beginners looking to get into the property business.
Great video guys, that property looks amazing🤯 bit confused on the numbers though. He got 2 separate valuations, does that mean he refinanced the property twice? Pulling out money each time?
We had 2 valuations but only one refinance to pull out money.
@@CoLivingCreators thanks for clarifying👍🏼
Are there specialist HMO lenders?any recommendations?
Awesome content as usual 👏👏👏
Thank you👊
Hi, I recently attended a 3 day SA/R2R training session, paid a lot TBH, I'm now looking for a mentor to guide me in order to grow my business successfully; the company who trained me wants additional funds for mentoring services etc which I simply do not have. I was wondering if you guys offer a 'mentoring' service
I believe the Fontaine Bros offer their own training which is very affordable. If you want some advice on mentoring happy to share my experience.
Evening
Thank you for your reply; I am very much interested in receiving mentoring, as coming off the course I feel I’m left to my own devices which can be quite overwhelming.
Thank you in Advance
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well I am fucking up lol at least someone isn't
Private couryard😂
Your very own place to smoke yourself into oblivion, before crying yourself to sleep.
Daylight robbery