Feb 23 2020 31 mins 7
RESOURCE LINK
- The HMO Experience Website (http://www.thehmoexperience.co.uk/)
- Download the 11 Steps to Running your successful HMO Property Business and other FREE RESOURCES (http://www.thehmoexperience.co.uk/resources-page)
- Sign up for weekly hacks and tips for starting and scaling your HMO Property Business (https://www.thehmoexperience.co.uk/subscribe)
- Connect with Andrew Aouthwood at Culbone Finance here: [email protected]
IN THIS EPISODE
Your podcast host Matt Harris talks with Jamie Madill & Steve Mitchell about how to pay for the furniture your HMO property. Buying brand new furniture for your HMO property could cost you a small fortune – what can you do if you don’t have the money?
KEY TAKEAWAYS
- Jamie and Steve’s first few properties meant they had to buy all the furniture outright as they didn’t know any other option existed. They initially used a 0% credit card to spread the cost. Using the rental profit from the HMOs to pay off the card was a safe but very slow way to finance the growth of their Rent2Rent HMO portfolio.
- Later they found out the benefits of leasing furniture, meaning they spent little or none of their own funds to get every new HMO generating rental income.
- Then when they started buying and refurbishing their own HMOs, they found they could also use lease payments to finance some of the refurbishment works too.
BEST MOMENTS
- “Our option was either to spend £7,000 cash from the business or spread the cost with a lease plan costing £200 plus VAT per month"
- “You could claim the tax back – that’s a saving of 20%”
- “In my head it’s similar to leasing a car, right?“
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CONNECT WITH THE HOSTS
Matt Harris - https://linktr.ee/iammattharris
Jamie Madill - https://www.facebook.com/jamiemadillproperty/
Steve Mitchell - https://www.facebook.com/steve.mitchell.9843
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