Nov 24 2019 26 mins 8
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)
IN THIS EPISODE
Your hosts Matt Harris, Jamie Madill & Steve Mitchell define what Rent to Rent (Rent2Rent) is and how you can use this strategy to get job-replacing income FAST!! They talk about how Rent2Rent differs from buying HMO property, and how all three of them used this strategy to replace their corporate incomes and escape the rat-race.
Interested in finding out more? Make sure you tune in to this episode of The HMO Experience Property Podcast!
KEY TAKEAWAYS
- Rent2Rent HMO is simply a property that you control and manage but don't own. You rent out the rooms individually and pay guaranteed rent every month to the owner or letting agent. Your profit is the rent you charge your customers for their room minus your costs (guaranteed rent payment plus bills).
- Some people confuse Rent2Rent with ‘sub-letting’. This is where the tenant is making money from renting out other rooms in the property, the extra rental income is not going back to the landlord, and the extra tenants are not on the tenancy agreement. This is not Rent2Rent HMO.
- We realised that there is a big difference between learning the theory of Rent2Rent on a course and the reality of setting up and running a business, that’s why we’re doing this podcast.
If you enjoyed this episode of The HMO Experience Property Podcast, please don’t forget to subscribe, tune in and share this podcast!
ABOUT THE HOSTS
Matt Harris - Matt worked in-house legal in the City before practicing as a property lawyer in Mayfair. He swapped law for cleaning and set up The Organised Cleaning Company, followed by MiPropCo Leeds, a BTL investment company. Matt's latest business, MiRentCo London, provides multi-let management services for landlords & great co-living accommodation for young professionals in London. Matt is the co-host of The HMO Experience & PPN St Pancras and hosts his own YouTube channel shows.
Follow Matt HERE
Jamie Madill - After an 18 year career in advertising Jamie became a full-time property investor with a property portfolio of single-lets & HMOs and with Steve, they have created a successful Rent2Rent HMO business. Jamie is an international public speaker and co-founder of Progressive Property Network and co-host of PPN St Pancras.
Follow Jamie HERE
Steve Mitchell - Steve had a successful corporate career in finance and risk management before becoming a full-time property investor. He owns a portfolio of single-lets and HMOs. A black belt in Six Sigma (yes, really!), Steve is the project management and systems expert in the business. Steve is also Co-Host of his own London property networking event, PPN St Pancras.
Follow Steve HERE
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