Dec 01 2019 24 mins 13
RESOURCE LINK
- The HMO Experience Website (http://www.thehmoexperience.co.uk/)
- 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 podcast hosts Matt Harris, Jamie Madill & Steve Mitchell share the four things you must know about HMOs. They define what an HMO property is, how it’s different to Rent2Rent HMO and how you can use HMOs to build your long-term wealth & still get up to 7x the income from them versus a started Buy2Let rental property.
If you're interested in getting started with this strategy then this episode of The HMO Experience Property Podcast is packed full of tips that you can use TODAY! Make sure you tune in :)
KEY TAKEAWAYS
- Typically buying 3 bedroom houses (either a terraced house, a semi-detached or detached house) then redevelop them into 5 or 6 bedroom professional HMO properties, all with ensuite bathrooms. Getting these properties commercially revalued means often pulling out most, if not all, of the original funds within six months of purchase.
- Some people don't want to do extensive refurbishments, they simply want to buy buy a 3 bedroom property, and convert one downstairs reception room to another bedroom without adding ensuites. You can do these too with HMOs - some call these mini-HMOs. It’s a great strategy for rental income.
BEST MOMENTS
‘Don’t buy an HMO on a single-let mortgage’
‘It’s very simple to scale up to bigger properties because it’s just following the same principles’
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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