Jan 05 2020 17 mins 10
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 podcast host Matt Harris asks Jamie Madill & Steve Mitchell questions around carrying out property viewings when you are looking to buy properties to convert into an HMO and finds out some useful hints and tips to bear in mind on your viewings.
If you are looking to buy potential properties for HMO conversions then this is definitely the episode of The HMO Experience Property Podcast for you!
KEY TAKEAWAYS
- If your strategy is to buy a property and maximize the income without spending much money on the refurbishment, you can do that with a smaller property - a MiniMo - a small three bed terraced house and convert one of the downstairs rooms into a fourth bedroom and rent it out.
- If you want to buy a property and convert to HMO and maximize the value to refinance it once the works are done to pull as much money as possible and at the same time maximize rental income, you can look at a terraced house where you will have to really rip out everything internally and structurally change that.
- It's important to really get to know and build rapport and trust with your agent. You want to come across as being a very professional and have credibility, build trust and rapport with them.
- If you are looking to take on a three bed house for example, then convert that to a five or six or a bigger HMO. It is really important to know what the total footprint is because you will be using something like magic plan or your laser measurer to understand what that is.
- You really need to make sure before committing to buy and putting an offer in, you know what your build costs are going to be.
BEST MOMENTS
‘We're often asked what does an ideal property look like and it really depends on what your strategy is.’
‘Whether your strategy is to do the MiniMo route or indeed, the bigger conversion routes, you have to know what the current footprint of that property is.’
‘Whether your strategy is to do the MiniMo route or indeed, the bigger conversion routes, you have to know what the current footprint of that property is.’
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