Jan 12 2020 35 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)
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IN THIS EPISODE
Matt, Jamie & Steve chat about putting in an offer and negotiating an offer from both a rent to rent and a property buying perspective. They provide you with some valuable nuggets around carrying out a deal analysis, getting to know your numbers and the importance of having good knowledge and leveraging your experience around your goldmine area, refurb costs and the rental level of your rooms.
Don't miss out on this episode of The HMO Experience Property Podcast as it's packed full of useful nuggets!
KEY TAKEAWAYS
- Don’t put a punt in when offering on a property because a punt when buying a property and you don’t really know the exact numbers means you may lose a lot of money.
- Make sure you know what the purchase costs are going to be, including stamp duty, broker fee, cost of finance and legal fees.
- Communication is key! As soon as people don’t hear from you they assume that you are not interested or that you are going to pull out.
- When you start chipping away at the gross rent with the ongoing monthly costs, you’re in a lot better territory to offer your target rental level.
BEST MOMENTS
"You have to do the numbers and get a deal analysis done on every property that you look at!"
"If the property according to your numbers and deal analysis fits your criteria, that’s what you put your offer in for - whatever the numbers tell you."
"In negotiation, knowing who you are dealing with, will definitely help!"
"Try and get 25% below market value! It’s not impossible, but it’s difficult. With an HMO you can add value and refinance that out."
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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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