Danny & Joe's First Rent to Rent HMO – FULL TOUR & BREAKDOWN
Hi. I am Samuel Leeds, your property guide. In this video, I had a visit to Danny and Joe’s first rent to rent HMO. So, let’s see further what happened there.
Danny and Joe got the keys of their first HMO rent to rent and we went out to visit that property. There were apartments above the shops having multiple rooms which they were going to rent. They showed me their tenants as well. The surprising thing was Danny and Joe are just 19 years old and achieving first rental income. Amazing!
I along with these young boys went to the apartment to take an inside tour. It has four bedrooms. The kitchen was completely refurbed with the availability of all the appliances. They didn’t have to do anything in the kitchen, it was refurbed before. The tenants will share the kitchen. The living room was also furnished with LED TV and sofas. They paid 800 pounds to the landlord for the property and they now rent each room for 1600 which brings 400 to 500 thousand pounds every month to them.
We then went to the second floor to see the first bedroom. They paid nothing to the landlord for two months to get the keys and then they rented it out for four to five pounds. The other three rooms were also rented and they are taking deposit because they haven’t paid their deposit so they will pay with that coming from the tenants.
To watch out for other rooms, they took me to the top floor. They are taking 1600 in total from all the rooms and paid 800 pounds for the whole property.
What is Rent to Rent?
Renting the property from a landlord and then renting each room to other tenants to earn profit is what rent to rent means. This would be illegal if not done under the contracts. So, for doing it legally, you have to go through the contract procedure. Then both students were quite honest and said they have learnt from my teenagers courses and are applying here to make money rightly. I am really proud of them because they said the journey was difficult to achieve as they constantly get negative vibes but they kept on their struggle and now they are having tenants for all the four rooms.
Alright, it was a good time to visit the property Danny and Joe were having for rent to rent. They seemed motivated and dedicated, thinking to expand this rent to rent business as they are successful in one deal. It was great to see such young boys who are studying and struggling to move ahead. If you like my video then do subscribe to my YouTube channel. Till then take care!
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