At the Newcastle crash course, I set a challenge to find HMO (house in multiple occupation) leads. Often aspiring property investors and even some existing landlords find it hard to locate HMOs with excellent ROI. This is usually because they are looking in the wrong areas or don’t know how to structure deals. In this article, we will take a look at the winning team, how they did it and how you can find HMO leads yourself.
I often challenge people attending my free property investors’ crash course to find HMO leads on the spot. In this case, the attendees split up into teams to look for those leads in the Newcastle area. Each member of the winning team would get £100 each and I would take the lead, or they could decide to keep the lead and try and turn it into a deal. The aim of such exercises is to show how many leads are out there if you are motivated enough to take action. Often, people are more motivated by £100 now than a potential £10,000 a long time down the road!
Many students on the free crash course find deals that go on to make them big money, even if they never decide to purchase advanced training from us. It is a really important component of my training that it isn’t just about passively acquiring knowledge, but also taking real world action right then and there. Those that take action are the most successful in the long run.
How To Find HMO Leads
The teams search the popular property portal, RightMove. Many people think it is necessary to find off market deals to get a good ROI. The reality is however, that many amazing opportunities are staring you in the face if you have the skills to find them. In my crash course, I go into more detail on exactly how to analyse these types of properties and what precisely to look out for.
The winning team found a very creative HMO lead. This property had the potential for developing the garage space into an additional house. This would create the possibility for the properties to be refinanced upon completion of the work. Using a BRRR (Buy, Refurbish, Refinance, Rent) strategy for an HMO is awesome, as it combines the great cash-flow of HMOs with the amazing ROI of BRRRs.
The winning team were asked to decide whether they wanted to keep the lead themselves or sell it to me for £100 each. They decided to take the £100. They were really pleased to have won, and the experience was great motivation for the future.
They said “We've just been given the challenge by Samuel Leeds to find a deal within 20 minutes. We produced the lead and we've just sort of sold it on the stage to potential investors. We've won the challenge and we've walked away with £100 each. I think if we can do it in 20 minutes, it makes us think what we could do if we had a bit more time and the deals we can find and package.”
If you want to find amazing leads and maybe even win one of my challenges, why not book a free place on my next crash course (£1 booking fee applies)? Those that take action, get results!
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