How to manage HMO properties
If you're wondering how to manage HMO deals, it's likely that you're just starting out and have found a potential opportunity. You could be thinking about what the next steps might be. Samuel Leeds advises that you don't really need to know how to manage HMO properties. You just need to find somebody else who does. The ideal scenario is that you hire an experienced HMO specialist to do this for you. Avoid the average high street management companies. Instead, go to spareroom.co.uk, filter so that it shows ‘agents only'. You'll be confronted with a list of agents who specialise in HMOs, contact them!
If you want to manage the HMO yourself, Samuel has a great top tip for you. Make sure you decide what kind of tenants you want. Don't mix professionals with students with benefit tenants with couples – the list goes on. Find your target and stick with it (as long as it works).
Here are some other topics which are discussed in this video –
Where is the best place right now for BRRR's?
BRRR stands for buy, refurb, refinance, rent. If you're wondering what that process looks like, watch this.
There are many locations around the UK which are great for BRRR. Look for places where the house prices are relatively low, the sellers are motivated and the labour is cheap. So, a great example of this is Darlington. In Darlington, you can get a comprehensive refurb done for 5-10K and add lots of value to the property.
How to pitch for Rent to Service Accommodation deals with confidence
Just be upfront and honest. Don't make yourself feel like you're doing something wrong or sneaky. There's nothing bad about it. Simply call your prospect, ask them if the property is available and ask a few questions. After that, let them know you're not going to be staying there and it will be a corporate let. But don't go into detail or start waffling about the benefits of a corporate let – keep it simple and assume it's a normal thing to do. As soon as you mention that it will be a corporate let, then you should ask them which day you can do a viewing. The worse they can say is no and the best outcome is you get a deal which makes you lots of money!
In this episode of Q&A, Samuel also got asked the following questions:
- What would you ask at networking events if you're new to property?
- How would you spend 300K if you had no experience in property?
- Which qualifications did you get from school?
Find out the answers by watching the video!