So here we are in mid January! I cannot believe how quickly time is passing me by! This week I’ve been adding some content to my fabulous ‘Live a Bigger Life’ event and when I reached the slide about Housing Multiple Occupation (HMO), I knew I had to share it with you.
You may know that when I started my property journey, I started with the ‘Buy to Let’ and Buy to Sell’ models. However, when I felt like I’d mastered these, it felt right for me to move onto another strategy.
I also started to understand more about property and the ways in which I could make them work for me. One example of this, and what became a real game changer for me was the HMO Model. A HMO property may also be known as shared accommodation. This is where the tenants will have their own bedroom but share facilities such as kitchens and bathrooms. As this is a shared facility the specification of the property differs from that of a single use property so I recommend you do your research and due diligence of the area before committing to this strategy.
One of the first HMO renovations I did was converting a huge house in Doncaster to a 14 bed HMO. This property had been on the market for over a year and due to the size no one had made an offer. So with that I mind, I carried out my due diligence and saw a gap in the market for affordable, single use occupation.
I purchased the property for £116,000 and after all of the building works etc. I still made £183,000 profit. I sold the property to an investor who was interested in collecting the weekly rent and to add it to his portfolio. Again, this property strategy is still so relevant but you must do your due diligence before committing to this strategy.
This is just one of the strategies I will be covering at my only scheduled ‘Live a Bigger Life’ event. I will also be showing you how you can ‘start where you are’ and how you can complete no cash down deals. That’s right… you won’t need to invest a single penny of your own money. Want to find out how? Come along and find out. You’ll learn my latest strategies, have the opportunity to meet me and my wonderful team and ask any of your burning questions.
Ohh… there’s also a gorgeous lunch available.
To find out more, simply click here.
I hope to see you there,
Live the Life you Love,