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Showing results for tags 'hmo liverpool'.
Found 2 results
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Hi everyone, I've got a few single lets where we've used the BRRR strategy and am now venturing out to my first HMO - however I'm struggling to assess whether it is a good deal! We've agreed a purchase on 3 bed terrace in the NW and we are looking to convert it to a 5 bed all ensuite. We know there is demand in the area we are looking at and are quiet confident that the rooms will be filled. The 'return on money left in' the deal once refinanced is suitable for what we are after and gives a reasonable cashflow. However, the biggest stumbling block for me is that the purchase price + fees + refurbishment cost is a fair amount greater than what the property will be valued at once the works are complete. What this effectively means, if we were to sell the property after the works we will lose money. The intention is not to sell. However, when we analyse our single lets one of our exit options is that we don't lose money if we had to sell the property after completion of works. This exit option wouldn't exist here due to the larger refurb cost associated with the HMO. I just wanted people's views on this - is this fairly common for those that have created their own HMOs? Thanks Jitsy
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Hi all. 12 months ago I sold a renovation property and have since been looking for another project to flip . I've not found the right one and have since decided to change careers and attempt to give up / reduce my day job. I'm in Exeter and have been looking into HMOs . The numbers don't seem to add up in my area but they seem a lot healthier in Liverpool ( 4 hours drive from me ) . I'd like some advice on 1 - Running HMOs , 2 - Being remote from your HMO , agents etc . Is this a bad idea being so far away ? After looking online the numbers seem to stack up to a 20 - 25% return in Liverpool . Can't get anything like that around here . Any advice on Liverpool ? I have around £300k to invest . Is this an amount that you should be able to make work for you to the point that it could be your sole income ? Any advice on the above topics would be much appreciated . Thanks
