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Found 2 results

  1. 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
  2. Hi everyone. My first topic posted here - so hoping I get some responses! As a brief introduction to myself, I am currently living in China - and have a few BTLs in the UK with mixed success. Recently I decided to give HMOs a go and bought a small run down terraced house in St. Helens. It is currently being renovated with full fit and will be ready to let end of August. My next challenge of course is getting the place rented, and since I'm living abroad and full time employed - need full management. But the costs I received from local estate agent are very high and significantly eat into monthly profit. They had a few options, but basically; 1. 250 pounds / month for each new tenant 2. +8% commission of rent 3. +200 pounds a month for cleaning The 8% commission is fair enough, but 250 for each new tenant will soon add up, lets say 6 new tenants per year and that's 1500pounds Also, 200 pounds a month for cleaning of communal areas seems like a lot for small kitchen, bathroom and living area. Would be grateful if anyone with HMO experience can tell me if these costs look ok - and if any advice for negotiating downwards? Also if anyone knows of any local people that might be able to help would be very grateful. Cheers! Mark
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