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Found 155 results

  1. Hi, As a new investor I'm after some advice. My husband and I have bought a house for rental. We were unable to obtain a HMO license as there was a local limit in the area. However we have obtained full planning permission to convert the property into two flats. My husband is now working flat out to achieve this. Do we need to legally spilt the flats into two leaseholds with the freehold in a separate limited company? We are keen to avoid these costs but are concerned that even if the physical split complies with building regs, not legally splitting the property will break the HMO laws. Any advice would be gratefully received, Suzi
  2. Hello, I own 3 HMOs through my limited company. As they are HMOs, my company needs to pay for the utility bills. To be able make the utility related expenses Tax deductible, should I register these utilities as Business/Commercial energy so that the bills are under my Limited company’s name? Or even if I register the utilities as domestic under my personal name (Company director), will they still be tax deductible? The business energy rates are considerably higher than the domestic ones, but I don’t want to have any problem with the tax calculations. Thank you in advance Volkan
  3. Hi everyone, My business partner and I are looking to buy and convert a house to a 5-bed HMO somewhere within an hour or so drive from NW London, where we live. We have £150k to invest in total on the property and refurb costs - so thinking £250k purchase price on a 25% mortgage and £60k for refurb. We both work full-time and so as this would be our first HMO (we both have experience with single lets), we would need some hand-holding, starting with a property sourcer. Does anyone have any good advice as to how go about finding a trustworthy sourcer? We are also open to dealing with someone who does both sourcing and project management combined. Any other general advice also welcome, although I'm sure I'll be posting again soon with more questions. Thanks in advance, Shyam
  4. Hi all, Have finally decided to go for property investing as a way to reach financial freedom. Considering recent tax changes and updated regulations in this space, I’m considering doing it all via an spv and planning to start it out with an HMO. I live in London but want to steer clear of it due to high prices. So I’m looking in the usual suspects, the likes of Man, Bir, Liv... I am looking to share my experience with you guys as I go, but would also appreciate to get yours as I’m pretty new to all of this and feel like I don’t even grasp 1/10 of this subject. Any advice anyone would provide right out the gate? Generally? Also, am I the only one who struggles with Rightmove and Zoopla inasmuch as they appear to have some amazing deals there but there’s always probably a catch? How to spot these things? What kind of things should we keep an eye out for. I have also struggled to find a good real estate agent for this. Thanks all, regards.
  5. Hi everyone, My name is Marian and I have lived in London all my life. I am currently a Property Deal Sourcer with my business partner Kirielle. I find property deals in London for property investors and I will be using the funds from this to be able to invest in properties myself. I know quite a bit about HMOs (Houses of Multiple Occupancy) which bring in great rental yield. I am happy to answer any HMO related questions
  6. As a property investor (I'm not a landlord): For example, I found a BMV property, then apply for planning permission to convert into an HMO property depending how many bedrooms and use the bridging finance to refurb it, then use the property to rent it out to potential tenants if that makes sense. This is a buy to let. Someone mentioned that property management/ Rent2Rent is a trading business. Which of these codes are applicable? It is really confusing. SIC codes SIC code 68100 is for the buying and selling of own real estate; so, if you’re going to be flipping and trading, this would be the code for you. SIC code 68209 is for the letting and operating of own or leased real estate. In other words, for buying and holding property and renting it out. SIC code 68320 is for the management of real estate on a fee or contract basis. So, for example if you’re going to set up your own management company, then this would be the right classification for you. (As an aside, if you’re going to manage properties for other people or third parties, you should definitely do this in a separate company, and for tax efficiency purposes, you may also consider managing your own properties for yourself but through a separate company). SIC code 68310 is for real estate agencies. In other words, if you’re going to do deal packaging, i.e. if you’re going to source properties for other people.
  7. What advice would you give for someone looking to get into HMO's to begin with? Lucky enough to be at a young age (17) and would greatly appreciate any advice that can be given from anyone who has had or currently owns HMO's and what would they do differently if they were to start again/ what mistakes to avoid if possible. Thanks
  8. Hi All, I'm currently buying a 6 bed HMO in Liverpool. I know I'll need to re-register the property in by own name for the licence. However is that also true for current certificates i.e. Gas, Elec and Fire Safety. Also need a good and reliable management agency, as I'll be remote. Thanks, Best regards Gary
  9. amnonk

    HMO vs. BTL

    Hi, I'm new here and this is my first topic. I'm trying to make up my mind which way to go. The HMO way or the single lets way. I'm an expat so I won't be able to manage the property on my own. Since I will have to rely on an agent I think that investing in HMOs might be a safer bet. the reasons are: Rental yields are much higher. Less rental voids since you have multiple tenants. There is less exposure to arrears. The only cons I can find are that it might be more difficult to find an agent who specializes in HMOs. And that there is more wear and tear. I'd love to hear what your thoughts. Thanks
  10. Hello everyone I have been investing in property for about 5 years now - mainly in Liverpool but with experience in Manchester and Cheshire. Also run a specialist lettings and management business just for professional HMOs in those same areas on a selective basis. Selective means we choose carefully which landlords and properties we work with as there are many poor quality HMOs out there that people expect us to work miracles with. I am no magician. Here to continue learning and to connect with like-minded people. Also happy to offer advice from my experience whenever it might help. I plan to be attending the meet-ups regularly in Liverpool and Manchester once things get back to normal. Hope to see you there.
  11. I am about to start out in the property world, I would love to end up owning hmos or a lot of properties that allows me to replace my job, however I have a large chunk to invest from inheritence. I would love opinions or ideas on how they would start? I have over 100k to start, would people start by flipping to increase the pot, or go down the buy to let route. Just looking for peoples opinions really, and would you recommend a limited company to start with etc? Thanks, Tom!
  12. lewiss

    Resi To Hmo

    Hi All, I am looking at a potential first Resi to HMO. I have attached the current floor plan and was thinking I could add 2 bedrooms downstairs, both with ensuites taking it to a 5 bed HMO. Reshuffle upstairs to reduce the bathroom slightly and increase the size of the back 2 bedrooms and have the front bedroom spanning the width of the house. It would also be fully redecorated, new kitchens and bathrooms to a decent spec. My question being, would rejigging and adding bedrooms downstairs actually have a positive effect on the value of the house or could it even possibly devalue it? I am struggling to find comparables, as everything else is 3 or 2 bed in the area. I would love to hear any thoughts on the value bit as well as my possible redesign... Thanks in advance Lewis
  13. Hi all, hve a very quick question; I am planning to lend some money to my own limited company (zero interest) to buy a BTL. I believe this is called director’s loan so that my limited company can pay it back to me in the future without any tax implications. My question is, do I need to fill any standard forms to establish this loan relationship between my self (director) and my company? thanks in advance volkan
  14. olenakk

    Leeds HMO Advice

    Hi All, I'm looking to start my BTL portfolio and am taking a trip up to Leeds this weekend to look at potentially buying a place there. Currently I'm looking for yield and so have decided that a student/ young professional HMO may be a good option for me. I used to go to uni there so I know the Leeds university areas well (i.e. Woodhouse, Hyde Park etc.) but I don't know much about the other areas. I'm looking to find out: - Which areas are recommended? - Would you avoid houses that don't currently have a HMO license? If it doesn't currently have one is it not likely to get one? (within Article 4 area) - Do you know of any good HMO mortgage brokers? Any advice would be much appreciated! Thanks, Olena
  15. Hello All, This is a bit of a strange topic as this is spoken from a tenants point but here it goes. My cousin has just started his second year of university at Nottingham and has moved into a shared house with other students. As far as i am aware this house has been let out to students majority of the time. (I know students aren't the cleanest of people). Anyway my cousin has discovered mold on one of the walls in his bedroom, and when he came home last weekend he was saying that he had chest pains.... He has a dehumidifier which he has been leaving on more regularly and says it has reduced the mold a little. However the landlord came to visit the property the other day to check on the property (something to do with the WI-FI) but he also looked in the rooms and noticed the mold. Well his response was find a scraper and get scraping (Not sure it was worded exactly like that) So i was wondering if there is anything that could be done either getting my cousin to try and fix it (providing the landlord is happy with that) or a way to get the landlord to fix it for him, which from his reaction when he found the mold didn't seem to inclined to do. I know there is a selective licensing which has been brought into Nottingham is this of any use? Or could me cousin maybe appeal to get the mold fixed. I'm not trying to be awkward and cause work or a cost to the landlord, but i would hate if a tenant was getting chest pains or had mold in one of their rooms. I hope someone could give some advice on this. Kind regards, Jay
  16. My partner and I (both 30 years old) have some savings and are looking to start investing in property for the long term cash flow to eventually replace our income. We currently own no property and are tenants ourselves. We want to skip buying our own house and get straight into investing. Q1) would we still benefit from First Time Buyer stamp duty deductions if we were to; A) buy to let? B ) buy through a limited company? Q2) I’m assuming we would need a first time buyer, first time landlord mortgage - can we get this through a limited company? What you've done in property so far Nothing just yet. Just been building a foundation of knowledge and learning all I can through podcasts, reading, and a few meet ups. Q3) I have spoken to lots of people who have found value in paid for courses - are there any you’d recommend? What areas you invest in (or want to invest in? Currently living in Hertfordshire where property prices are out of our budget so looking further north. (Manchester, Leeds, Sheffield, Nottingham) My next steps in my education is to pinpoint one of these cities, learn it well (online research, visiting), and then target 1 city for investment. I know they say invest in an area you know, but we want to get started, and having property at least in 1 city further afield seems easier than having multiple properties over numerous cities. Thoughts? What your plans are for the future Looking at BTL to put my learning into practice for the first few and then moving on to HMO’s as I build confidence. We want to have a portfolio in 10 years which will allow us to retire from our jobs (currently 30 years old). Thanks for reading. If anyone has any advise or input on anything, it would be great to learn from your input. I look forward to reading your responses. Ben
  17. Hi all, I’m looking to add to my small single BTL portfolio by adding 1 or 2 HMOs. I’m based in the Essex but really open to location as I would use a managing agent anyway. Ideally I would like to buy established HMOs from landlords who are looking to cash in and get out of the ever-evolving BTL market, however, would happily work with an experienced sourcer to purchase a property that needs converting too. In terms of purchase price, the cash I have available is approx. £200k so of course it will depend on whether it’s an existing HMO with little/no work needed V a property for converting. I estimate an existing HMO up to £250-275k and a conversion around £200k. Please feel free to correct me if you think my figures are off! Does anyone know a way to find landlords who are looking to sell their portfolios? Or if anyone can point me in the direction of a good sourcing agent that would be great. Any advice or suggestions of any kind are gratefully received, thank you in advance.
  18. Hope all is well with everyone? Currently working on converting a property into our first HMO, our background is single lets. I have a few questions/queries for people. What heating system would you suggest (bills included). What water heating / shower system do people use? (8 bed HMO) Mixer Vrs Electric Finally what do you use for noise reduction in rooms, both on the floor and walls? Thanks in advance, Adrian
  19. Hullo I am currently selling our old house, which we have a HMO license for and was hoping for some advice.... Firstly, Do I need to notify the council that we want to terminate it? Secondly I have just found out that the buyer is going to have to rent whilst they are out of the country. They initially said it was residential, although he clearly plans to flip once he's done it up. I wondered if I could transfer the HMO (there are 4 years left) and potentially get a bit of cash for it? Can't find anything on it so suspect not. We didn't sell it as an ongoing HMO as it is in more of a residential area/property. Thanks in advance
  20. Hi everyone, This is my first time posting here. I am generally a property noobie. I got into it recently while speaking to a friends dad who owns a property development company. From there I have read a few books on the subject which gave me the knowledge I needed to get a job in a property management role. However, I want to buy my own first property sometime soon. I already (with a mortgage) own my first home and want to start building my portfolio as the earlier I start the more I can benefit. Anyway, my first property I am looking at is a rundown townhouse. It's on the market for £40k but I would try to negotiate for lower. It is currently a 4 bedroom terrace house, although looking at the sizes of the rooms it could easily become a 6 bedroom house with an extra bathroom... ...perfect for a HMO. It would cost around £430 per month to run, but I'd put this at £600 per month expenses so there is a large buffer in case anything goes wrong. Renting each room at £200+ (similar rooms in the area at around £275), it needs a minimum of 50% occupancy. That should be achievable. However, the whole house needs a refurb and that's where I am getting stuck. What kind of cost am I looking at here? From the photos, it mainly looks aesthetic but still, it is every room that would need doing. Can anyone advise me on this? Also if there are any good resources on how to predict if an area wants this kind of property that would be great. Do most towns and cities have HMO properties even when there is no university etc? Thanks in advance, Matt
  21. Hello Hubbers! I have been absent for a while, but logging back on to try and get some advice. I have been operating the rent a room scheme in my own 3 bedroom property for around 5 years-charging on an all inclusive basis - with certain caveats and stipulations in place with regard to energy consumption etc. Typically bills didn't increase that much and I made a tidy profit as well as someone else paying my mortgage. I am now converting the 3 bedroom flat into an HMO (Scotland based-therefore, yes, this is essential) probably with 4 bedrooms, one bathroom, large kitchen/living room plus two en suites. Currently two people are living in the property, but in the last 3 months, the bills have sky rocketed. I have identified who and what has caused this and due to contractual arrangements in place, I will be able to recoup some of the money-however I am looking to put measures in place so that this won't happen again. The bills will be more palatable with 3 or 4 people paying for rooms, but I still want to see these bills reduce-they have been astronomical. Are there any HMO landlords out there who charge on an all inclusive basis/room by room? How do you keep your energy bills down to ensure you are charging enough? Over 5 years, I haven't had a problem with this, but as I will be absent from the flat going forward-I will need to have other mechanisms in place. The property is based in Aberdeen (which as you may or may not know is going through a fairly large depression) so just putting up the rates is not an entirely feasible option. Any recommendations for smart meters, hive type devices or contractual mechanisms for over use are MOST welcome. Thanks for reading and look forward to your responses! Kind Regards, K
  22. Hey Fellow Investors Enthusiasts, Our family has a large commercial building in my Mothers sole name no liabilities, we have about 120 k to renovate. The area is a commuter area, in an demand area for rentals (Rep of Ireland) Intentions 5 year plan lets say, Convert portfolio into Ltd company Tax? Split the building into three identity's Portfolio 1. Start with One quality 5 bed HMO next 12 months Town House Portfolio 2. Add a 3 bed self contained + 2 one beds self contained 12 - 18 months Adjoining to the Town House separate entrance Portfolio 3. Large commercial building to residential however that 3 - 5 years time Separate entrance Major concern, my ultimate intention would be to operate in the UK Questions, even if i had a portfolio producing great cash flow over a number of years with fair amount equity holding in a company will i be recognized in the UK (Banks, Lenders) in years to come or do i register the company in the UK or become a resident myself. I am worried that this endeavor wont be created right from the start. Where could i go to get advise IE finance brokers mortgage brokers? Thank you Regards Tom
  23. Hi everyone, just looking for some advice on a strategy I'm looking to go ahead with this year. Also would like to know people's opinions on wether to go down the personal route or buy through a ltd company in my situation. So me and my dad have £50k saved to invest, we are both lower rate tax payers, my dad owns his own property that he lives in, I don't own my own property. We are both self employed. Our plan is to buy a run down property, flip it and make a profit. We plan on doing this 2 or 3 times depending on how much profit we make. We will then purchase a bmv property to renovate then let out and remortgage, pulling out some of or most of our deposit. I think I am right in saying after 6 months of owning a btl you are considered an experienced landlord and are eligible for a HMO mortgage with certain lenders. If this is the case the plan would then be to buy a run down 4 bedroom house, convert in to a high end 5 or 6 bedroom HMO, let it out, remortgage to a commercial lender, and go again, building up a portfolio of HMO property's. This is a very rough strategy, but just wondered your thoughts on how this would work, and also if it would be best to start up a ltd from the beginning, or leave everything in our personal names. Bearing in mind our plan is to use the profits made from the HMO's as income. look forward to hearing from you Scott Laws
  24. Hi Everyone, Does anyone have an opinion on HMO demand outside of city centre locations? I’ve found a few properties (fairly recently built) in Bessacar, just outside of Donny. I feel the numbers stack up given normal occupant rates/ void periods.. the problem is I do not know what demand is like in residential areas! The properties I’m looking are less than 10 years old and have high quality fixtures and fittings. The plan would be to target the rooms at professionals. Any feedback/ opinions would be welcome, thanks. Matt
  25. Hi Everyone, can anyone shed some light on the HMO licensing laws in Gateshead? Im struggling to find any clear info on what Gateshead Council would consider should be licensed. Article 4 info is clear which is helpful but licensing not so. Any help gratefully received.
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