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Social HMO Contract....Unicorn??
psandhu posted a topic in HMO AdviceHi All, I have been going to many seminars as well as an intensive 3-day property course over the past few months, the outcome of which is to gear a strategy into Social Housing HMO. I recently found online a company up North that specialises in this field with contracts with Home Office via Serco. I have been reading up as much as possible about this and have been able to verify most of what this 3rd party company is saying with regards to the back story. They have a number of properties on their books. Here's my concern. They have said they have no sourcing fees, that you can simply pick up the properties, and even provided me with a draft contract from Serco. They are happy to meet up but are not allowed to show me around any properties due to an 'NDA' agreement. Does this sound too good to be true. Am I being naive? Does anyone have similar experiences? I will be getting a solicitor to verify the contract. Latest vendor response... "I believe I mentioned the caveats of the Serco contract...One the renewal...and the second was the fact of break clause... Regarding the renewal of the contract...My own personal take and that anything can happen....there are no 100% guarantees with anything....however you have a property that in the worst case if for any reason Serco does not rent...would rent to a family... 1. The program has been going on since the early 1990s. Legal and Illegal asylum seekers I doubt will stop. They must be housed and sheltered...All the people we work with at Serco worked under the original Compass Home office scheme. Even if Serco does not get the contract, someone would have to and would be transferred. Prior to Serco the Government themselves managed it and it failed miserably....that is why Serco got the contract....More so, a complete logistical nightmare to move more than 10,000 people out of 2500 properties not alone all the furnishings. Serco has a deep moat as they are one of the very few large infrastructure firms capable of managing. Serco has managed wonderfully unlike G4S. 2. We have no other charges...we simply sell you a property....gets registered at the land registry...and Serco contract assigned to you..." Any thoughts/opinions welcome? thanks P