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Hello PropertyHub! Keen to invest in a Manchester HMO!


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Hello PropertyHub,

Based in Essex. Looking to venture up north to Manchester for a HMO investment. 

I am a teacher/plasterer/property investor. I bought my first BTL property in 2013 after an uninspiring pensions meeting which motivated me to try and find an alternative to teaching with a zimmerframe. I learnt to plaster to add a trade to help with a few hands on renovations. I have since set up a property development company with two friends, one is a plumber/builder and the other is a mortgage broker with building experience. We completed our first BTL purchase in Clapham, London, last year, a large one bed flat which we renovated, to a high spec, and converted into a 3 bed rented to young professionals. We bought this at auction using bridging finance which was a new exciting experience. Our intention was to recycle our funds and purchase again in London but despite it renting well we left more money in the deal than first intended. 

We currently have a new build development ongoing in west London and a couple JV investments due to start in the new year which we are very excited about. However, we are keen to use our own funds to invest in a more affordable area to increase our cash-flow so have turned to looking up north at HMO's, specifically Manchester. We have a budget of between 50-75K. We are coming up to Manchester in a couple of weeks to look at some areas and potentially some properties but we are completely new to the area. We have done a lot of research, but would really welcome any advice on areas which people would recommend for HMO's. 

Thanks

John

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Thanks Antony,

Yes it would be good to meet with someone that has good knowledge and experience in the area. We are coming up to Manchester on Friday 1st and Saturday 2nd of November if you are available at all then let me know? 

Thank you for the sharing where you have invested. To help with our research and hopefully focus our visit  I have a few questions, if you don't mind.

Are these the areas you would recommend or are there other areas that you think would work for us? 

Also, is there certain properties or criteria you search for when looking for potential successful HMO conversions? 

Thanks

John

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Hi John

And welcome to the forum.

Manchester is a fine city (and I'm not biased  because I'm based here!). I think there are a fair few Hubbers who will be along shortly to share their experiences with HMOs - but thought I'd post the link to a recent podcast that was part of Strategy September here: https://propertyhub.net/podcast/strategy-september-hmo/

Rob from Maygreen Investments shared his journey with HMOs and, from what we've seen, is showing an impeccable example of HMOs done properly. We don't have any ties with them whatsoever but we've loved what they've done so far! https://www.instagram.com/maygreeninvestments/?hl=en

Might be worth you attending the Manchester Meetup at some point if you're around on the first Thursday of a month :) 

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