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HMO investing in a different city successfully


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I had the same idea but rejected it because running an HMO remotely sounds too difficult and/or time consuming. I expect an agent could manage it for you but would presumably charge more than for a single let because of all the extra work involved. And not all agents are familiar with HMOs.

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Hi Joseph thanks for replying. I definitely hear you on this, and you're advice certainly isn't uncommon. BUT it does seem that a lot of well-meaning people who say this might be recycling what they've heard rather than what they know (either from direct or indirect experience). 

 

Totally understand how it would be more work than a single bed, but I'd really love some tangible examples/ evidence from people who can tell me why.

 

And how they make a success of it!

Anthony Gosling
WG Estates | Property Investor
www.wgestatesuk.com
07478572163

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Hi Gosling12,

 

I've been wanting to do exactly the same!

 

I'm based in Brighton and my Dad has HMO's here but recently he's started venturing into Nottingham, a place that isn't massively accessible from where we're based.

Having said this once the purchasing process is completed, he just hands it over to an agent who manages it from there, of course they're taking some of your profits with a managing charge but it's not over 10% and if factored in from the start this model works really well as an armchair investment. His HMO properties are mainly targeted around students, Nottingham has 3 Universities so it's not a bad place to start...

 

Hope this has helped, please keep us in the loop or feel free to private message me if you want any more info!

 

Cheers,

 

James

 

 

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1 hour ago, james s said:

Hi Gosling12,

 

I've been wanting to do exactly the same!

 

I'm based in Brighton and my Dad has HMO's here but recently he's started venturing into Nottingham, a place that isn't massively accessible from where we're based.

Having said this once the purchasing process is completed, he just hands it over to an agent who manages it from there, of course they're taking some of your profits with a managing charge but it's not over 10% and if factored in from the start this model works really well as an armchair investment. His HMO properties are mainly targeted around students, Nottingham has 3 Universities so it's not a bad place to start...

 

Hope this has helped, please keep us in the loop or feel free to private message me if you want any more info!

 

Cheers,

 

James

 

 

 

Finally, someone with first hand experience! Thanks James I'll PM you- am keen to know a few more details 

Cheers

Anthony Gosling
WG Estates | Property Investor
www.wgestatesuk.com
07478572163

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1 hour ago, Lee Northrop said:

Where abouts up north are you guys looking ?

Large parts of Nottingham are allready under article 4 so I assume you would be buying a fully setup hmo !!

 

I'm in Stockport Nr manchester if anyone needs any help looking for deals round here

 

https://www.google.co.uk/amp/www.cityam.com/259656/northern-allure-stockport-offers-investors-london-never/amp

 

Hi Lee, 

I'm specifically looking at Salford (Monton, Eccles, Pendlebury) - any thoughts/links around there?

Anthony Gosling
WG Estates | Property Investor
www.wgestatesuk.com
07478572163

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