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Newbie looking to purchase HMO as first investment property


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Hello guys! Would really appreciate some advice here. I’ve found a beautiful three-bed we’d like to convert to a four-bed, install ensuites in each one and charge £500/m (including bills). I’m hoping to buy for £240k-£250k (around £80k bmv after refurbishment) but it will cost around £50k to refurb. I have around £150k to invest. Do you think a property of this ilk is a good place to start? The area is fantastic and there will be some serious growth. But still, is my money better invested in smaller single dwelling flats in the same area? After all at least £110k of my initial pot will be gone on one property, plus I need somewhere to live myself!! We are looking to rent though. Hope this makes sense!!

 

Thank you Hubbers 

 

Dave

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