Welcome to this week’s Ask Rob & Rob.
First up with a property question is Mark. He has a HMO in Southampton which is mortgage free and has been self-managed for over 20 years.
Mark has now moved north but finds the travelling and cost of upkeep is just too much. He wants to sell the property and reinvest the funds somewhere closer to home, however he’s hit a few snags.
He’s failed at getting planning permission to alter the property in the hope it would add value, and he’s also considered selling the HMO to both investors and property developers which hasn’t been plain sailing.
The developers say the rental income wouldn’t make the money back if they were to rebuild. And unfortunately Mark doesn’t have enough capital to see through a void period whilst he refurbishes the property himself. Remortgaging isn’t an option either. So, what should he do?
The Robs have some advice for Mark which covers everything from pricing, refurbishing and also the possibility of an assisted sale.
Callum has also called on the Robs this week.
Callum is 21, from Nottingham and has been avidly saving for his first investment property. He’s been reading, watching and listening to every resource he can find and wants to know whether it would be better for him to learn the trades or go in to project management.
Again, from people who have been there, done it and bought the t-shirt, the Robs talk Callum through ways he can get the most value from learning and how they’d approach things if they were in his position.
Would the Robs grab a paintbrush or plastering trowel? Or would they leave it to the professionals?
There’s also a good few resources shared this week on how Callum can get started – so make sure you tune into this week’s Ask Rob & Rob.
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