HOW TO Convert a House into an HMO Property

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[@etlimenemen]

If you've taken out a BTL mortgage and then decide to convert to HMO, wouldn't your lender need to know this? Does your mortgage not change from BTL to HMO Mortgage if this happens? I really think this is a grey area as I couldn't find much information about this.

[@Trazgazm]

From HMOs I have seen, landlords do not believe that a tenant should have any possessions, they convert every room they can into bedrooms and put in beds that fill the entire space. There is no room to store any items other than a few clothes.

[@sheila-we7em]

They also ring down property values of other houses in the area, depending on who the tenants are.

[@komares79]

@@sheila-we7em have you ever witnessed a property valuation? the surveyor has no interest in who lives in the area.

[@coreymcmahon5144]

​@@komares79 the definitely use average price house in the area 🤣

[@markfeely4215]

500 a room in Birkenhead for a HMO room?! You'll deffo have to go the Serco route to get that amount!

[@JustinWilkins]

😂😂

[@markfeely4215]

What do the local community think about you using Serco so you can house at least 8 refugees?

[@joline2730]

mark: the landlords don't care cos they don't live there 🙄🙄

[@JustinWilkins]

Think you’re talking to the wrong audience mark 😂

[@markfeely4215]

@@JustinWilkins thanks Justin you're right, I'll start a petition.

[@jordanhtiffirg1990]

This guy is being negative all over your comments. Do you have something against refugees?

[@JustinWilkins]

@@jordanhtiffirg1990 I certainly don't have anything against them - this guy in the comments appears to have his own opinion on refugees and landlords.

[@Richard_Wheatley]

Fascinating video. Always learn something new about the regulations required from these. Thanks Oli for the insight 👍

[@JustinWilkins]

Thanks for watching mate, and glad you learnt something too. I always do 😂🤝

[@GETurn77]

Hi Justin Thanks for videos they are very good. Without trying to sound like an old fart…have you had anyone else suggesting you tone down the volume of your music that keeps cutting in. Your voices are so quiet and then music cutting in loud all the time. We don’t need music like that all the time looking at your very interesting to watch videos Good work, stay well

[@JustinWilkins]

Haha thanks Greg! Appreciate you watching and definitely noted that feedback. I find myself disliking louder music in cafes and restaurants, so would hate people to feel that way about my videos 😂 we’ll make some changes for the future! 🤝

[@Jack_Ody]

Great video, Serco sounds really interesting, a good way to have a hands-off property and help people out. Alway learn something valuable from these videos Justin Thanks!

[@JustinWilkins]

Cheers Jack, glad to hear they’re useful 🤝🔥

[@mattparsons7884]

Nice informative video. How is the property funded. I know he mentioned some partners but is it also funded via a bridge?

[@JustinWilkins]

Thanks Matt. From memory I think Oli and his partners have funded cash from proceeds of other properties they’ve sold recently.

[@lukebrown8580]

£400,000 for a HMO in Birkenhead could prove difficult to sell i feel

[@etlimenemen]

why would it be difficult to sell?

[@OliWalsh]

Great to show you round Justin, you’re welcome back anytime!

[@JustinWilkins]

Thanks mate! Look forward to coming back and seeing the end result

[@oldmanvlogs-UK-PHP]

Great Video, I didn’t know that the Kitchen must be within one floor of a three floor house, I live in a HMO on the first floor of a three floor house and the kitchen is located on the rear ground, the people on the second floor tend not to use the kitchen due to the distance, am not sure if the rule applies to London as well? or it’s just a new rule just come out, is there a website with this rule please you could share thanks

[@markfeely4215]

Do you not believe that HMOs help to destroy the fabric of a local community? They are usually grief holes for single or divorced men. Usually men with serious addiction problems end up in these buildings. There may be some working professionals who live in HMOs but they flee them at the first available opportunity. My local community has been destroyed by speculators & developers such as yourself as you help to price local people out of the market. Houses should be as affordable as possible rather than profit maximizing tools.

[@JustinWilkins]

Thanks for the feedback Mark, and I am always interested to hear other peoples views on property investing. Unfortunately I don't think property investors can be criticised for wanting to create a better financial future for themself or their families. It is my belief that people should focus on what they can control in life - those unhappy with their personal circumstances should put more focus into changing and controlling that, instead of seeking to shame other people for making sensible investment decisions.

[@markfeely4215]

@@JustinWilkins I'm not trying to shame anyone & I'm happy with my personal circumstances thanks very much. The question was do you not believe HMOs help to destroy the fabric of local communities? Do you believe they should be banned or at the very least extremely well regulated & managed? Do you believe the government needs to majorly invest in social housing again so people do not have to pay over & above the mortgages of others? Not trying to start an argument these are genuine questions.

[@joline2730]

@@markfeely4215 yes, I agree with you Mark ... note Justin did not actually answer the question posed. However, I do believe Justin himself only does family lets - which I believe are better for the community and environment. Six people living in one house creates an awful lot of refuse, and parking problems if they have vehicles ... 🙄🙄

[@jordanhtiffirg1990]

I don't think it is bad it should be regulated yes but it also helps a lot of people especially in a crisis if I didn't have family to live with and a good salary I would 100% live in an HMO to save up for a deposit. I think people complain too much in this country instead of just finding a solution to their problems

[@loopers822]

I'm in the North East and up until a few years ago alot of HMOs were really poor quality round here, often to many on one street along with conversations to flats, really nice victorian properties just abused. However alot of investors have taken them over and renovated to a really good standard with en-suites etc and I know people who have left rented house to move in them and love it. Easy life for them, no bills to worry about and only a month tie in. I think these better quality HMOs do serve a good purpose and can benefit an area.

[@daddo1600]

Can't wait for a follow up

[@JustinWilkins]

Same! 😃

[@markfeely4215]

Isn't Serco mainly used for housing refugees?

[@JustinWilkins]

Yes thats a large percentage of the people that Serco help to house.

[@anishkhasa581]

very informative video thank you justin

[@JustinWilkins]

Thanks Ash 🤝

[@johnlong3276]

@@JustinWilkinsWhere is this HMO located? Thanks

[@markfeely4215]

​@@johnlong3276 Birkenhead, across the river from Liverpool. The community has been destroyed by HMOs.

[@alibarberuk5039]

What the minimum room size for a hmo?

[@jordanhtiffirg1990]

6.5sqm for a single person 10sqm for 2 people. Or if your HMO doesn't have a living room then 8.5sqm for a single person and 12sqm for a couple

[@maxelbrig1315]

Awesome stuff, if you had 100K would you invest in HMO or small properties?

[@JustinWilkins]

Personally BTLs as it’s what I know, but I’ve got a lot of friends and contacts that have done well from HMOs and earn good cashflow. Guess it depends how involved you want to be? 😃

[@maxelbrig1315]

@@JustinWilkins invest & forget really