New Landlords First HMO Property | How To Get Your First HMO

[@matthewhunty]

Good luck with this. You Are going to have a very hard year this year. But in the long run You will do just fine.

[@stephengriffiths9830]

HMO are hard work. You need to be on call 24/7 to deal with tenant arguments & maintenance issues. Plus all the HMO regulations (fire doors/fire extinguishers/PAT testing etc). Also, with increasing energy bills this will eat into your profit margins massively. I’m in the process of converting a six bed HMO back into a single let. Best decision I’ve ever made. Good luck with it, but be warned you will have a high turnover of tenants & voids which you need to factor in too.

[@abdullahk8691]

Depends where the hmo is. As for bills charge tenants rent plus their share of the bills.

[@Leethetypeofbloke]

A property management company can deal with a lot of this and you can factor in the bills to the rent you charge. Still, hard work yes.

[@abdullahk8691]

@@Leethetypeofbloke most of them are a complete waste of time!

[@wicked-witch-of-the-west]

How do you go about creating a brand new 5 bed HMO on a property you haven't even yet purchased? Do you need to approach the council first, and look at licensing, an architect first? What are the steps needed before you even put an offer in, to ensure you know it's worth purchasing. I'm struggling to find information Any help you can give me would be most appreciated

[@mistaken_stranger8343]

Hi I have a question for you regarding HMO mortgage. When you go to apply for a loan for a HMO, do you have to give a business plan as well as do research on the area to prove that there is a demand for this type of service in the area?

[@mark-jonathanwilkinson2994]

Yeah, and make sure there are comparables in the area as evidence for lending. Max borrowing is usually 75% of the total value of finished property and expect to pay around 0.83+% interest per month untill the remortgage.

[@ProgressiveProperty]

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[@gavinhill2670]

How are you getting kitchens for £1,500? Is that total cost, include fit? thanks

[@bigbawsdogg]

Fitting a ktichen that size 500-900 depending on various factors. So total would be 2-2.5k. Small kitchen.

[@ProgressiveProperty]

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[@malgosia11111]

Did you need planning permission? Nottingham is under Article 4. thx

[@ProgressiveProperty]

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[@dans243]

This particular property the juice doesn't seem to be worth the squeeze