Do you feel like you are your own worst enemy when it comes to finding out what to consider when looking to invest into a HMO? If you find that you are regularly making excuses for the common hurdles you may face, then this is likely the case.
What is the most important thing to note ? You are not alone!
It is part mentality and part execution - but when you get it right, the reward is great and you'll find similar gains to Tungsten Management Group & The HMO Company in record time.
So, do you ever find yourself saying any of the following?
I have a limited budget
I do not have the time to gain education
I never been part of a shared house before
I not sure if I can trust anyone
I have a limited budget
Having limited budget is a big concern for anyone looking to invest in property. The typical way of looking at buying property is that you need a large lump sum to purchase or you need a deposit and/or a mortgage. This can be try if you wish to purchase in the ‘normal’ way but there are other options.
You can offer others something that you have that they do not have. If you have a trade then you could offer someone with money a deal that allows you to do the physical work and they invest the money as without you no work would happen.Â
You could also look at options that do not involve money. An inspiration man is Kevin Mcdonnell , https://kevinmcdonnell.co.uk/ who offers training on ‘no money down deals’. This does sound to good to be true but it is true as there are strategies such as rent2rent, delayed purchase options, lease option and that is to name a few!Â
I do not have the time to gain education
Having time can be a huge roadblock to anyone wanting to get into a new industry but you do not need to know the ins and outs of a industry to operate within it. I would suggest that you spent time learning the basics but I would also look at how you spend your time? Do you spent your commutes to work looking at social media or do you read industry news? Do you lie in bed or are you at a networking breakfast meeting?
Remember that you can utilise others knowledge and experience if you have something else to offer .. so what can you offer to someone that they do not have? Remember you may think it is not a key attribute so get out there among your peers and sell yourself to discover what you have that they need.
I never been part of a shared house before
Sharing a lounge or a kitchen is not for everyone so make sure you are true to yourself .. is sharing for you? You could spend time asking people who are currently in shared accommodation on their thoughts or have a viewing of a HMO.
TMG would be delighted to show you a currently occupied HMO and one that is ready to rent so that you can see what it is like and then talk to the tenants to see what their honest feelings are on this living style.
You should ask yourself if you feel comfortable in this environment and also ask yourself what benefits you could see you having such as making new friends, having company, sharing experiences and building a community.
I not sure if I can trust anyone
As above, you should take time to meet with people who are currently in or have been in a HMO living space. You should take their experiences as guidance to what you can expect.
If you do not trust others in a shared HMO then why don’t you visit a HMO to meet the letting agent and other tenants? Our HMO’s are filled with people who have shared views and respect one another and we hope that they build a tight community within the house. You should talk to a letting agent to get a feel for them, are they professional? Do they do their checks on tenants? Do they stay in-touch once you have signed the AST? You should be able to get an idea of what tenants the agent looks for and how they will be to work with as they will be your main point of contact.
If the above does not completely take away your worries then make sure that you have an AST with a break clause so you can be assured that you are not tied to that agreement for 12 months.
Feeling a little stuck in the mud?
It's essential to get yourself in the right frame of mind to start achieving the results you want. Once you are aware of these common drains on your time and results, it becomes so much easier to overcome them.
If you've found this useful , why not share this article on your social channels? Better yet, show some love and give feedback below - we actively work to answer every comment and use feedback to improve the quality of future articles.
Need a quote?
Our experts are on hand to provide you with a free no-obligation estimate.
