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In this property education video, Simon Zutshi, author of Property Magic, founder of the property investors network (pin), and successful property investor since 1995 shares the 5 Biggest HMO Mistakes in Property Investment.
Simon’s 23 years of HMO Property Investing experience allows him to explain HMO Property UK Mistakes and how you can avoid these 5 HMO Property Investing Pitfalls. He admits that HMO Property Management doesn’t work for everybody but can be a great Property Investment Strategy if done correctly.
He begins elaborating on one of the first Landlord Mistakes which is ‘Thinking You Can’t Do a HMO UK’ and simply not educating yourself on the HMO Rules, Regulation and Legislation. By not understanding them and thinking a House of Multiple Occupancy is harder than it is, you are missing out on the return you could be getting in comparison to a Single Let Property.
It is also correct to assume a HMO Refurbishment can be costly, but this doesn’t necessarily have to be your money, and there are Property Strategies such as HMO Rent to Rent to overcome this.
Not understanding HMO License Requirements and HMO Planning Permission is the next way Simon has seen a HMO Project Gone Wrong. He shares a brief overview on both HMO Property Investment factors, ensuring you are aware of how they are completely different.
Not checking the Property Market Supply and Demand for a HMO in that specific area is important to avoid. This is because there can actually be an oversupply of HMO Property in some areas. Your HMO Property Investment UK being set up to look average is also problematic, as you will be competing with everyone else.
Finally, mixing different types of HMO Property Tenants, such as Students and Working People, is a key mistake to avoid if you want to achieve Property Investment Success.
Join Simon Zutshi on a FREE Masterclass to learn how you could replace your salary with just 3 HMO Properties, just click on the link below: property.isref...
28 авг 2024
