I've been on a several of Simon's courses, many free and others not costing too much. I already have 9 properties before I heard of Simon. I'm a Chartered Accountant. What I have learnt is already transforming my life. I was managing properties, not the property business, waste of time and stressful, start delegating, doh! This guy is the real deal and as genuine a person as you are likely to meet. I've not been prompted to say this by Simon or anyone. It's all about getting the skills.
Thank you fort your kind words Jeff. Great to hear that we have encouraged you to delegate the management to someone else to fee up your time. Kind regards simon
Have you actually watched the video? Yes the market has changed and that's I talk about the recent regulations. There is no where in the UK that HMOs are not allowed. I am not sure if you are an investor yourself Dav, and of course you are entitled to your opinion, but I can assure you when done correctly this is one of the best strategies which works very well for me and many of my clients who have replaced the income with just a handful of proprieties. kind regards Simon
Are you referring to Article 4 areas? If so, buy from a retiring landlord there or construct your own outside of Article 4 areas. Also, why not go for premium tenants with co-living HMOs rather than plain vanills type ones? The market for those is not saturated.
Simon.....Thumbs up for making these contents. It helps you to build another source of income and as well as viewers to get quality real estate education. I am aiming to get to real estate business in 2021. Though I live in Canada but your videos are equally relevant regardless of which market viewers are in. Rules of business are similar.
Hey Simon. Great content as always. I was trying to use the link at the bottom of the description to see the two HMO videos. The link doesn't seem to be working. It may well be because the video is a few months old. All the best.
Remain poor! Whilst keeping a cash buffer, for emergencies, properties should be leveraged to the maximum in order to buy more properties. The mortgages also lower IHT liabilities at death. By paying off the mortgages, all you are doing is limiting your income stream and paying more tax to the Treasury because you have declared higher profits due to no mortgage interest.
The information you provide is fantastic Simon 👏 . Do you think a 4bed HMO that doesn't require a licence could generate £1000pcm. And in your personal opinion what would you say the sweet spot is? In terms of number of people. Thanks 😊
If you want to replace your income just buy 4/5 properties. Go for low maintenance 3 bed terraced. £600p/m x 5= £36000 per year. Then get a job earning upto 20k to sup the income and stay a basic rate tax payer. I would advise a council or public sector job so you have sick pay and a good pension from employer. Job done.
@@mhoward181 You can receive £600 in rental income but you need to take the costs into account such as Mortgage, insurance, management fees etc. When I talk about £1000 per month from an HMO that is not the rental income but the profit after all expenses.
@@propertynetworking7434 my HMO has been a failure. Iv had it since 2004. Tried agents and they sole money from me. Tried it myself and had better success but it’s way too much hassle. I should get 1500 a month before bills but the reality is less than what a family let would get me. Yes lower than 600 a month I would say. Maybe a lot lower after you consider the non payments or rent the agents stealing money. I don’t know where these successful HMOS are but if mine is selling for 120,000 I’m sure a successful hmo to buy is more like 200,000. And why would they sell if it’s in a success area? And if it’s a self build I hear they can cost 50- 100,000 to convert from family to hmo. Too risky for what I want now. Iv just managed to raise 100k to buy more but I’m stopping at 5 houses cos I’m not going down the ltd company route.
I agree with Anna. Stick to redbrick universities. Always get a guarantor and take a deposit as well. I have NEVER had that happen in 23 years of renting to students but have in other properties.
True not a strategy for new investors unless you learn how to use it properly, but if you get £1000+ profit per month on each HMO you get your investment back pretty quick.
