Man Retires After Converting £105k House to Mini-Hotel | No Money Down BRRR to SA Property Investing 

Thanks for sharing. Wife and I have gathered this. We are investing in property to make available for contractors 👏

@@thecloudtherapist From my experience, contractors love this type of accommodation, particularly if there is a chance to be social with other guests, if you want. For example, in a communal kitchen/garden.

Me too!

What area is this?

Can you link this here please?

Good question

If 5 rooms or more hmo license is required but classification technically stays c3, unless an article 4 area requiring planning permission for hmo which is c4 Or if applying for 7 rooms or more then full planning and change of class to c4 is needed in any area. C1 (hotels, guest House etc) would technically need a change of use permission on the property from c3 BUT there is no specific class for serviced accommodation which again technically would remain in a grey area of c3 or c1 as does not fit either criteria. With c1, staff and catering facilities are required to qualify BUT self service catering/self check-in is different. The main factor is the mortgage, insurance, safety and the localised council view specific to your area and effect on neighbours (hence running a 'business' is usually not allowed on resi mortgages). Our council admitted any licencing for SA or mixed hmo/SA is about 5years away. Councils are well aware of the grey areas but not much they can do. Same applies to overlap in health services operating from a c3 dwelling not all need to be c2... If your professional, offer a safe building and keep track of everything, follow the basics if 6 rooms in a location that makes sense, there should be no cause for concern. Councils want commerce, business rates for their town and quality services/housing/landlords/operators.

@@thelittleguywins sorry, but as far as I know, HMO for 7 beds or more is a Sui Generis - a separate class.. In most councils nowadays one can stay at C3 class with up to 4 occupants run as a HMO, but for 5-6 rooms you need licence and changing the class use from C3 to C4. Article 4 area is a separate matter as well, as in there even for 4 beds HMOs needs licencing and planning permission. One don't need to do planning for change of use if the property had a grandparent rights and can be converted to HMO C4 under the PD. It is up to the owners, how they are running the HMO, but from the video my understanding is they already are running it as HMO (and must need a licence) and SA. As SA can be run from a C3 class only, running the SA from C4 class building is illegal in my view. If the councils will introduce shared class for C4/C3 for the SA use, that will just be crazy. But for now I never heard of this anywhere as a legit setup.

@@bestwaypropertysolutions All they have to do is notify the council that the property use has changed and denounce their own hmo licence. Apply for change of use to C1. Having a hmo licence does not mean the property status is stuck at hmo c4. It means it is safe to use as a resident c4 dwelling. All they have to do in the video is contact the council to update them of change of status but as long as mortgage, insurance and safety features are upto date. The council might not stipulate a change of classification is needed. As a hmo the safety requirements will be higher than a similar size hotel. Hotels you don't even need windows in rooms. The fact is there is no classification for SA operation at all as detailed previously. A dedicated building of apartments would be assessed as C1 as a 'apart hotel' as use in an particular area. Ultimately it is technically down to the council what they want it classed as and a number of factors. As noted councils are well aware of SA operations, but they are not refusing them. They even allow business rates on singular apartments instead of council tax. But ofcourse operators might be infringing on mortgage or lease terms. Check with your local council for their view on a licenced hmo being used as SA.

Yes I have the same issue with my house 6 bed you need a licence of boarding house or something like that and 1 person needs to be there as care taker 24/7 . I tried also AirBNB and it was not worth it after I paid marketing, cleaning, customer service and welcoming and electricity - the costs were too much it is much easier to have the whole house rented to one person and he pays electricity and water consumption etc

6 months

@@mohammedullahukI’m looking to do something similar with a property just wandering what planning permissions/licenses required to operate in this way? Is it C1 or C4?

Speak with a good planning consultant to advise you correctly

You'll need a form of security, e.g. one or more properties that the loan can be secured against.

@@johnnym.5066 Thank you.

@@thesupercommutingdad4092 How was your experience? Did you earn any dollars?

@@ninadsbhatt100 the course is this weekend. Let's see how it goes!

@@thesupercommutingdad4092any update? How was the course?

What you focus on expands. Why want to study unsuccessful people? The success rate on my academy is around 80-90% but it all depends how you define success and over what period of time. Just focus on what you want and go get it. All I can do is give you the exact tools.

@Samuel Leeds Focus on what you want, and the heavens will make it align with you

@@SamuelLeeds thank you for your response, really appreciated. I ask because they say hindsight is a wonderful thing and learning from other mistakes is productive I believe. For me success is as you say in the video, financial freedom - in terms of not having to work a 9-5 job. My ambition isn’t crazy massive but to live comfortably with my family is ideal. Again, thank you for taking the time out of your day to reply.

@@SamuelLeeds Hi there good job

@@SamuelLeeds He would want to study unsuccessful people in order to get around survivorship bias a VERY important thing. Real financial success is NOT learnt unless you are the one who wants to sell courses to naive people. Samuel, are you really making millions from doing what you preaching or are you making millions from selling courses on youtube?

it will

None of his own money, but loads of unsustainable finance options, £5,400 profit before even the debt is paid!

Stop shouting out in surprise and stop hugging all the time. It makes you look deeply dodgy.

@@biggerissues6085Hear.Hear

@@mohammedusman7065 It's 5400 net. Which means after mortgage you plonker.

Hi there, I'm Tricia an academy member from Glasgow, just back from a SL conference in Nov. Would be nice to chat as I have found some interesting projects in the area and have been speaking to Darcy from SL team.

Don’t waste money on any courses. Get a buy to let mortgage.

I'd check the current Scottish laws every so often. Leave your money in a savings account and then save up until you have a steady mortgage on a place that you can use as a brothel. Things are getting dire during the current cost of living crises I could imagine between now and 2045 there could be some developments with legalising certain behaviours. It's never too early to be prepared should the time come. Worst case scenario you eventually come to own a place regardless and you can just do you due diligence as for ways and means of renting it out effectively.

For real.

Immigrant labour is cheap and surplus in the building industry £40-50 a day cash in hand to someone from Pakistan or India without a visa.

In Eire and especially baile atha cliath f studio costs 50000 to refurbish.

@Phil S I know someone who's house was quoted by a builder who brought in £40 a day labourers and just watched them all day. Even this hotel, those bathroom vanity units and taps are some of the cheapest you can buy. £120 vanity sink and tap package off eBay. I'm from the building industry so know exactly how cheap certain distributors sell this stuff. Those taps can be bought as cheap as £11 by a store. Imagine what the wholesaler is paying.

If you are doing short term lets, i imagine people are staying a few weeks/months. Otherwise I agree that it becomes a lot of work. But essentially, isn't this what bedsits in Ireland uses to be like? I don't think we have something comparable in ROI from a legal standpoint. In terms of refurbishment costs, unless you did it yourself, I doubt you could do this for this little money. The costs of materials here is very high.

It was a 3 bed house.

£5,400 is after all costs have been accounted for.

ok sir i am your regular follower and always interested in your ideas but for the moment i lost every thing in Covid-19, now fighting for the survival when i get handsome amount contact you-regards

Envy is a terrible contagious disease

@@SamuelLeeds_ it all sounds to good to be true it’s like being a none beliver. When you work 9-5 and can’t even get on the property ladder it’s like a dream all the best to everyone lucky enough to make money like this though