Refurbishing a 2 Bed House to a 4 Bed HMO | My First HMO Project

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Follow along on an exciting journey as we document the transformation of a 2-bed house into a profitable 4-bed House of Multiple Occupation (HMO). In this insightful video, Progressive Property takes you through the entire process of converting a property into an HMO, sharing valuable tips, strategies, and lessons learned along the way.
🏠 Converting to an HMO:
Discover the step-by-step process of refurbishing and reconfiguring a residential property to meet the requirements of a House of Multiple Occupation. Our experienced property experts provide practical insights into navigating local regulations, planning permissions, and essential safety considerations when converting a 2-bed house into a 4-bed HMO.
💼 My First HMO Project:
Join us as we follow the journey of an ambitious property investor undertaking their first HMO project. Gain valuable firsthand experience and learn from the challenges and successes encountered throughout the refurbishment process. From initial property evaluation to sourcing contractors, managing budgets, and optimizing rental returns, this video provides a comprehensive overview of what it takes to successfully venture into HMO investments.
🔑 Key Takeaways:
Discover expert tips on maximizing space, enhancing functionality, and optimizing rental income through effective room layouts, smart design choices, and attractive shared spaces. Learn about the essential amenities and features that tenants look for in an HMO property, and how to create a comfortable and desirable living environment.
🔒 Progressive Property:
Progressive Property is a trusted source of expert advice and education for property investors of all levels. With years of experience in the real estate industry, we provide valuable insights, strategies, and tips to help you navigate the property market successfully. Subscribe to our channel and hit the notification bell to stay updated on our latest videos.
Embark on your HMO investment journey with confidence. Watch this video now and gain valuable insights into converting a 2-bed house into a profitable 4-bed House of Multiple Occupation. Don't forget to like, share, and leave a comment below with your thoughts and questions!
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Опубликовано:

26 апр 2023

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Комментарии : 16

@ositaeze5237 6 месяцев назад

Well done and thanks fpr being transparent.

@MyForexReviews-kt1db Год назад

I think ensuites would work better than 2 bathrooms. Trickle vents on windows will solve most of any potential damp problems

@kevdoran9918 2 месяца назад

Everyone goes over budget and it takes longer, end values are usually inflated also.

@FRESHLIVINGSPACE 5 дней назад

Were is this property, ie area

@marichelle2851 11 месяцев назад

Which building insurance are you with? Just shopping around for a better deal because we have history of subsidence and the BTL we have, the building insurance is a little pricey.

@mrgladstone4044 Год назад

The house looks good, well done. Down South the works done would have cost at least double for the labour. I would be interested if you posted a follow up about letting. I advertise my 3 bed HMO on Open Rent and ask for a message with a little about themselves. I like three friends ideally already in the city and looking for a nice house in a good central area, as mine is. If someone moves out they always seem to have a friend who would like to move in. I have never used agents, Letting a lovely refurbished 560K I want to meet the prospective tenants. Good luck.

@cristoff3 Год назад

looks nice...seems like a loss though :(

@willk4383 Год назад

Is that a consumer unit in the downstairs bedroom?

@alexmoyes8210 8 месяцев назад

Hi, no the consumer unit is in the hallway.

@matthewcox6490 Год назад

Hi, could you clarify the mortgage? You said 180,000 - but is that what it’s GDV is? Or is that 75% and the GDV is actually £240,000? Current rates are about 5.6%, so in that scenario I’m assuming it is actually worth 180,000 and you have a mortgage of £135,000? That’s the only way I managed to get around £600pcm in mortgage costs under the current rates. At £180k, mortgage cost is £840. Plus £400 you’re looking at a grand per month which isn’t bad. If it is indeed worth £240k, and £208k all in. Then £32k left in grossing £12k a year (excluding tax and maintenance) gives a return of 37.5% PA which isn’t bad. Just need to clear up on the GDV! Great video

@davidmcarthur1093 Год назад

The interest rate on the mortgage I have worked out a 4% on 180,000 is 600 pm and has 28,000 left in if I have done my sums right

@marklewis3023 Год назад

I would say it's a £240k GDV with a 180k mortgage but I don't get how you will have a £600 pcm mortgage cost. That's a 4% interest rate on a HMO product, presumably Ltd Company & generally you would be looking at 5 to 5.5% for those types of products. With £1200 per month net profit that would be £14,400 per year and a 45% ROI based on £32k left in. I guess it sounds good, but the big factors are hitting that high GDV and also getting an interest rate below the Bank of England base rate. This is where you have to wonder if it's too good to be true. Just for fun I plumbed those numbers in to a mortgage calculator & the best rate to come out was 4.45% 2 year fixed with an £8k lender fee and charging £711 per month interest only. If anything those rates have come down of late, so if you were securing it a month or so ago then you would have been nowhere near. I also tried the numbers buying in personal ownership and there's a 4.03% rate with a £4k fee & £617 per month interest only payment. That's obviously closer to the numbers in this video, but if they've done it in personal ownership they'll be hammered with tax under section 24. Not too sure about this one.

@jaylondon283 7 месяцев назад

Clearly numbers isn’t his best subject… probably because he isn’t using his own money, he’s not even project managing the builds either. I wouldn’t give him a penny of investment.