Completing HMO in Wigan Manchester For Social Housing

We are just finishing another HMO – 4 Bedroom project in Wigan just outside of Manchester. It will be used for social housing. We have scheduled an inspection by the social housing authorities and hopefully upon passing this HMO will immediately be cash flowing 10,400 per year  a 9% Net Yield. This is the beauty of  the niche of social housing. We do not need to distract ourselves looking for tenants. We have no voids, no maintenance ( covered up to 5,000 per year) more so no management. This gives us time to focus on finding new properties and refurbishing. Hopefully today we will convey on another property and start working on it. We were delayed due a probate that dragged on. Our model is very simple….we keep some of these no headache armchair HMOs and we sell some in order to raise additional capital for ones we keep. The basic buy 3 houses and sell one from Kevin Green.

 

The property in Wigan has been sold at a 9% NET return to a London investor. He has purchased 3 of these and has an appetite for more…

If you have any questions please let me know..

 

.   IMG_1900IMG_1901IMG_1899IMG_1902