Never a Dull Moment When Refurbishing Professional HMO Property

I really love the fact that we get so called investors from London or Hong Kong that want us to source a deal for them, that they can have refurbished themselves. I recently heard a nightmare story of a company in Hull who promised the world to these so called investors and left them with inferior unfinished works. I can tell you first hand we are constantly dealing with one issue after the next. In one 6 bed Social Housing HMO we had to the additional power to the property. So we filled out the form, paid the 600+ qid and waited. We called and were very surprised to find a wonderful gent who was helpful to get the process moving. It would take a couple of weeks for the initial inspection and then 6 weeks to do the electrical works… 6 WEEKS!!!! Yikes…we asked how to expedite..whatever we can do to up the que. We were told repeatedly….nope…there is nothing to do…However one of our builders are aligned with our interests and yesterday upon inspection got us moved up to 2 weeks works will be completed. We can not wait to have this project cash flowing. It will be a 6 bed generating 17,600 per year net….no voids..no management …maintenance covered up to 5,000 per year. We had a London gent who was all gung ho to purchase….however he disappeared….Complete time waster. I actually even met him in London. Promised the world and nothing. Does not phase us however we learned now not to waste time…a property reservation must be placed on each of our professional Hmos or Social Housing HMOs. We had in the past one day before conveyance a gent pull out with the excuse he has a financial commitment on another project….Bingo 2 months and legal fees wasted. Maybe this is ranting but it is reality. Topping the cake of Refurbishing Professional HMO Property yesterday on one Professional HMO there were 4 workers. Maybe they were tired as it is hard work…but two of them left and forgot to take the other 2 lads from upstairs in the company van. The owner of the company had to go pick them up and sit in traffic for over 1 hour. This is the reality of Refurbishing Professional HMO Property. I really love the fact that there are so called investors from London that think they can run projects remotely.

Below are our current works on this 6 bed Social HMO that will be generating 17,600 per year net!