This last week we started on another Professional HMO in Salford. Salford is now the epicenter of demand from both tenants for Professional HMOs as well as foreign investors. We have had investors from Abu Dhabi, China, Hong Kong and Dubai in the last week. These investors are not used to the potential yields and values that Salford has to offer. Last night we had company and I discussed I wanted to give my daughter for her wedding 2 HMOs. One in which she could rent out and one in which she could sell on at a later date. Preferably I would want her to keep the Social Housing HMOs we do as there is virtually no management or involvement. These are on 5 year leases with no management…no voids…and maintenance is covered up to 5,000 per annum. The professional HMOs are done to a high standard and attract better tenants…however there is always drama. Latest story, a tenant got his girlfriend pregnant and had to move back home to save money. No big deal for us, we kept the deposit and had several viewings and now a new tenant is moving in. No losses…no issues…some slight drama with the HMO.
Below are pictures on this new Professional HMO. We have another 5-6 weeks to go. We have 3 Hmos going on currently…two social housing HMOS and one professional. Looking to convey on another social housing next week. Last week we sold 2 Social Housing HMOs to some London investors and hopefully this week will finalize on the conveyance of 3 more. It is not easy…always alot of work. Plus we are in the process of doing our due diligence to build 13 flats in a new complex slightly out of the city center. Our goal is to sell the 2 bedroom flats with parking in the range of 100,000 k. Each flat will have it’s own parking space. Our builders are doing their QS as well as we are doing our QS. Fingers crossed!
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