On Friday we finished this Social Housing HMO. It was inspected and signed off. Thus now we are receiving £11,960 per year. It is getting tougher and tougher to source properties as areas are being closed by the corporate tenant. All types of inspections must be passed, from Police to council to fire and safety. Our costs also are increasing as we must furnish, put in white goods as well as even blinds. All in all this is just one pillar of our business. We were in LIverpool last week to meet with an agent whom we are building up a relationship in order to build up a portfolio of LHA type housing. These properties in 2008 were selling for 70,000 and up. Today they are in the 50,000k range. Yields are high and we would be being paid to wait till eventually prices shift again upwards.
In the meantime we have 3 in conveyance…1 being refurbished and another completed on Friday. Never stops….Alot of motion…Trying to convey on some sales of 5 Social HMOs and 1 professional HMO. Many unrealistic investors it seems on the sidelines that waste alot of energy. Their loss as these properties all cash flow wonderfully and out of no where someone comes up and buys 5 or 6 HMOS.
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