Building Passive Income with Professional & Social HMOs in a Couple of Years
How much do you really need to live on a year. Can you imagine just one Social Housing HMO that generates 17,960 a year added to your income….For example this is a 6 bed…no voids..no management…no maintenance virtually. Or how about a 5 bed social housing HMO that generates 14,950 per year. Social HMOs are much more hands off. We simply get a BACS payment monthly….all the hard work is in the beginning…
As there is nothing perfect in life we also do Professional HMOs. There is more management in these however the rental yields are so much greater than simply buy to let. However there is much more management and do not think for one second you can give to a property agent to manage your professional HMO. Yes there are some good agents…however many over promise and under deliver.
We speak to alot of people every day. Many people from China, Hong Kong, India or even London. They think they can leave their full time jobs…find a sourcer…find a ( Honest) Builder etc…..You need to be local…You need to have local people you can count on. Not someone you met over the internet. Go and meet them…do a very small deal initially.
Not to be negative… There probably be issues with your property management company. Be prepared. There are many out-to-lunch property manager that will cost you serious money. A tenant at an original property, skipped town in the middle of the night…do you think the so called wonderful property manager told us. That is why we self manage. That is why a big part of our portfolio is Social HMOs that are let on 5 year contracts with no voids…no management etc. We always try to focus our time and efforts. More so we do not want to get over leveraged so we sell some Social and Professional HMOs along the way as we keep for our families.
Listen to every podcast multiple times and every time I prepare for a new episode. We are always trying to learn.
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