There are always problems in conversions and rehabbing. Our rehab project on Langton street in Salford had issues. Since it was vacant for such a long time there was no electricity or water. At the time of purchase we did not know this. It cost several thousand pounds and a great deal of time on the phone but this HMO proves a hard working investor can become wealthy over time. We purchased the property for 55,000 and got an empty home grant of 9,900. Rehab cost almost 20,000. All in we are in for 65,000. It is rented by the room on a guaranteed program backed by the UK Government. There is no management…there are no voids…no maintenance. We have a 5 year contract in which we receive BACS payments like clock work.
Look at before and after pictures.
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