When you discover a problem in one of your properties…HMOs or buy to lets, deal with it immediately.
Have you ever had mold or mildew in your property? How about rising damp? I learned a few years ago that if you just ignore the mold or mildew, it will eventually go away. Yep, you just stop looking at it and act like it doesn’t exist and it will go away! If the appearance bothers you, just get paint and paint over it. However all of our properties are inspected by the council and the Home office service providers. They go around every property with a damp meter. We don’t even wait. We put in a damp course and simply solve the issue ASAP during refurbishment
I hope you know I am JOKING! Mold and mildew don’t go away on their own. Covering up the problem isn’t fixing it. Think about the times you have tried to deal with a problem. When you immediately handled it, you felt like a burden had been lifted. You need to find the root of the problem and fix that. Until the root cause is fixed, the problem can’t be fixed. The best time to fix this problem is immediately.
We have seen so many other so called flippers and property investors try to cover up and cheat their investors. Our added layer of security is every social property, Social HMO or social buy to let is inspected and reinspected. This costs us time and alot of money due to the standards required. However after we pass the inspections we have quiet now for 10 years as no voids, no managment and no maintenance.