Final Touches on Professional HMO Worsley Salford Manchester
Hopefully this Friday our builders will finish this 5 bed en suite in Worsley. This Professional HMO in Salford got delayed approx 1 week and slightly over budget. Every HMO project always has surprises. We allocate an additional 10% for such HMO project surprises. We had to increase the water pressure and was a challenge as United Utilities insisted that this terraced house was a commercial property. This took hours and hours of phone calls and solicitor assistance.
More so we had to overcome an issue with the cooker. Our creative team took out the chimney and put the cooker in its place. We got lucky as we have a brand new boiler in the property, thus we were able to save that cost.
We are hoping the 5 en suites will rent for 120 per week. We are on a tight window to get all the rooms rented before the upcoming holidays.
I really like Worsley in Salford. We did a project last year 2 doors down in which we sold to a group of Saudi investors. We are right near the train into Manchester, plus a mall with a short walk. All of our Professional HMOs are in areas in which we would live ourselves as well as feel safe that our daughters would live in. When we invest in professional HMOs, mainly we look for cash flow….actually much higher than typical buy to let….any capital appreciation is a gift. Currently property prices in Manchester are starting to move up. Who knows what will happen as we are waking up to a Donald Trump presidency and world stock markets are crashing.
Personally I feel investing in bricks in mortar with little or no leverage is one of the safest investments. As my JV partners always say….these terraced houses in Manchester have been here a 100 years and will be here another 100 years after we depart.
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