HMO Disaster Waiting to Happen
Two interesting instances that we feel will be a Professional HMO disaster in waiting….First we sold a Professional HMO in Salford 2 weeks ago to a gent from Singapore. He did not want us to manage….found a local agent and within 1 day fired him and hired a London HMO estate agent. Yes…London HMO agent 2 hour plus train ride from Manchester to handle the day to day management. This has to be one of the stupidest instances I have ever heard.
The next HMO disaster is a crowdfunding London group who seem to have zero HMO experience. We offered them the social HMO as there is no management…no voids…and maintenance is covered up to 5,000 per year. They wanted to buy £ 1,000,000 of a package of Social HMOs. However after picking our brains and wanting to meet….they offered something like £750,000. Complete joke since these Social HMOs are cash flowing wonderfully with no headaches.
We had a nice chuckle in our office after reading this email this morning…Considering No Professional HMO experiences…..with all the issues such as voids….management….non pays…late pays….evictions…maintenance…etc …etc…
| Apologies for the slow response, but we had an internal review on Thursday. Individual HMOs with 3-6 beds is not for us as it is to management intensive, especially with the distance of these properties to our office. However, we are interested in larger HMOs lot sizes, upwards of 15 bed spaces to 50+. Should you know of any opportunities, then please let us know and we can conduct further due diligence. |
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