Our family has been involved in property since 1994. We have seen various property cycles. We have operated in various locations and aspects of property from building housing for social needs to refurbishing to owning a bridging company. We do not live in Manchester. The weather is rather too grey for us. However we commute and have completed on over 45 HMO properties.
The question comes out over and over again…How do you do it? I have seen so many fail completely trying to refurb Professional HMO properties. They think they can pay a sourcing fee or a project management fee and these providers will give great service. Seen too many nightmares…the same goes with property management of Professional HMO properties.
Our simple answer is finding the right people. Testing them…going slow…building mutual trust together when doing Professional HMO properties. We have gone through JV partners that have not worked out…but we have always been in control by owning the property.
We think the paramount way to source, refurb Professional HMOs is in a JV situation that the partner only makes money if the deal makes money. More so that they are rewarded very generously for their efforts. If get what you pay for when sourcing or refurbishing Professional HMOs.
Consider these issues for your Professional HMO
- Learning the market and understanding what tenants in the area want in your area…such as en suite rooms in the Professional HMO.
- Building a whole new team of contractors, estate agents, lenders, appraisers and inspectors.
- Making important structural and design decisions without being at the property.
- Writing offers on properties – getting them accepted – and then having to drive or fly out to see them to do the inspection.
- True inspections on your Professional HMO
It is not easy…and some of your JV partners will probably out grow you or vice versa…However if you reward your team fairly and share in the profits it is possible to Long Distance Refurbishing HMO Property!