New 4 Bed Social HMO Property Conversion Social Housing NE UK
We just conveyed on this 4 bed Social HMO in the NE. Between solictiors being furloughed, getting a pay off mortgage statement and getting insurance we lost over a month on this property. We had one 5 bed social buy to let signed off today but we lost time on this one. We already contacted the firm we work with regarding building regs but have to wait another week until the lads get cracking. As well as we will need a fire assessement as the social housing provider insists on all HMOs to have a fire assessment. Almost 400 GBP to pay for that with a 40 page pdf we submit upon completion. As you can see this is well kept property however we will have to move walls and bathrooms to make it into a 4 bed HMO. Upon completion there will be a 5 year contract with no voids, no managment and virtually no maintenance. This property will generate NET £8,320. Nice solid investment and 3-5 weeks of work and off to the next ones. We have a bunch in the pipeline. What is slowing us down are the legals. More so, for all of you who think the property market is crashing….in the NE it is not. There is alot of demand from both first time buyers and investors under the £125,000 mark. All day I was trying to arrange viewings for further properties but not a great deal on the market and estate agents busy like bees.