New 5 Bed Social HMO Crewe in Progress
This new project of a 5 Bed Social HMO Crewe is a dozy. Super solid house however took more than 1 week to haul off the rubbish. The prior owner must have been a hoarder. I honestly have never seen so much rubbish in a house. Makes my kids room look immaculate when they were young. Any way rip out has been completed and works have started. We still have 6 weeks left on this project plus the back yard needs some works with all the roots of years of neglect of trees. We have 2 teams on this property and hopefully by the second week of Nov can pull one off and start another Social HMO in Liverpool. We like the social hmos as they cash flow amazing and we do not have management or voids….plus maintenance is covered up to 5,000 per year. This HMO property after refurbishment and tenanting will generate over 15,000 a year. We finally found a lender willing to lend on these. The rates are high…and LTV low….but we prefer low LTV as it is a safe proposition for us.