Bottom line is that Professional HMOs are very profitable. However there are many regulations to understand. You can clearly create one on your own or you can buy a ready made Professional HMO. Before you think it is so easy and you listen to all the course sellers. Take into account your time….knowledge and experience in the field. For example if I wanted to be a doctor today because doctors make alot of money….it will take years and alot of tuition. Same with property.
If you think you can do it yourself and prefer not buying a ready made cash flowing property….Take into account these issues…
- Learning the market and understanding what buyers in the area want.
- Building a whole new team of builders, estate agents, lenders, appraisers and inspectors WHOM YOU TRUST AND WILL WORK TIMELY WITH QUALITY FINISH.
- 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.
I would easily add at a minimum.
- Spending an entire week there working/watching the builders to finish up the HMO Property or Buy to let.
- Realise that builders are very busy today and no one is waiting for you. If you are lucky to find a honest builder who is timely & works with fair prices….then try to have them project manager for future jobs, meaning fewer trips back and forth.
Time is money. Hotels are money. Transport is money. Knowledge is priceless.
Recent Comments