‘I like to maximise my rental income from every single property’

The foremost expert in the field of HMO’s Jamie Madill joins David to talk about HMOs and the importance of starting with the end in mind.

They discuss the rules and regulations surrounding this type of rental property, licencing, builders as part of your power team and why you should always be transparent, realistic and communicate well.

This episode has something for anyone who is considering or already has an HMO with Jamie who is an expert in this field sharing his considerable expertise and experience.

 

KEY TAKEAWAYS

• If you are looking for your first HMO start with the end in mind, what is your end goal?
• With an HMO you are diversifying the risk by renting individual rooms and if you get it right it’s easy to scale up and maximise with every single property.
• There are increasing rule and regulations to make sure housing is of good quality and safe. You must make sure you know and understand the regulations for your particular area.
• HMO’s are the most regulated type of property in the rental market.
• The legal definition
• A house of multiple occupation with 3 or more unrelated people sharing common facilities usually a kitchen and bathroom.
• Licencing
• There are 2 key licences - Mandatory licencing  when it 5 or more people sharing a house and additional licensing which is less than 5 people sharing a house.
• When sourcing a builder look for recommendations and take the time to look at their previous work and feedback from other clients.
• It’s vital you know who is in building control and build relationships with them.
• Start with the investor first and source to order.
• If you do the job properly no one buys just one deal.
• It’s all about trust, you become part of their property investing journey.
• You are dealing with people so it’s vital to be transparent and communicate well.

 

 

BEST MOMENTS

‘Investors want to buy the result from you, what it will be worth when it’s complete’

‘I’m completely transparent and realistic – there are no guarantees you’ll get your money back or be able to get it out’

‘If I know exactly what the client wants then I can find a specific property that  meets their needs and end goal targets’

 

VALUABLE RESOURCES 

Property Sourcing Profits Podcast

https://www.progressiveproperty.co.uk/

https://unlimited-success.co.uk/

https://www.facebook.com/groups/progressivepropertycommunity/

 

ABOUT THE HOST

David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004.

In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained.

The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours.

 

CONTACT METHOD

https://www.linkedin.com/in/david-siegler-7b126316/

https://www.facebook.com/DavidSieglerInvestments/