The HMO Success Podcast EPISODE 8 - Friday Update - Government Schemes - Help for Buyers - Stamp Duty and Green Homes Scheme

 

In this episode Wendy explains the announcements affecting you as a property investor this week and how you could benefit from the announcements Rishi Sunak made.

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Today’s episode is all about how to work effectively with a builder. 

 

Here are some top tips that will help you get better if you’re new to project management and how to manage the refurb of your HMO.

Some of the angles we discuss in this episode are:

 

-Communication

-Clarity

-Setting expectations

-Boundaries and management

-Budgeting

-Having a clear spec

-Evaluating the project

HMO Success Podcast Episode 4 : Dealing with Difficult Tenants During COVID 19

During lockdown we’ve seen some tenants decide to behave irresponsibly and uncommunicatively. 

If you have problems collecting rent or dealing with anti-social behaviour, I’ve got some useful tips and tricks. Above all else, utilise this time to sharpen up your processes and systems. Be ready for the time when the eviction ban is over, and maximise your chances of getting bad debt recovered. There are two separate processes when dealing with bad tenants

Evictions

Collecting lost rent or bad debt

I’ll share what my HMO business is doing to ensure each of these processes works correctly and helps us get the most we can from tenants who aren’t paying right now.

HMO Success Podcast Episode 3 : Doing Your Due Diligence on a Joint Venture Partner

It’s likely that at some point you’ll run out of money to invest with. If you’re considering a Joint Venture, where you raise money from other people to invet with, there are some core considerations to take into account. 

Here are some brief notes from today’s episode:

What are the reasons for the partnership? 

What type of investor do you want / need?

Check the FCA 13/3 guidance

 

How long do you want to invest together for?

Project by project is different from long term relationship

 

How do they make a living right now?

How much money do they have? A few documents to check through: 

Payslips

Evidence of income

Bank Statements

Company tax return

 

What is their business experience

What is their property experience

Do they have other assets? 

Disclosure - confidential

Heads of terms

NDA

Episode 2 - Do I Really Need to Use a Project Manager for my HMO Refurb?

When I started out with HMOs I project managed the refurbs myself but made many mistakes! So today, I examine this question as to whether you also need a PM. A good PM can save you time and money and reduce your risks, but you may decide it’s not worth it. 

What are the skills that a PM needs? Can you do this yourself?  Can you builder undertake this role?

What documents do you need? Should you use a GANTT chart? 

I will run through each of these questions to help you decide whether this role is one you need to bring in independently or whether you can do this yourself.

HMO Success Podcast Episode 1- LAUNCH Episode - How to Set up your HMO Business

If you're just starting to set up your business, or have already started, this launch episode of the HMO Success podcast will explain exactly what to do to ensure you are compliant with the law and have all the practicalities covered. 

Here’s a useful ticklist to help you set up your new property business. 

Business Set Up 

Decide on business name 

Business Bank Account

Set up Limited Company

https://moneyfacts.co.uk/mortgages/guides/how-to-set-up-a-buy-to-let-limited-company/

Notify HMRC of trading status (Self employed / Ltd company etc) (https://www.gov.uk/new-business-register-for-tax) 

 

Legal Money Management

Register with HMRC for Anti Money Laundering (https://www.gov.uk/guidance/money-laundering-regulations-register-with-hmrc) 

Client Account

TPO

Membership to Property Ombudsman (PRS) (https://www.theprs.co.uk/) 

Insurance

Professional Indemnity & Public Liability Insurance 

Client Money Protection Insurance

 

Marketing

Design Logo (https://uk.fiverr.com/) 

Register domain name (*.co.uk / *.com) (https://uk.godaddy.com/) 

Set up email account 

Website set up 

Letterhead & other company docs template set up

 

Data

How well do you comply with data protection law: an assessment for small business owners and sole trader

Register with ICO for Data Protection (https://ico.org.uk/for-organisations/register/)