Let’s cut to the chase… HMO’s might be the BEST for you, especially if you’re just starting in property investing.

It’s time to educate yourself about HMO’s, or aka house in multiple occupation, with the help of Simon in this episode! Some of you might have heard hearsays and whatnot about it. So, what’s true and what’s not? Simon debunks the 5 common myths about HMOs. You can’t really grow your income and have more wealth if you’re doing the wrong thing. Time to hear from the property expert and get great tips on how you can check if HMO is the right strategy for you!

Simon also Tune in to The Property Magic Podcast for more info.

KEY TAKEAWAYS

5 Most Common Myths About HMOs:

• Myth #1: There’s an oversupply of HMOs everywhere so you shouldn’t do HMOs.
  • The truth is it’s an oversupply of average stock. If it’s of HIGHER quality, it’s easier to rent them out.
• Myth #2: HMOs are a lot more work than single-let’s.
  • As long as you know what you’re doing, there is no strategy that will be of more effort than the other. Some might see it as tiresome, some may not.
• Myth #3: People think every HMO needs an HMO license.
  • Contact the local council and check if you need one considering your situation. But, with or without licence, one has to make sure safety measures are in place for the tenants.
• Myth #4: All HMOs need planning permission.
  • Licensing and planning permission differ from each other. If you’ve got a larger HMO, you’d need to apply for planning permission to get a change of use.
  • Contact your planning council and ask if Article 4 is in place. Make sure you meet the requirements.
• Myth # 5: You need a LOT of money to afford HMOs.
  • You do not necessarily have to buy the HMO; you can pick them up on a rent-to-rent agreement or on a purchase lease option.

BEST MOMENTS

• “The biggest regret when I started investing in property was I was just dabbling; I was doing it as a hobby.”
• “An HMO does not necessarily mean more work that single-let’s.”
• “Don’t be scared of licensing. It’s there to make sure that good quality of accommodation is provided.”
• “Don’t always limit yourself to the amount of money you got access to.”

VALUABLE RESOURCES

• House in Multiple Occupation (HMO) - https://www.gov.uk/private-renting/houses-in-multiple-occupation

Article 4 Direction - https://www.gov.uk/guidance/when-is-permission-required

Certificate of Lawfulness - https://www.planningni.gov.uk/index/advice/advice_leaflets/leaflet06/leaflet06_what_is.htm

Property Magic: How to Buy Property Using Other People’s Time, Money and Experience by Simon Zutshi | Amazon

property investor’s network (pin) - pinmeeting.co.uk

FREE 3-part HMO video series - Learn more about HMOs with these 3 in-depth training videos.

ABOUT THE HOST

Simon Zutshi, experienced investor, a successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and became financially independent by the age of 32.

Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003. pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors.

Since 2003, Simon has taught thousands of entrepreneurs and business owners on how to successfully invest in a tax efficient way.  How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth.

Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book.

Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer-to-peer lending platform to facilitate loans between private individuals and property professionals.

CONTACT METHOD

pinmeeting.co.uk

CONTACT METHOD

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