I thought I was going for a quiet lunch in The Globe, just me and a few other oldies on a Wednesday, what could be better, anyway, I was accosted by a dear old friend who begged the
question ” Should I be changing my strategy and going into these so called HMO’s, I need to look
after my pension pot and this seems to be the new kid on the block”.
I always give the same answer – There are many strategies out there, the key to working in
property investing is to find out what strategy fits your investment goals and lifestyle.
Yes HMO’s or multi-lets can bring in more revenue and make you financially free (they have been
around for several years) they are very popular at the moment, however they are not for the faint –
hearted or the inexperienced landlord.
Legislation on a single let is a fraction of what legislation there is on a multi- let property and that’s not forgetting that your HMO may require a licence from the local Council. Contacting the local fire officer to gain advice on regulations and also becoming well known to the local housing officer would be very beneficial.
Single let tenants tend to stay in property longer than Multi – lets, so voids would have to be factored in to your strategy. Wear and tear to property and furnishings is at a higher level than single lets. The list goes on and on…..
There is a lot of talk in the property world, the next strategy that we should be doing, HOWEVER what you and I should be doing is to regularly review our investment goals and take appropriate action should they change.There is always a way to make a profit in property, it’s just a case of finding your strategy so whether it be a single or multi – let, due diligence and a clear head is a must.
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