When you are looking at creating your own HMOs your choices should be down to the people that you’ve got around you and your team of builders. Before you convert a building into an HMO you need to be sure you have everything in place.
Property Expert Series: Dale Wild from Pegasus Property Investments & Landlord Co.
- Introducing Dale Wild from Pegasus Investments and Landlord Furniture Co.
- What Projects Are Pegasus Investments Working On and Why?
- What Is An HMO?
- What Furniture Should You be Providing in an HMO?
- What Colour Schemes Work Best for HMOs?
- Is it Better to Put Up Blinds or Curtains in an HMO?
- What Type of Beds Should Investors Use in Their HMOs?
- How Much Should a Landlord Budget to Furnish an HMO?
- How to Give Your HMOs the WOW Factor
- How To Invest in HMOs
- What Do Landlords Need to Know About HMO Licensing?
- What Has Been Your Biggest Mistake in Property Investment?
- What Has Been Your Biggest Win in Property?
- How Does the Cashflow from HMOs Compare to Buy-to-Lets?
Investing in HMOs
Amy: If I wanted to invest in a ready-made, are you best going within the network or are you going to an open market?
Dale: I suppose some of the commercial estate agencies, they’d have them. Speak to the estate agents in the area. Speak to investors in the area.
You can get landlord databases.
Speak to your licensing officer so you can have a list of licensed HMOs.
Try and get involved with people that are actually doing it or have already done it, in the area you want to want to go in.
Just do your figures, as well. I’ve never been asked this question before. That, kind of, rings alarm bells, for someone to be getting ripped off, for the ready-made deals.
Amy: I think, for the less experienced investors, more commonly known is what you would do, is buy property that needs work and turn it into an HMO. You will provide what the area is looking for.
And I know on earlier videos as you said you’re reeling back, a little bit, on the HMOs because it’s become a little saturated in the area that you work with.
But, it would be more common, I would say, to create an HMO.
Dale: Yeah, to create it yourself.
I mean that there are companies out there, we do it as part of the services, we provide, where we can go and find it for you.
There are loads, up-and-down the country.
So, I suppose that’s kind of the same thing, they’re doing a lot the hard work.
But, if an investor wants to do it themselves, to save on the fees, or whatever or whyever they’d want to do that…
I would probably just go and find a house and convert it yourself.
But again it’s down to the people that you’ve got around you and your team of builders. Just make sure you get everything in place before you even contemplate doing anything like that.
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