Jun 8, 2023
If you’re looking for a low-maintenance investment, HMOs may not be for you.
In this week’s podcast, I’ll argue that HMOs (Houses of Multiple Occupancy) can be a waste of time for landlords. I’ll explain how they require more work than the traditional buy-to-let and why they are often not as profitable as they seem. I’ll offer simple strategies to manage multiple tenants living under one roof.
I’ll also map out the course I recommend my clients take when aiming to invest in an HMO. It is important to do your research beforehand. I’ll encourage you to understand your local regulations, market demand, and the potential risks involved. And I’ll conclude by advising you to carefully consider the risks and rewards of investing in HMOs before making a decision.
Successful HMOs are all about your level of personal insight into your clientele. Client knowledge is power. Knowing who wants what–and how you can offer it to them–makes the difference between a strategy worth pursuing and a strategy that ultimately leads to stepping out of the game.
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Links & Resources:
Highlights from this episode:
[00:01:50] – How Renting Out Room-By-Room Changes the Game
[00:04:41] – Why Do You Want a Cash Flow Strategy?
[00:10:04] – HMOs Necessitate More Refurbishment
[00:17:15] – Mitigating the Problems of HMOs
[00:25:29] – The Importance of Strategy
Has this podcast started you thinking about what A Wealthy Life might look and feel like for you? Why not spend another 3 minutes and take my online audit called Readiness to Retire Wealthy based on the five principles discussed in The Wealthy Retirement Plan book and episodes of this podcast? The assessment provides you with a personal score and report to help you take back control of your financial future – something business owners and employees both forget – but for different reasons.
Connect with Vicki:
Visit my website to learn more
Booking calendar - https://calendly.com/vickiwusche
Browse Books by Vicki:
Using Other People’s Money: How to invest in property 4th edition
Make More Money from Property: From investor thinking to a business mindset 2nd Edition
Property for the Next Generation: Securing your future in uncertain times 2nd Edition
The New Estate: Insights from the 22nd century
The Wealthy Retirement Plan: A revolutionary guide to living the rest of your in style
Or read the following Ebooks on VickiWusche.com:
9 Critical Property Principles
The De-Job Yourself Manual: Break your reliance on a monthly wage
The Values Manual: Understand what your values are and how they can be key to a successful business
The Goal Setting Manual: Create meaningful and practical goals then achieve them