Jul 18, 2024
What if managing your property portfolio could save you a fortune? This week on "A Wealthy
Life," I sit down with returning guest Lisa Oliver to
discuss the complex decision of self-
managing HMO properties versus outsourcing.
Lisa's journey from managing her own diverse portfolio to
overseeing properties for other
investors offers a treasure trove of insights on education, legal
knowledge, and the
indispensable support team you need to succeed.
Whether you're after rewards and cost savings or wary of
the workload and emergencies,
Lisa shares the ultimate guide to making an informed choice.
Have you ever considered the hidden pitfalls of buying properties
with existing tenants? Lisa
discusses the legal entanglements, like improperly filed tenancy
deposits and non-compliant
agreements, that can turn your investment dream into a
nightmare.
We also discuss the pivotal role competent letting agents play in
ensuring compliance and
avoiding future liabilities.
Ignoring landlord responsibilities can spell disaster, from legal
fines to deteriorating property
value.
Lisa underscores the importance of treating tenants with respect
and the severe
consequences of neglecting regulatory requirements, such as deposit
protection and fire
safety.
We also explore strategic spending to maintain property value and
how not adjusting rents
can impact your bottom line.
Finally, we delve into crucial advice for avoiding common pitfalls,
stressing the importance of
proper education, experienced mentors, and a reliable power
team.
Tune in for a wealth of knowledge that can help you navigate the
complex world of property
management.
--------- EPISODE CHAPTERS ---------
(0:00:00) - Self-Management vs. Outsourcing Property
Management
Nature's pros and cons of self-managing HMO properties,
including education, legal
knowledge, communication skills, and mentorship.
(0:10:01) - Risks and Considerations in Property Management
Ensuring compliance with tenancy regulations, vetting letting
agents, and maintaining
expertise are crucial when buying a property with existing
tenants.
(0:18:40) - Property Management and Landlord Responsibilities
Managing multiple rental properties with letting agents,
self-management challenges, reliable
support, and the consequences of neglecting maintenance.
(0:27:50) - Importance of Landlord Compliance and Education
Managing rental properties involves respecting tenants, addressing
maintenance issues,
complying with regulations, and staying informed through
education.
(0:35:55) - Landlord Profitability and Property Management
Strategic spending, tenant turnovers, and hiring a letting agent
are crucial for successful
HMO property management.
(0:44:50) - Avoiding Pitfalls
Nature's pitfalls in property investment: education,
mentors, contracts, reliable advice,
conservative numbers, and being prepared to walk away.
To watch this episode on YouTube:
https://youtu.be/WHqsCPRGTbw
Previous episodes with Lisa Oliver:
Episode 120 - https://youtu.be/Lkt09Awn1xM
Episode 115 - https://youtu.be/Rkkx1mHBHp4
Follow Lisa:
LinkedIn - https://www.linkedin.com/in/lisajoliver
Website - https://weareideal.co.uk/
https://smartmoveinvestments.co.uk/
Connect with Vicki:
https://linktr.ee/vickiwusche
Visit my website to learn more
https://vickiwusche.com
Booking calendar - https://calendly.com/vickiwusche
Access the free resources: https://vickiwusche.com/resources/
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?
https://scorecard.vickiwusche.com/
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.
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