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The HMO Success Podcast with Wendy Whittaker-Large
The HMO Success Podcast with Wendy Whittaker-Large. Investing in Houses of Multiple Occupation made easy.
Apr 3, 2021
HMO Success Podcast Episode 48: Imagine having a magic money tap - the endless HMO projects you could do!
HMO Success Podcast Episode 48: Imagine having a magic money tap - the endless HMO projects you could do! How can you create a magic money tap that gives you enough capital so that you never run out of funding? In this episode I share the four 'C's of working with investors. Whether you are borrowing money as a loan, or setting up a Joint Venture to invest in HMOs, these 4 'C's are what ALL investors need from you. Raising money is an essential skill if you are going to scale and grow, yet it seems almost impossible to do this at the beginning. By learning the insider secrets to raising finance you will never need to feel trapped and unable to invest. There is a process, there is a system, yet it is simple and anyone can learn how to do it. In fact, I would say you SHOULD learn how to do it! As my mentees often hear me say - 'It's when you run out of money that your learning really begins'! Further Resources For a FREE copy of the latest edition of '101 Essential Tips for Running a Professional HMO' please click here (just pay P&P_ https://www.hmosuccess.co.uk/101-book-pp At HMO Success we have products and services starting from £47 (plus vat) and going all the way to £12000 (plus vat) for our highest level Advanced HMO Mentoring Programme. If you are interested in our one day or two day events, or our 12 month programmes please email firstname.lastname@example.org
Mar 30, 2021
HMO Success Podcast Episode 47: HMOs are the way to leave your stressful, underpaid job! Interview with Dan Morehen from Southend-on-Sea
HMO Success Podcast Episode 47: HMOs are the way to leave your stressful, underpaid job! Interview with Dan Morehen from Southend-on-Sea Dan Morehen is a brand new HMO investor but despite working full-time with a young family, he's been able to source an amazing deal for his first HMO in Southend-on-Sea. In this interview he shares how he got going, what made him start, and how by learning to raise money from other people, he has already raised over £150k for his business. Further resources: If you want to learn more about how to get started in HMOs, you can order a copy of my BRAND new Second Edition of 101 Essential Tips for Running a Professional HMO here Please join our lively and informative Facebook Group for updates and regular posts. I look forward to helping you build a profitable and systemised HMO portfolio!
Mar 9, 2021
HMO Success Podcast Episode 46: How can prop tech tools make a difference to your business? With Van Vogstad from CoHo
HMO Success Podcast Episode 46: How can prop tech tools make a difference to your business? Van Vogstad is a proptech expert who has created a brand new tool to help HMO landlords. Here he explains what Co-Ho does and how it can help you manage your properties more easily and efficiently. I grill him on the aspects of managing an HMO and whether Co-Ho really can do all it says on the tin. I'd love to know what you think! https://coho.life/
Mar 5, 2021
HMO Success Podcast Episode 45: How can I use my pension to invest in property? With Kevin Whelan
HMO Success Podcast Episode 45: How can I use my pension to invest in property? With Kevin Whelan Kevin Whelan from Wealthbuilders has helped hundreds of people invest in property using their pension. In this interview he explains what kind of projects are suitable for using your pension; what the differences are between SSASes and SIPPS; and how to ensure you stay the right side of the rules. You can contact Kevin through Wealthbuilders Website: https://www.wealthbuilders.co.uk WealthTalk Podcast - https://www.wealthbuilders.co.uk/wealthtalk/ Free Wealth Building Resources - https://www.wealthbuilders.co.uk/resources
Feb 26, 2021
HMO Success Podcast Episode 43: Should you leave your job and go full-time in property? What a dilemma!
HMO Success Podcast Episode 43: Should you leave your job and go full-time in property? What a dilemma! When I left my well-paid job to focus on my property business, I had to adjust to the change of being self-employed and no longer in the rat race! There were some notable learnings along the way. If you are considering leaving your job in 2021 what should you be prepared for when you find yourself reliant solely upon your property income? Is it just a pipedream? What is the reality? In this podcast I share my thoughts and learnings about what self-employment in the property world is really like!
Feb 12, 2021
HMO Success Podcast Episode 42: What is your Money Mindset? How does it affect you as an HMO Investor?
HMO Success Podcast Episode 42: What is your Money Mindset? How does it affect you as an HMO Investor? Are you struggling with money fear? Do you save too much and find spending hard? Or are you the last of the big spenders and can't save a deposit for a property? In this episode I explore some of the main money mindsets that beset investors, and give some techniques that will help you grow a more 'fulsome' money mindset. Not only will this help you leverage debt to invest with, it will help you manage fear and doubt which are common emotions when you're learning to invest in HMOs.
Feb 5, 2021
HMO Success Podcast Episode 41: What's happening in the HMO mortgage market right now? An in-depth examination with a mortgage broker.
HMO Success Podcast Episode 41: What's happening in the HMO mortgage market right now? An in-depth examination with a mortgage broker. What is really happening with HMO mortgages right now? Has lockdown caused the lockdown of HMO mortgages too? What are current lending rates? Can you still get 75% LTV loans? What about HMO valuations? Are they affected by cautious-covid surveyors? Can you get a mortgage for an SA unit? All this and much more! With thanks to Craig from Signature Financial Services for answering all your question.
Jan 29, 2021
HMO Success Podcast Episode 40: A live tour round a brand new HMO - what one investor has learnt along the way!
HMO Success Podcast Episode 40: A live tour round a brand new HMO - what one investor has learnt along the way! In this LIVE tour around a brand new HMO, I interview Sarah Hulson-Beech, founder of HyggeHive - a specialist high end HMO company based in Stoke-on-Trent. Sarah takes me on a tour of her HMO and shares what she's learnt along the way. -How to deliver a project in lockdown -How to use your network to save money -The importance of a sound business partnership ....and lots more! If you're looking to invest in HMOs it's always fascinating to hear the projects and stories of other people who are just a few steps ahead. Sarah has other rental properties, but this is her first HMO project. I just wish I could show you photos as it is absolutely beautiful!
Jan 22, 2021
HMO Success Podcast Episode 39: What kind of property business do you really want? Paul Lanfear sheds light on how to get it!
HMO Success Podcast Episode 39: What kind of property business do you really want? Paul Lanfear sheds light on how to make it happen. What kind of a property business do you want? Do you want a business that gives you a great lifestyle? Or do you want a business that goes for exponential growth and is a performance business? What kind of entrepreneur you are will affect what you want to get out of your business, and therefore, how you structure it and run it. In this insightful interview, Paul shares his motto for success ' Start with the end in mind' and gives brilliant guidance and advice if you are looking to design a property business from scratch. Even if you already have HMOs, or other investments, Paul shares his wisdom on what he sees in store for 2021 and where we should be focusing our time and energy to make the most of the opportunities that this year will provide.
Jan 16, 2021
HMO Success Podcast Episode 38: Council Tax Re-Banding on HMO Rooms: How will it affect you?
HMO Success Podcast Episode 38: Coundil Tax Re-Banding on HMO Rooms: Will it affect you? This is going to be a hotly debated topic this year! More and more HMO landlords who are converting properties previously on Business Rates are finding that the Valuation Office has re-banded the rooms individually. This not only knocks out all the profit, but leaves the landlord / investor wondering what to do. I discuss this issue and highlight some anomalies with the process which are highly relevant. I'd be interested to know what your experiences are. Already there are a number of landlords who are encountering this issue and then being faced with a tribunal to argue their position. Most lose their appeal. What can be done? I'll explain why I think tribunals have got HMOs wrong and what you can do if you find yourself in that position.
Jan 8, 2021
HMO Success Podcast Episode 37: The Opportunities and Risks for HMO in 2021 - what are they and what should you do?
HMO Success Podcast Episode 37: The Opportunities and Risks for HMO in 2021 - what are they and what should you do? Thinking about investing in HMOs in 2021? Or are you ready to expand your portfolio? What are the challenges and risks? What is the economy doing and how should you respond? Andy Large and Wendy Whittaker-Large from HMO Success discuss the risks and opportunities for investors in 2021 and how to find the right properties in the right area for the right results. We would love to know what your thoughts are - do you think interest rates will stay low? Will this affect the way you invest? Are you going to invest more this year or are you waiting to see what happens in the market? Listen now to understand what our joint discussion reveals about where we see the market going and what the economic context is telling us.
Dec 20, 2020
HMO Success Podcast Episode 36: How to Create the Life you've Dreamed of, with Diane Greenwood
HMO Success Podcast Episode 36: How to Create the Life you've Dreamed of, with Diane Greenwood Diane Greenwood is a property investor with a portfolio of single lets and HMOs, as well as being co-owner of a specialist HMO property agency. She’s also the owner of Freshly Maid, one of the biggest non-franchised domestic cleaning companies in the UK, and is the host of the Harrogate Property Investors Network. Diane is a whizz at systemisation so that these business work for her rather than the other way around. Her hard work and enterprise have allowed her to reach a major milestone she's been dreaming of for years - a new life in France. Recorded at her gite in France, Diane explains just how she achieved this hugely important life goal and how you can do the same through investing and business.
Dec 11, 2020
HMO Success Podcast Episode 35: Capital Gains Tax Changes and how they might affect you as a Property Investor
HMO Success Podcast Episode 35: Capital Gains Tax Changes and how they might affect you as a property investor In this episode I outline what CGT is and how it is currently applied to you as a property investor. Then I go onto explain how the Chancellor of the UK Government has commissioned a report to look at ways in which it can be simplified and brought in line with income tax rates. Finally, you have the benefit of my opinion about the matter and the impact on business and investing. Enjoy! And if you agree or disagree I'd love to hear your views too!
Dec 1, 2020
HMO Success Podcast Episode 34: The Marathon Man! Interview with Mike Frisby HMO investor
HMO Success Podcast Episode 34: The Marathon Man! Interview with Mike Frisby HMO investor Mike Frisby has been investing for over 15 years and he shares his knowledge and experience about the best and worst deals he's done, and the outlook for HMOs for 2021 as he sees it.
Nov 27, 2020
HMO Success Podcast Episode 33: Talking to tenants in your HMO: why communication matters!
HMO Success Podcast Episode 33: Talking to tenants in your HMO: why communication matters! Truth be told, I think there are some much better ways to communicate with your tenants than just talking to them! Save your time and money by using some smart ways to communicate effectively with tenants. Help make their lives easier, and you'll make your own much easier too! In this episode I go through the ways we communicate with our tenants and what I've learned about ringfencing my time.
Nov 20, 2020
HMO Success Podcast Episode 32: Do HMOs work in Swansea? Interview with James Stevens of Fairmile Property Co
HMO Success Podcast Episode 32: Do HMOs work in Swansea? Interview with James Stevens of Fairmile Property Co. If you've thought about investing in Wales but unsure about whether it would work, this interview will inspire you to find out more. James Stevens of Fairmile property only started 7 years ago but now has a rapidly growing portfolio of HMOs and has completed numerous other projects to boot! He shares his tips and his highs and lows, to help you if you are just starting out, or if you are caught between wanting to scale but concerned about the management of such an endeavour.
Nov 18, 2020
HMO Success Podcast Episode 31: Why is there a housing boom and should I panic?
HMO Success Podcast Episode 31: Why is there a housing boom and should I panic? Even in the midst of coronavirus, the UK is seeing a massive increase in property prices! Why is this happening and what are the economic reasons behind this boom? Will it last? I give my thoughts, research and input into this very perplexing state of affairs and shed some light on the three areas which influence the housing market - human psychology and behaviour, government policy, and banking practices. I'll share my opinions about whether this will last, and what to do if you are investing in property or trying to buy a new home.
Nov 13, 2020
HMO Success Podcast Episode 30: How to make your HMO refurb tax efficient with cashflow leasing
HMO Success Podcast Episode 30: How to make your HMO refurb tax efficient with cashflow leasing Cashflow leasing allows you to lease rather than buy certain items which you'll use for your HMO refurb. In this episode, Claire Saunders from cashflow leasing explains exactly how to do this and what tax benefits this can bring for your business. Claire is an Asset Leasing Specialist. She is a property trained professionals as well as a finance specialist, and helps Limited Company Professional Investors, to grow their businesses quickly and in a tax efficient way, by leveraging lease finance. She uses her creative thinking to find solutions to assist investors in furnishing and refurbishing their SA's, HMO's, Hotel or Commercial Units. You can contact her on : 07720717113 email:email@example.com
Nov 6, 2020
HMO Success Podcast Episode 29: Creating a Paper-Free HMO Business
HMO Success Podcast Episode 29: Creating a Paper-Free HMO Business Many HMO investors find that within just a few months of setting up their business, they are overwhelmed with paper! It can soon become overwhelming if you don't have a way of sorting it out and organising it well. Today I share the podcast with Andy, my fellow investor and husband! He was responsible for implementing the scan-save-shred process which revolutionised our office and allowed us to go from overwhelmed to organised! We'll be sharing our core secrets here so you can operate a large property portfolio from home - even if you have limited space.
Nov 6, 2020
HMO Success Podcast Episode 28: Emergency HMO Covid Update (Nov 2020)
HMO Success Podcast Episode 28: Emergency HMO Covid Update (Nov 2020) What are the new lockdown rules for agents and HMO landlords when it comes to viewings and moving tenants into properties? In this very short episode, I explain what the new regulations mean and how to ensure you are staying safe. The regulations, released to the industry last evening, say individuals may leave home… …to undertake any of the following activities in connection with the purchase, sale, letting or rental of a residential property— (i) visiting estate or letting agents, developer sales offices or show homes; (ii) viewing residential properties to look for a property to buy or to rent; (iii) preparing a residential property to move in; (iv) moving house; (v) visiting a residential property to undertake any activities required for the rental or sale of that property. This clears up once and for all some of the uncertainties which until now have dogged industry preparations for the second loc…
Oct 30, 2020
HMO Success Podcast Episode 27: Interview with Kylie Menz on How to Create an Impact as an Expert
HMO Success Podcast Episode 27: Interview with Kylie Menz on How to Create an Impact as an Expert Property Investor As a property investor, the world of social media can be a scary place. Knowing where to start, and how to create that all-important impact has many challenges. But if you want to be taken seriously and have people flocking to work with you, you need to create an impact that makes people take action. In this in-depth interview, Kylie explains the importance of having a social media presence and the key attributes that make people take notice of you. She also gives some fantastic insider tips on how to use the different platforms to their fullest advantage including LinkedIn, Facebook, Twitter and Instagram. You can contact her at: http://kyliemenz.com/ "I’m known as “The Cashflow Queen” & “Online Business Strategist” Simply I’m a no “bs” cashflow mentor who helps women entrepreneurs to go global, monetise their knowledge and scale with online signatur…
Oct 27, 2020
HMO Success Podcast Episode 26: HMO Income Tax, CGT, Stamp Duty and IHT - Wendy in conversation with Hazel Johnson from Churchill Tax Advisers
HMO Success Podcast Episode 26: HMO Income Tax, CGT, Stamp Duty and IHT - Wendy in conversation with Hazel Johnson from Churchill Tax Advisers If you need a personal advice session to address your own tax situation, here are Hazel's details: Churchill Tax Advisers Central London office: Aviation House, 125 Kingsway, London, WC2B 6NH East London office: Unit 2, 51-53 Goodmayes Road, Ilford, Essex, IG3 9UF Telephone: 0207 998 1834 Mobile: 07367 276 788 Email: firstname.lastname@example.org Website 1: www.churchill-tax-advisers.co.uk Website 2: www.churchill-tax-investigation.co.uk
Oct 23, 2020
HMO Success Podcast Episode 25: 5 Common MIstakes Made by HMO Investors
Which of these 5 common mistakes have you made? Or are you about to make?! Ensure you don't fall into the common trap of some of these issues so that you grow a profitable and well-managed and fully let portfolio!
Oct 16, 2020
HMO Success Podcast Episode 24: What to do when your HMO project goes wrong? A discussion between Wendy and Ian
HMO Success Podcast Episode 24: What to do when your HMO project goes wrong? A discussion between Wendy and Ian What do you if your project overruns? How do you keep positive when you don't get planning permission? What can you do when builders take too long, or run off the job, and your budget goes awry? Would you believe it that Ian has had these exact problems? A recent project went over time AND budget! In the interview, Ian shares exactly what went wrong and how he developed a mindset of patience and belief which eventually paid off big time!
Oct 9, 2020
HMO Success Podcast Episode 23: Getting your HMO Licence
HMO Success Podcast Episode 23: Getting your HMO Licence Are you ready to apply for your HMO licence? Do you know what you need to prepare before you apply? And when should you apply - before you buy the property? Just when you start the refurb? Or just before you get the tenants? Wendy answers all your questions about how to get this process right and give yourself enough time to do it!
Oct 5, 2020
HMO Success Podcast Episode 22: Wendy in conversation with David Clouter
HMO Success Podcast Episode 22: Wendy in conversation with David Clouter My weekly Facebook conversation - this week with David Clouter. We discuss property cycles and investing, HMOs and the current economic climate.
1 hr 16 min
Oct 2, 2020
HMO Success Podcast Episode 21: Should I make the jump from Buy-to-Let to HMO?
HMO Success Podcast Episode 21: Should I make the jump from Buy-to-Let to HMO? If you're thinking about investing in HMOs but not sure whether to or not, I describe the main differences between the two strategies and what YOU need to consider before you decide to JUMP IN!
Sep 28, 2020
HMO Success Podcast Episode 20: Where are the Best Places to Invest in HMOs Right Now?
HMO Success Podcast Episode 20: Where are the Best Places to Invest in HMOs Right Now? Using the latest data and research I uncover exactly where the best places are right now for HMO investing. Not London, Newcastle or Bristol as it happens! Which areas give you the best returns? Which areas have the highest demand, and which areas have the best room rates to property price? Listen to day and find out where you should be investing!
Sep 25, 2020
HMO Success Podcast Episode 19: Licensing, Planning and Building Control - A discussion!
HMO Success Podcast Episode 19: Licensing, Planning and Building Control - A discussion! Wendy is joined by her husband Andy who takes charge of the legal aspects of the business - especially when it comes to Licensing, Planning and Building Control. In this discussion, they outline what you need to be aware of in HMO development and how to navigate some of the trickier aspects of an HMO refurb.
Sep 18, 2020
HMO Success Podcast Episode 18: The Pros and Cons of HMOs
HMO Success Podcast Episode 18: The Pros and Cons of HMOs What are the benefits and disadvantages of HMOs? Is it a strategy you're looking to invest in? If so, this episode will help you weigh up the pros and cons. With advice and insight from someone who has developed a large portfolio of HMO rooms, Wendy shares the good, the bad and the ugly!
Sep 4, 2020
The HMO Success Podcast Episode 17 - Kirsty Darkins and the Outlook for Commercial Property in the UK
The HMO Success Podcast Episode 17 -Kirsty Darkins and the Outlook for Commercial Property in the UK Kirsty is a commercial property specialist who knows just how to maximise the income from commercial units. She has years of experience in the sector having started out as a commercial surveyor before she started investing. Now she helps others find the right deals and turn them into cashflowing assets.
1 hr 2 min
Aug 25, 2020
HMO Success Podcast Episode 16: Interview with John Corey - Investing, Coronavirus and FCA Regulations
HMO Success Podcast Episode 16: Interview with John Corey - Investing, Coronavirus and FCA Regulations If you've wondered about doing a Joint Venture, or using Other People's Money to invest with, John Corey sheds light on the new FCA regulations which will affect you if they come into being by the end of 2020 (currently they're under consultation). Here, he shares his thoughts on using capital and crowd funding or peer-to-peer lending to make it easier to invest as opposed to the risks of JVs. With years of experience, and a deep knowledge of the technology sector both in the UK and USA, John has pearls of wisdom and understanding to impart. He helps put coronavirus in perspective for those who may be nervous, and shares some reflections about what the coming months may start to look like for investors.
Aug 21, 2020
HMO Success Podcast Episode 15: How to future proof your HMOs after coronavirus
HMO Success Podcast Episode 15: How to Future Proof your HMOs after Coronavirus Some top tips and thoughts about Future-Proofing your HMO after Coronavirus. How can you fill your rooms consistently? What about refurbs and materials? Are you struggling to get your tenants to pay their rent? I've thought about all these issues (many of them I have experienced personally) and I offer you some tips and support to make sure you stay focused, positive and a property problem-solver. “Do not focus on money, instead focus on a problem that needs to be solved for the world... money will follow you as a bi-product.” Manoj Arora
Aug 14, 2020
HMO Success Podcast Episode 14: Why the Government Cannot Pay for the Debt with Tax Hikes
HMO Success Podcast Episode 14: Why the Government Cannot Pay for the Debt with Tax Hikes You've heard how the Government and the media are starting to say that the increased debt will lead to tax hikes? In this episode I am about to blow apart that myth! The Coronavirus pandemic has taught us not to be complacent about ANYTHING - and I would like to reveal to you why the latest information is not necessarily the whole truth! If you've been thinking that we'll all have extra tax to pay to get the government debt down, I'll explain why tax increases will not be enough to do it - and why. Also why I think given the size of the debt that there is no better time to be investing in property.
Aug 11, 2020
HMO Success Podcast Episode 13: Learn How to Close a Sale: Interview with Matt Elwell from the Elite Closing Academy
HMO Success Podcast Episode 13: Learn How to Close a Sale: Interview with Matt Elwell from the Elite Closing Academy Why is closing the sale such an important process to understand? As an HMO investor does it really matter why I should be able to close a deal? Here, Matt Elwell from the Elite Closing Academy explains why closing is a key skill to learn if you are investing in property. Not only will it help you fill your rooms and find more investors to work with, it will enable you to gain clarity on what you want and enable you to go after it and get it! Inspirational and motivational. Matt is the king of closing and you will just love the advice and positive energy that this interview produces.
Aug 7, 2020
The HMO Success Podcast Episode 12 - The Story of Three HMO Investors
The HMO Success Podcast Episode 12 - The Story of Three HMO Investors Three HMO Investors - two quite new to investing - Dan and Sarah - share their stories with Jane (a more experienced HMO investor). If you've ever wondered what it was like to start up a brand new HMO business from scratch, you'll hear about their experiences good and bad, and how the support they've received has developed their income and their mindset. You'll also hear how scaling up your business so you can get your time back, is a new skill for Jane, and this is presenting her with other challenges! We cover the good, the bad and the ugly, so that if you are new to HMOs, or are wondering how to scale up, you can learn from the experiences of other investors who are actively investing right now.
Jul 31, 2020
HMO Success Podcast Episode 11: Interview with Ayesha Ofori from the Propelle Network
Jul 25, 2020
HMO Success Podcast Episode 10 - Coronavirus, Your HMO and the Outlook for HMOs
HMO Success Podcast Episode 10 - Coronavirus, Your HMO and the Outlook for HMOs How has covid-19 affected your HMO? Are you carrying out viewings again? What is the impact on your tenants? Government policy is adapting to a new normal which means that we will all be affected by growing debt, unemployment and the threat of catching the virus. How can you adapt and survive in this new environment?
Jul 17, 2020
The HMO Success Podcast EPISODE 9 - Interview with Simon Zutshi about Purchase Lease Options
The HMO Success Podcast EPISODE 9 - Interview with Simon Zutshi about Purchase Lease Options PLOs can be a flexible and useful tool to have in your property investor toolkit if you want to create a speedy transaction with a buyer. In this interview with Simon Zutshi from the Property Investors Network, we discuss how PLS work and what you need to know to make them happen. If you would like to register for Simon's course you can do so here: https://property.isrefer.com/go/PLO-2020-Enrol-Now/BestNest/
1 hr 2 min
Jul 12, 2020
The HMO Success Podcast EPISODE 8 - Friday Update - Government Schemes - Help for Buyers - Stamp Duty and Green Homes Scheme
The HMO Success Podcast EPISODE 8 - Friday Update - Government Schemes - Help for Buyers - Stamp Duty and Green Homes Scheme In this episode Wendy explains the announcements affecting you as a property investor this week and how you could benefit from the announcements Rishi Sunak made.
Jun 25, 2020
HMO Success Podcast Episode 7: Four Key Tools to Run Your Property Business for Free
Jun 25, 2020
HMO Success Podcast Episode 6: Why You Need a Cashflow Forecast
Jun 8, 2020
HMO Success Podcast Episode 5 : Working with a Builder
Today’s episode is all about how to work effectively with a builder. Here are some top tips that will help you get better if you’re new to project management and how to manage the refurb of your HMO. Some of the angles we discuss in this episode are: -Communication -Clarity -Setting expectations -Boundaries and management -Budgeting -Having a clear spec -Evaluating the project
May 19, 2020
HMO Success Podcast Episode 4 : Dealing with Difficult Tenants During COVID 19
HMO Success Podcast Episode 4 : Dealing with Difficult Tenants During COVID 19 During lockdown we’ve seen some tenants decide to behave irresponsibly and uncommunicatively. If you have problems collecting rent or dealing with anti-social behaviour, I’ve got some useful tips and tricks. Above all else, utilise this time to sharpen up your processes and systems. Be ready for the time when the eviction ban is over, and maximise your chances of getting bad debt recovered. There are two separate processes when dealing with bad tenants * Evictions * Collecting lost rent or bad debt I’ll share what my HMO business is doing to ensure each of these processes works correctly and helps us get the most we can from tenants who aren’t paying right now.
May 16, 2020
HMO Success Podcast Episode 3 : Doing Your Due Diligence on a Joint Venture Partner
HMO Success Podcast Episode 3 : Doing Your Due Diligence on a Joint Venture Partner It’s likely that at some point you’ll run out of money to invest with. If you’re considering a Joint Venture, where you raise money from other people to invet with, there are some core considerations to take into account. Here are some brief notes from today’s episode: What are the reasons for the partnership? What type of investor do you want / need? Check the FCA 13/3 guidance How long do you want to invest together for? Project by project is different from long term relationship How do they make a living right now? How much money do they have? A few documents to check through: Payslips Evidence of income Bank Statements Company tax return What is their business experience What is their property experience Do they have other assets? Disclosure - confidential Heads of terms NDA
May 16, 2020
HMO Success Podcast Episode 2 : Do I Really Need to Use a Project Manager for my HMO Refurb?
Episode 2 - Do I Really Need to Use a Project Manager for my HMO Refurb? When I started out with HMOs I project managed the refurbs myself but made many mistakes! So today, I examine this question as to whether you also need a PM. A good PM can save you time and money and reduce your risks, but you may decide it’s not worth it. What are the skills that a PM needs? Can you do this yourself? Can you builder undertake this role? What documents do you need? Should you use a GANTT chart? I will run through each of these questions to help you decide whether this role is one you need to bring in independently or whether you can do this yourself.
May 5, 2020
HMO Success Podcast Episode 1 - LAUNCH Episode - How to Set up your HMO Business
HMO Success Podcast Episode 1- LAUNCH Episode - How to Set up your HMO Business If you're just starting to set up your business, or have already started, this launch episode of the HMO Success podcast will explain exactly what to do to ensure you are compliant with the law and have all the practicalities covered. Here’s a useful ticklist to help you set up your new property business. Business Set Up Decide on business name Business Bank Account Set up Limited Company https://moneyfacts.co.uk/mortgages/guides/how-to-set-up-a-buy-to-let-limited-company/ Notify HMRC of trading status (Self employed / Ltd company etc) (https://www.gov.uk/new-business-register-for-tax) Legal Money Management Register with HMRC for Anti Money Laundering (https://www.gov.uk/guidance/money-laundering-regulations-register-with-hmrc) Client Account TPO Membership to Property Ombudsman (PRS) (https://www.theprs.co.uk/) Insurance Professional Indemnity & Public Liability Insurance Client Money Pr…