The Progressive Property Podcast How I Became a HMO Property Investor
The property industry is booming in the UK and there is no better time to start investing than today. Kevin is joined by yet another one of Progressive Property’s success stories Sam, who has gone from strength to strength in the HMO area of property investing. Together they discuss finding the right refurb team, investment opportunities and why investing on your doorstep is beneficial.
KEY TAKEAWAYS
- If you are starting out in property and looking to create a reliable refurb team, a great tip would is to always ensure you are open and honest with people. If you do not like something, don’t be afraid to say. When you are starting a refurb always make sure you get some good quotes from experts, don’t go for the cheapest.
- You need to find a professional building company rather than a ‘cash in hand’ or ‘day rate’ kind of builder. Whilst they may initially seem cheaper you may find that the invoices keep appearing and the costs begin to add up.
- There seems to be a really good scope in turning properties further away from town into HMO’s, tenant the properties and then selling them on. There are quite a lot of out of town investors paying top end prices for tenanted properties.
- People seem to be paying over the odds for student properties close to university campus’. The issue with student properties is that they have to be ready by January as this is when term time begins.
- There is always a property technique that will work on your doorstep, whether that be student accomoddation/HMO’s, flipping properties or rent to rent. It is highly recommended to invest close to home as it makes it easier and quicker for you to attend to the property whenever you need to do so.
BEST MOMENTS
“If it smells bad, that's the smell of cash.”
“Work with good builders, clear prices and clear structure.”
“I’d rather do something on my doorstep.”
VALUABLE RESOURCES
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
https://www.facebook.com/kevinMcDonnellProperty/
https://kevinmcdonnell.co.uk/