Great clip as always. Refreshing to see this approach from someone on social media. Everyone wants the get rich quick method or punts that out on socials. There is a lot to be said for being patient and building up gradually. Its so easy in property to get caught out and be under presssure, stressed, lose control or focus. You see many, try to take on too much too quickly and jeopardise the lot or worse still, other peoples money!
I'll tell you why I don't do HMO's, mainly because the council won't let me. I bought 2 houses with the intention of turning them into HMO's 'at some point' about 10 years ago! guess what, by the time I got to 'some point' about 7 years later, the council had brought in article 4. Anyway you get a high turnover of tenants in HMO's and the tenant quality isn't great even with 'professionals'
@@danielkirkland3366 It's possible, but I'm just keeping them as family houses, I still work full time and a single father, so just trying to keep it simple. Good luck with whatever you're upto 👍
You hit the nail on the head my brother. Its ok doing JV now and setting up mini HMO for social housing but whats the end game? Run your race keep 100%, hopefully i get to meet you at a next working event soon Justin.
Good analysis. I also found that there's no point in doing HMOs unless you're going to go for minimum 4 bed, even then 5 is really where it's at, otherwise it's no better than a standard BTL. That means you need more capital outlay in the beginning. It's obviously more management as well, especially if you are physically distant.
Justin, how can I contact you? I have £250,000. I’m looking to either buy a second home to rent out in London or a HMO outside London. A London house will appreciate in capital but the rent money will go to pay off mortgage. Whereas a HMO outside London will bring in money but not appreciate much. Dunno which to go for.
putting a few fire doors often not that much more work than simgle let but double rent so no brainer. Many of these properties won't cost more. As somnebody who did 7 holiday lets, and retained them, and has now just done my first HMO I would say the regs are a nightmare, but single lets are just doing for charity as revenue os so low. Over 30 years the difference could be a million or so in many areas for a single let house verses a 6 room hmo, and hmos actually incease your cash flow which makes your next deal easier
Hi Justin, great video. If you were in my position (75K available) still living at home, wanting to invest this money… should i buy my own place first? then look to buy a second down the line?
Stay at home. Set company up, buy btl n rent, n use the profit to repeat. Till your house gets paid by your rental property. Rental house = cashflow asset. Living in house = liability and expenses 4u Don't buy liabilities, only asstets😊
There’s a lot of convincing fakes, especially in the property development category - so be very careful. Personally I like Mitch Nunn for HMOs if that’s what you’re looking for.
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Great clip as always. Refreshing to see this approach from someone on social media. Everyone wants the get rich quick method or punts that out on socials. There is a lot to be said for being patient and building up gradually. Its so easy in property to get caught out and be under presssure, stressed, lose control or focus. You see many, try to take on too much too quickly and jeopardise the lot or worse still, other peoples money!
100%, very well put!
moral of the story: 'do what's best for you' and you can't go too wrong. Good job Justin.
🫡🫡
Very grounded. Well done.
Thanks 🤝
I'll tell you why I don't do HMO's, mainly because the council won't let me. I bought 2 houses with the intention of turning them into HMO's 'at some point' about 10 years ago! guess what, by the time I got to 'some point' about 7 years later, the council had brought in article 4. Anyway you get a high turnover of tenants in HMO's and the tenant quality isn't great even with 'professionals'
How the hell did it take you 7 years ….
@@danielkirkland3366 haha life! a flipping miserable one!
@ have you looked into air bnb maybe
@@danielkirkland3366 It's possible, but I'm just keeping them as family houses, I still work full time and a single father, so just trying to keep it simple. Good luck with whatever you're upto 👍
Ye dam those doctors n nurses in my hmo , always leaving n being replaced with more doctors n nursed....
Don't buy, make hmo,
A great reminder of staying true to oneself.
Absolutely 🔥
You hit the nail on the head my brother. Its ok doing JV now and setting up mini HMO for social housing but whats the end game? Run your race keep 100%, hopefully i get to meet you at a next working event soon Justin.
Great content as always Justin.
Great content as always. Thanks Justin
Good analysis. I also found that there's no point in doing HMOs unless you're going to go for minimum 4 bed, even then 5 is really where it's at, otherwise it's no better than a standard BTL. That means you need more capital outlay in the beginning. It's obviously more management as well, especially if you are physically distant.
6 bed is really the minimum. Sometimes you're better off with a 4 bed than a 5 bed as licensing eats a lot of the 5 beds profit.
I love that phrase Justin, "its important to run your own race" 💯
100% - do the strategy that aligns with your goals and go for it 💪
Well done Justin, great video, refreshing honesty!! 👍
Wise words IMO
Thank you 👊
Justin, how can I contact you? I have £250,000. I’m looking to either buy a second home to rent out in London or a HMO outside London.
A London house will appreciate in capital but the rent money will go to pay off mortgage. Whereas a HMO outside London will bring in money but not appreciate much.
Dunno which to go for.
Great content as always Justin, regarding the flips what sort of contribution do you require and what sort of returns ?
In the south ROI is low as house prices are so expensive. Do you buy mainly mid and north England?
putting a few fire doors often not that much more work than simgle let but double rent so no brainer. Many of these properties won't cost more. As somnebody who did 7 holiday lets, and retained them, and has now just done my first HMO I would say the regs are a nightmare, but single lets are just doing for charity as revenue os so low. Over 30 years the difference could be a million or so in many areas for a single let house verses a 6 room hmo, and hmos actually incease your cash flow which makes your next deal easier
Hi Justin, great video.
If you were in my position (75K available) still living at home, wanting to invest this money… should i buy my own place first? then look to buy a second down the line?
depends if you can handle living at home longer (and your parents don't mind either)
you could always buy a 2 bed place for example and rent the 2nd room until you save up again for a 2nd property for buy to let or HMO
Stay at home.
Set company up, buy btl n rent, n use the profit to repeat.
Till your house gets paid by your rental property.
Rental house = cashflow asset.
Living in house = liability and expenses 4u
Don't buy liabilities, only asstets😊
Can anyone name any of the other social media/TH-camrs scaling up vertically?
There’s a lot of convincing fakes, especially in the property development category - so be very careful. Personally I like Mitch Nunn for HMOs if that’s what you’re looking for.