Surely there’s more to setting up a HMO than furniture and paint? What about fire alarms, fire doors, emergency lighting? Not only the cost but also the permission side of things from the LL?
Most likely was a run down HMO which he did a light referbishment to bring it ip to a high standard. The alarm systems and fire safety requirements were probably already in place
I either missed something in this video or it doesn't add up. Went from being a 2 bed single let to a 4 bed renting out single rooms. Surely this then becomes a HMO which then involves licences etc. Doesn't add up 🤔🤔
One thing I don’t see much about Rent t Rent Serviced Accomodation is Business Rates, it seems if you are renting a place for say £1k you’d have to pay about half of that each month in business rates, that could totally wipe out any profit for some and even put others in the negative! Most of the sourced deals I see have rents between £1k and £2k and my calculations suggest each time the business rates would wipe most profit out even in a good month! Not sure if I’ve got my Calcs wrong?
@@dex208 business rates is a type of council tax that councils charge any business that has property whether owned or rented and isn’t used primarily as accommodation like a btl or hmo. they charge roughly half the amount they deem the market rental rate of the property on top of your regular rent basically
@@cavvy88 I manage myself and yes you’re right about business rates and council tax. Currently in the process of putting business rates through but council are being slow. Profit still remains very high though
@@TWIIGLTD Yh I mean good to hear profits still high but I’d have to take into account management fees as wouldn’t manage myself. Do you think your after tax profits would still be high? I’d worry about the rateable valuation being similar to what I’m paying in rent meaning even based on 80% occupancy I would be left with very little!
He didn’t mention the contract with the landlord ? How many years on the contract that’s important as the money will pile up for this young man - well done though 👏🏾
With your Rent2Rent SA do you use a management company or do all the bookings a organise cleaners yourself? I own a few S.A'S and I use Pass the Keys to mange mine so its totally hands off and passive. However if your paying a landlord rent plus you will more than likely be paying council tax unless its buisness rates? Don't see how you will be left with much Net Profit 🤔. Please, fill me in
Surely there’s more to setting up a HMO than furniture and paint? What about fire alarms, fire doors, emergency lighting? Not only the cost but also the permission side of things from the LL?
Most likely was a run down HMO which he did a light referbishment to bring it ip to a high standard. The alarm systems and fire safety requirements were probably already in place
In terms of permission from the landlords side that is what a management agreement is put in place for.
It’s ok getting a rent to rent but how hard is it to fill that property with people?
Great video! Well done Tom thats amazing 👏
What to do in a city where people don't rent rooms?
Is it worth renting > adding value/refurb and then renting it out?
❤️ Tom! 👏🏻👏🏻
Do you need HMO License after securing a rent 2 rent deal ?
I either missed something in this video or it doesn't add up. Went from being a 2 bed single let to a 4 bed renting out single rooms. Surely this then becomes a HMO which then involves licences etc. Doesn't add up 🤔🤔
Thinking exactly the same. Would be helpful if they hadn’t skipped that crucial bit
EXACTLY
One thing I don’t see much about Rent t Rent Serviced Accomodation is Business Rates, it seems if you are renting a place for say £1k you’d have to pay about half of that each month in business rates, that could totally wipe out any profit for some and even put others in the negative! Most of the sourced deals I see have rents between £1k and £2k and my calculations suggest each time the business rates would wipe most profit out even in a good month! Not sure if I’ve got my Calcs wrong?
@@dex208 business rates is a type of council tax that councils charge any business that has property whether owned or rented and isn’t used primarily as accommodation like a btl or hmo. they charge roughly half the amount they deem the market rental rate of the property on top of your regular rent basically
@@cavvy88 I manage myself and yes you’re right about business rates and council tax. Currently in the process of putting business rates through but council are being slow. Profit still remains very high though
@@TWIIGLTD Yh I mean good to hear profits still high but I’d have to take into account management fees as wouldn’t manage myself. Do you think your after tax profits would still be high? I’d worry about the rateable valuation being similar to what I’m paying in rent meaning even based on 80% occupancy I would be left with very little!
Couldn't you get the landlord to pay the business rates?
Great work 🎉
Really good video very inspirational. And massive congrats mate
What agents does he call ?
Thanks Samuel and nice weekend to all ✌️
Does landlord have the permission of the lender? To use it as an HMO/SA - Landlord is probably on a single let mortgage!!
Big ups to him 18 year old boss!!
Wow he is going to do so well
He didn’t mention the contract with the landlord ? How many years on the contract that’s important as the money will pile up for this young man - well done though 👏🏾
Great keep it up
Hit you up, ✌️
Is it just a coincidence that their polo shirts are identical ? Lol
Nah just normql english man
With your Rent2Rent SA do you use a management company or do all the bookings a organise cleaners yourself?
I own a few S.A'S and I use Pass the Keys to mange mine so its totally hands off and passive. However if your paying a landlord rent plus you will more than likely be paying council tax unless its buisness rates? Don't see how you will be left with much Net Profit 🤔. Please, fill me in
Where are your sa’s based?
what i love you
Didn't Samuel leeds drain a vets bank account til the vet committed suicide?