The story of a 48-bedroom HMO
Most of us who embark on our property journeys want to create a stream of recurring rental income to match or exceed what we earn from the day job. This will enable us to not exchange our time for money, and at the same time create more time for family, travel, hobbies etc. It’s fair to say that most of us embark on a portfolio building program to help us achieve that goal. That is certainly the route I have personally taken.
What if that were to happen from one deal, one building?
Newbie investor Richie Miller is well on the way to doing just that with his 48-bedroom mega HMO deal, having done just one previous smaller HMO project. On top of that he has done it remotely and during the Covid pandemic. His story and details of the mega HMO case study are covered in the September 2021 issue of YPN.
Richie’s top tips for bigger HMO deals
Tip 1: “All investments are a risk, but I believe that one can mitigate these risks by getting properly educated in property.”
Tip 2: “Most of us invest in property to create a higher income and more time freedom; to achieve that, we all have to do something different to what we are doing now. Education is important but I would encourage readers to take action.”
Tip 3: “There is a lot of competition in the smaller HMO market, so I suggest that readers should explore bigger deals; where the air is thinner there is less competition.”
To read the full article and details of the case studies, subscribe to YPN magazine.