How Bunked went from a handful of student properties to 40+ in 3 years
by Phil Saunders, YPN writer and property investor.
It was a pleasure to speak to the team behind Bunked this month, an inspiring HMO company who have exploded onto the student HMO scene. These guys have achieved so much in the three years that they have been operating but they have even bigger goals ahead.
I was keen to learn about what makes them tick. What is their core strategy? How do they fund their deals? Just how have they gone from a handful of properties to over 40 in just three years!?
Simon and Nick, the co-founders of Bunked, were very generous with their time and let me explore their model at great depth and I was surprised with what I found. The team do a great job and have focussed on one single strategy and utilised it at great scale. It’s something we all aspire to do in property: pull out as much funding from each deal and re-invest that capital into more property.
Essentially, it’s a large scale BRR strategy. With multiple large refurbishment projects and purchases happening at the same time, they wouldn’t be able to deal with the complexity of the operation without a large team of expert help behind them. As the company has grown, they have continuously invested in more staff to aid their growth. A lot of people see staffing costs as a liability but time and again I have been shown that hiring the right staff is a vital investment in your property business.
This is something that Simon and Nick have seen the value of and by continuously re-investing in their team, they have been able to speed up their growth. It’s inspiring to see and a lesson for all.
In summary …
- Invest in your team.
- It doesn’t have to be rocket science. One good strategy is all you need.
Congratulations to Simon, Nick and all the team at Bunked. I will watch your progression with great interest.
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