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  • Property-a-holics

    Are the first three houses the hardest?

    A lot depends on the type and location of the properties. I have some one bedroom properties in the North East that have much higher turnover than my studio in the London area. However when the properties in the NE are rented the cashflow is much higher than my London property and cost half the amount. Certainly anxiety was a lot higher when I had one property. I had 3 vacant units for 3 months this year out of 13 units and was not concerned at all.

    Probably the biggest hurdle I have faced was when the local authourity decided to tax a 3 unit HMO as 3 separate flats. I went from a single band B council tax bill to 3 band A council tax bills. After that I then got 3 water bills instead of the one. This put a lot more financial burdens on the low income tenants I had.

    So having HMOs had some unforeseen hurdles. The Government is as bad to landlords, if not worse, than bad tenants.

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    Another tough choice is whether to buy away from home in a cheaper area maybe, and have a property manager take off 10% to 12% from the rent.

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