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Hi All, fairly new to Property Tribes so hello first off all.
I'm in the process of buying a house in the North with 5 bedrooms and turning it into a well done out HMO Let. As a landlord I do believe in giving back a but and being ethical as possible, create good modern living conditions and get good tenants is my mantra.
Question is the £350 finders fee and 10% for a tenant which is likely to stay for 6-12 months seems a little steep in the Bury Bolton Area.
With technology now is it better to:-
- Source your own tenant and just pay the management fee- Just pay it for the sake of effort- Do everything yourself.
Would be interested to know your thoughts.
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It's not clear if you live local to the property, but assuming you don't, then the third option is not viable imho.HMOs are far more labour intensive and require a much more "hands on" approach. There are very few agents who will take them on for this reason.If I was buying an HMO remotely, I would find the agent FIRST, and then see if they had any properties under management that the landlord was considering selling.In this case, because of the complexity of HMO regulation and compliance, the agent comes before the property imho.There is the option of buying a tenanted HMO, that may have a property manager already in place. The Vesta platform has these kind of deals.I also think No White Walls might be of interest to you ....
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks Vanessa, some really sound advise there really appreciated. In answer I'm not local to the property however it is my home town where i grew up and still have family. Whilst I'm not an expert on property online has been my main occupation for the last 20 years. The Vesta platform looks very interesting. Whilst No White Walls is also a great concept it seems to lack traffic and a community, probably because it's still in Beta. I've got it bookmarked and will definitely keep an eye on it.
Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences.