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Hi Paul. Having been a HMO landlord for over 30 years, I would suggest buying your first HMO in an area close to you, and make yourself familiar with the regulations in that area. Initially it will be a big learning curve and being local to your property will make a huge difference.Having said this, Cardiff fits the criteria you are looking for. Growing city, three universities, many colleges, big influx of overseas students and a constant need by young professionals. There are many agents set up purely managing HMO's. They could help you find a property, deal with all repairs and administrative issues and also if necessary oversee any improvements. I deal with a few of these agents myself.
the best places to invest in can be a matter of opinion or flavour of the month
whereabouts are you in the UK?
Hi Paul, I have been investing in HMOs for the last 4 years down SE England and am now turning my attention to the North as both an investor and a property sourcer for other clients. HMOs require a good understanding of the market and the regulations but have higher yields hence their attraction. As said above nothing beats your own hands on research and its good to have a good relationship with a strong agent. Nothing is a steal and no matter what model you go for you need to have a good understanding of what it is you are getting into. Happy to discuss any of this with you. Please call or email me.
Koru Property Strategies
Hi PaulI have set up a number of HMOS and very happy to share what I have learnt along the way(*Moderator note: Content removed*).
I would echo the advice you have already have - find your agent first. You'll find that owning a BTL and HMO are two very different things.
I am a lettings manager for an agent that specialises in HMO's and we have found that investors are attracted to HMO's due to the high yield but don't really have a comprehensive understanding of the requirements which is where we come in. Our standard practice is that we talk them through the basic legislation, we explain what is needed for them to obtain the license in the first place, and discuss some of the local requirements as well as the legislative requirements. I have even taken prospective landlords around some of our managed HMO's so they can see what they are getting and how our service is run.
There can be alot of hand-holding in the beginning but as the management is more complicated and more intensive it's is definitely worth spending the time getting to know your agent.
I am not local to you but if you ever needed to chat or some advice then I am more then happy to help, good luck with your investment search