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  • HMO & Multi-Lets

    HMO purchase with disruptive tenant in situ

    I am considering purchasing a 6 bed tenanted HMO, numbers stack up however I understand one of the existing tenants is as a bit of a problem and disruptive to the house, they are all on 6-month tenancies recently renewed until Jan 2020.

    Would people recommend completing with vacant possession so that we can start afresh with new tenants? obviously we will need to factor the void into my figures.

    The agent is suggesting we do this, but offer the rooms back to the good tenants immediately so technically their tenancy ends on completion day and begins again afresh but the bad tenant is forced to leave.

    I am not sure about this as the bad tenant is likely to get wind of this and possibly cause issues.

    My gut is saying get the house empty do some refurbishment works while we have the chance and get new tenants in afresh.

    Thoughts appreciated.

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    Why would you turf out good tenants?

    This will cost you money and then how long to get new tennants, advertising costs,  checking costs then you might end up with several bad tenants.

    IMHO I would get rid of the bad tenant. Do up their room, then use that room to move tenants to, while you do up their rooms, one at a time.

    At the same time you can do up communal areas. Sell it as a positive to the tenants, that you want to make it better for them.
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    Before you go any further down this route have you considered speaking to specialists in the HMO sector?

    It might be worth me having a conversation with you about this particular purchase before you go ahead. We work specifically in the HMO sector under a franchise model and have been doing so successfully now for over 12 years, with typical yearly earnings for our franchisees between £50,000 to £150,000 after costs and tax. 

    There are so many nuances to think about when going into the HMO sector (if, of course, this is your first HMO).
    Either way, it is definitely worth a chat and I'd be happy to talk through your problem with you (my background is both in sales and lettings).

    Thanks, Lucy
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    Lucy Donovan

    Partnership & Investment Executive

    Platinum Property Partners

    l.donovan@platinumpartners.co.uk


    Hi Lucy,
    Do you guys operate in and around London?

    Thanks
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    Hi Kala,

    Yes we do, we have a number of franchisees in and around London, nationwide we have over 240 franchisees in our network running their own HMO portfolios. It works differently everywhere because obviously differing house prices and rents everywhere but if you have the right level of initial funding, what we do can be incredibly lucrative!
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    Lucy Donovan

    Partnership & Investment Executive

    Platinum Property Partners

    l.donovan@platinumpartners.co.uk


    Hi Lucy,

    how can I know more about your services and proposals?


    thanks

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    Hi Kala,

    Message me your details and I will give you a call today.

    Thanks, Lucy

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    Lucy Donovan

    Partnership & Investment Executive

    Platinum Property Partners

    l.donovan@platinumpartners.co.uk

    Hi Lucy,

    Is there an option of InBox-ing or private messaging on this forum?

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    Just found the inbox option.

    I have sent you my details Lucy. Call me when you have time next week...


    cheers

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    Hi Lucy, can you send me your details please as I'd really like some more information please.  Thanks
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