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Thx - I'll check that out
I also found this website recommended on another thread a few weeks ago - https://www.moneyboxapp.com
Not sure of your tax position. So will go with pre-tax numbers. I think I could get £2300 a month from 3 mini-hmo's for a total spend of £210k where I live. This would consist of 3 end-terrace houses bought for £180k each with a 30% deposit, with 3 rooms let at £450 (with an ensuite you can get more). and a £5k renovation budget for each. Essentially with a mini-hmo you can minimise renovation required, if you buy with an existing good layout.
So I don't see this as pie in the sky. You have the hardest part - a good capital position, don't part with that for a training course. Do what you are doing and learn on the job and from tribes and you will achieve what you are after.
Which areas would you recommend one looks at for such type of properties?
I think you should be careful about aggregating a lot of smaller properties at low prices in order to reach your goal. Lots of smaller, low value properties equate to lots of tenants, lots of maintenance issues, lots of agents, and generally lots of potential problems.
I bought a 4-bed property for 590,000 in SW London. With the deposit, stamp duty etc I came in just under 200,000 initial outlay. As we know, London does not achieve huge yields, but on mine I receive 2,500/month so a smidgen over 5%. My mortgage is 680/month (interest only), and being a shared freehold I have no big service costs to pay with no ground rent either. While I might have some additional costs every now and then, these are far and few between. I have owned the property since Sept 2014, and I have not had a single day of voids. I rent it to four sharers, but on a single lease, and as one moves out, another moves in.
So, my experience is to aim for higher value properties, well researched, near good transport links etc that are going to rent consistently well.
I have considered converting the lounge into a 5th bedroom and doing some works to the kitchen/bathrooms to turn it into licensable HMO and boost the rental income to 3,200, but the additional capital expense and extra tenant, as well as changes in makeup of tenants, have left me to conclude that I will likely sit tight with what I have. Oh, and despite the softer market, the value of my house has risen by 60,000 and potentially 110,000 should I spent 50,000 doing it up.