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My name is Wasim and as you may have guessed im new to Property Tribes.I am 30 years of age and started my property journey at the age of 20 whilst being employed as a software technician. I have always loved DIY and getting my hands dirty from a young age, but it was when my father purchased a 2 bedroom flat in Edinburgh (300 miles from where we live) that I really found a passion for property.I would take any given opportunity to drive up to Edinburgh to refurbish the flat ready for new tenants and took it upon myself to find and vet new tenants. At this point I realised this is what I was made to do and looked into buying further properties. From this 2 bedroom flat I moved on to purchasing anything I could get my hands on at the right price and I am now in a position where I have a number of properties let out plus a 42-bedroom HMO (ex care home) and most recently I rebuilt a 3 bedroom detached home into a 9 bedroom, all en-suite HMO which has been my best project to date. It took me 3 years to do it as it was my first build from scratch (almost).
I look forward to contributing what knowledge i have to this amazing forum and hopefully will learn a lot from the experience and knowledge of others.
Thank you for taking the time to read this brief summary of my property journey so far...
Hi Wasim,Welcome to the tribe and thank you for sharing an outline of your property journey.Congratulations for what you have achieved so far!Could you talk about the financing side of things a bit? How did you save for deposits etc. or did you start with a lump of cash?In 10 years, I would say you have scaled up quite quickly! How challenging was that? What prompted you to create a 42 bed HMO? I consider large HMOs to be 7 to 9 bedrooms and I know they come with their own problems. How do you deal with a 42 bed? I would imagine you need someone living on site to manage it?Related thread: Size matters: Super HMO vs. 4 to 6 bed HMO?Will be looking forward to reading your contributions!
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**
Historically the property was an elderly care home owned by Birmingham City Council and we gathered some investors to purchase the property with a view to let it to a care company who ultimately let us down so I decided to run it as bedsit accommodation with shared facilities. It was my first jump straight into the deep end. However, due to the layout of the property I developed 1 floor at a time and let the rooms section by section.
Initially it was a case of redecoration and "tarting" up the existing bathrooms and kitchens with what funds I had available. At present I am doing a refurbishment of the property to modernise it and renew the kitchens and bathrooms totally.
I will post before and after pictures as I am going along.
42 Bed HMO - you have a Hotel not a BTL investment my friend lol
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
How on earth do you manage a 42 bed HMO?
What are your occupancy rates and average tenancy lengths?
If I'm honest, I wouldn't be brave enough to take that on!
Very interesting subject none the less.
It is a task to say the least but I have a decent workforce and employ tradesmen full time for other properties too.
In all honesty occupancy rates vary however generally we operate at 60-70%. I have a fair number of tenants that have been there for 2-3 years however most stay for 6-9 months.
Very interesting that you have invested in Scotland
Would you give us your informed take on the new Scottish Govt tenancy and eviction conditions.
Scotland always seems to be used as a test bed before similar legislation is used in England.
From what I have read it seems the conditions make it very difficult for a LL to control the property.