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hiI am not saying i am an r2r expert but what i am saying from what i have seen first hand that is a room is done up to an high end with ensuite you can get 500- 600 in Coventry so
550 rent per room x 5 =2750
rent to LL 800
left with 1500
take away 20% for voids and maintence
left with 1200 now if they have 4 homes like this it would be close to what they are saying BUT i don't believe they have licence's for these and most likey dont't know about the legislation.
I also do not believe that there is demand for high homes for that much rent in Coventry as i said i am not R2R expert and these just round number figures as i do not do hmo or
£500 to £600 pcm for an ensuite room in Coventry? Those are similar rates to Guildford!There are over 1,000 adverts on Gumtree for rooms to rent in Coventry and the average seems to be about £400 pcm.
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**
Just saying what I know and have seen but the average is around 400 because it's not high end it's like the pics you posted I have got a friend who pays 525 for one room high end finish and that's in a house with 5 rooms not sure if they are all ensuite.
Appreciate your local knowledge David. Just shows how difficult it is to estimate achievable rents and room rates if you do not have a thorough knowledge of the area!I doubt all the couple's rooms will be ensuites though as they are taking standard family homes and renting the bedrooms out individually, and probably a dining room as well. Therefore, they probably only have one ensuite room per property. It is very rare for anything but a professional HMO to have ensuites in every bedroom.So on that basis, the numbers would look something like:£550 rent per ensuite x 1 and 4 x £400.00 = £2,150 gross rent.
left with £900.00 net.
If they are netting 900 pcm then that would be a pretty good deal. Do 5 of those and your are close to their claimed figure - so not that hard. If their business is all kosher and they are providing good quality accommodation then good on them.
I agree ... but I am wary of people who make claims during the "honeymoon" period, as this couple has done - saying "if all goes according to plan ... ". Some of the rooms are not let yet.The proof is in the pudding if they are still doing it in five years time and delivering a net profit.
R2R is one of the fundamental building blocks of any Get Rich Quick type of 'investor'.
It's also one of the first boxes to tick off on the way to becoming a 'guru'.