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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**
Hi Vanessa There is a lot to cover. It is essential to build up a relationship with your local agents I work closely with Martin and Co Doncaster and Galley Estates .The owner does need to know I also think you should have a local solicitor who can advise you of any legal issues .As for the areas in which it can be done as is the same with agreeing any deal it's about what a landlord is willing to accept on a guaranteed long term basis that will decide if a deal dooable .Also in some areas you do not need a communal room as you would in a University Town so you may have another room for rent depending on size and what your local HMO department will accept .Article 4 does mean that in those areas your target is existing landlords with HMOs that are licenced .Many University areas have article 4 Doncaster doesn't so works well for me . Dealing with LHA is a skill in its self which we cover and isn't for everyone although there are plenty of graduates and workers or over 25s lha. Hope that helps. Kim
Thank you Kim. Can you at least explain about the tenancy agreement? Is the sub-letter allowed to sign one as they are not the Landlord?We must organise that PT TV interview with you to find out more.Could you summarise the pro's and con's of Rent 2 Rent for us?
Vanessa, While I am not sure Kim if providing the detail you asked for, the message seems to be a deal stacks up when it stacks up. In other words, if you as the investor can interest the building owner into a rent to rent deal then you might have a winner.You need a rent that is low enough that you can make a margin.That likely means negotiating so the owner is being paid below the market rate and they accept that as a trade-off to the hassle and the vacancy costs.Similar to how local councils will rent a property for 60% of market and they take on the property for 5 years with all maintenance and other things included in what they do for the owner.When I ran the numbers of some of the deals, 60% could be entirely fair if you look at the real operating costs and factor in the vacancy cost plus take off about 10% for hassle.
I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.
Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.
(11-09-2012 09:01 AM)KimStones Wrote: John you are a very good writer you explain things very well .
https://Www.kimstones.co.uk HMO Rent to Rent Course Free Download book places call 0800 6335 333 Saturday 20th October