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Hi Afam,Welcome to the wonderful world of property! As others have said, HMOs might be a bit of a high risk strategy for a newbie, and you may struggle to get financing due to your lack of experience. (Please forgive me if you are a cash buyer).Our "HMO Week" 2017 covered a lot of ground about HMOs:HMO Week 2017 - powered by Platinum Property PartnersMonday - Launch of HMO Week 2017 with Steve Bolton - discussing popularity of HMOs and trends in the marketTuesday - Sourcing an area suitable for an HMO and finding a suitable property Financing of HMOs - insights and criteria Wednesday - Legal and licensing considerations / refurbing an HMO and optimising the lay-outThursday - Small HMOs vs. "Super HMOs" Friday - Creating harmonious householdsSaturday - Avoiding voids in HMOsSunday - Getting rid of a bad tenant from an HMOAs for tax advisor, RITA is our tax partner and would be delighted to assist you. You can find all their details on the banner at the top of this thread.RITA are also the preferred tax advisor of the Residential Landlords Association and specialise in property and landlord tax.Good luck and hope that helps?
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**
Thanks for your post. I have now contacted RITA4Rent and set up a consultation. Have also visited RLA web site and of course read much of the excellent information you linked from HMO Week 2017.
No doubt there are many obstacles in my journey to being a successful HMO developer/investor. I pray that I will have the perseverance, strong network and good judgment to overcome them.
My hope is that I might also be able to tap into the vast knowledge and experience that is within the members of PropertyTribes. My congratulations to you for being one of the founders of such a vibrant community.
Regarding tax advice, if you join the RLA (Residential Landlords Association), you are entitled to one free consultation with RITA, Property Tribes' partners for all things tax...
Contrary to what others may have suggested, I also think that you are wise to work backwards from the end, i.e., your approach to inheritance tax for those you leave behind, followed by how you expect to draw income in retirement etc., all of which require you to think about how you set up your property journey from the start.
Best of luck!
Just to add to the above, if I'm not mistaken, RLA membership will also entitle you to discounts when buying kitchen / bathroom / boiler appliances when fitting out your HMO... I believe they have partnerships with LNPG / Magnet.
Thanks very much. I called up RITA4Rent, they were very helpful and knowledgeable and have set up a consultation with them.
I have also visited the RLA website, there is a lot of useful information and guides. I will likely join
Thanks very much, I appreciate the advice.
Thanks for your kind comments ^^^ - much appreciated.With regards to RLA membership, we will have a special offer with a discount very shortly, so perhaps wait for that to join?
What's ICTB? Sounds nasty!