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First timer here on PT so forgive me for any gaffs...
My position: I'm completely new to property investing but have been reading books, magazines, watching videos, attending webinars and listening to audiobooks about property investing/developing/HMO/etc for the last couple of years. I know, it's not the same as experience but it's the best start I can give myself! I've got decent refurb skills having just refurbished my own house start to finish including replumb and fitting kitchens, bathrooms etc. Plan to work on first one or two refurbs myself to reduce initial costs but once have hopefully released some capital i'd plan to use the pros. Currently I'm a doctor working in hospital which I plan to continue whilst investing, allowing me to continue to invest from salary and to help with mortgages. Have ploughed savings into current house so no cash at present to get started. Considering equity release to fund first project. Thinking of deal sourcing and rent to rent to get me started.
I was wondering if anyone has any experience of HMO investing on the Wirral? Just moved to the area so seems a good place to start and Liverpool itself seems to be very popular with more experienced investors so could be hard to compete with. Initial strategy is rent to rent, refurb and run as professional HMO. With time buy, extend/refurb and rent as HMO.
I realise there could be all sorts of views on all aspects of the above. All welcome Used to critiquing in my job!
Was wondering if anyone has any experience/knowledge on the Wirral area they would be willing to share and also potential partners who may be willing to work with and/or mentor a newbie. And any other general advice...
All depends on your aims and goals.
Structuring the investment is the most important bit.
Just generalising here as do not know your circumstances:-
1) decide on income or capital growth plan, Wirral is likely for income, if you are going for capital, look elsewhere, Liverpool L1 or Warrington
2) investment structure, personal or Ltd company, anything above a FY2 level with Band 2A or even 2B will put you into the Section 24 category
3) HMO is very time consuming, not sure being a doctor yourself is the best strategy, one of the reasons I avoided it, particularly you are a new to property
4) local knowledge of Wirral is very important, some streets you will not even walk pass in day light hours, and some areas will only attract HB tenants
5) selective licensing areas applies
Good luck with your property journey, invest with knowledge.
Nice to see fellow doctor on here. I'm based in Rochdale.
I'm based on the Wirral, feel free to get in touch if you'd like a coffee
In Wirral as well, happy to have a chat (firstname.lastname@example.org)
In A House Ltd
RLAAS Accredited Landlord
I am also based on the Wirral and have quite a few HMO's that I either own or manage in the area. We have a range of properties from 9 beds to 3 bed mini-mo's, some licensed and some not. I was also on Wirral Council's HMO licensing advisory panel when they promulgated their latest regulations, and also on the Council selective licensing committee - something that will affect many more Wirral BTL's from April as they massively extend the licensing area.
You are on the right track if you intend rolling out good quality HMO's in Wirral. Be aware that the Council are considering area wide Article 4 directions to combat the rapid expansion of tiny, poor quality shared accommodation in the borough. As long as you buy in the right area and don't try and squeeze in too many small rooms you will do very well. As a steer on demand, we already have a contract with an international company to house many workers for a large local employer and they have just asked us for a further 30 rooms by end-January. If you have a decent product it will let.
The legislative environment is rapidly changing and you do need to know what you are doing if you intend self managing. Again, the Council are clamping down on licensing conditions and also Management Regulations to weed out the poorly managed houses.
I am very happy to field a call or meet for a coffee in Hamilton Square to talk through the options if you wanted. Good luck with your plans.
Managing Director Hamilton Square Estates Ltd
Proprietor Wirral Property Group
Sourcing and renovating investment property since 1994
Is your agency hold any certification or accreditation? I have a couple of properties in Wirral and would like to explore services you offer.
Hi Jlasset, we are accredited agents with Wirral Council amongst others. PM me and I can fill you in on the background stuff. Regards, Andrew
Im in Birkenhead, and started last year with 3 flats in a converted house, so I'm still learning.
Would be good to knowledge share, can anyone recommend local companies for fire alarms and fitting fire doors?