My father and I are looking into the purchase of an HMO in South West London and trying to get an idea of our outgoing costs.

We have contacted a few management agents about managing the building for us but we don’t know what is a good rate in terms of their fee.

Please could you provide some advice!?

Thanks

Tony, I looked on rightmove two hours before the event. It was on rightmove – it could have been the hotel but I think I had a quick look and it looked as though it was a normal resi property. Look forward to seeing you at the weekend.

Simon, 30% deposit plus buying costs plus about £15K per HMO. Takes about 1-2 hours max a week to manage. In terms of services etc, best thing to do is to come on the 1-day workshop (http://www.hmosecretsworkshop.com) or call the office on 01604 521305.

The 2008 HMO Survival Guide was written in December 08 so its still valid. The 90 day plan still works. Finance has changed as had planning law but we do cover this on the blog. Otherwise, you could come on the 1-day event because we give you part of the upgraded Survival Guide on the day as a free bonus.

Many thanks for the information provided.

I have some questions for which I would appreciate your response:

1. In your opinion how much capital is required to set up a HMO business from scratch (ie assuming a 5 bed property with a property purchase price of 200k-250k) to cover costs such as deposits, professional fees, renovation, refurb, kit out, advertising for tenants etc
2. In your experience once operational how much time does it take to manage a “typical” HMO
3. The services and associated costs of working with yourselves to support me during and after purchase of my first HMO

I am happy to purchase the HMO Survival Guide, but it looks at though is was written in 2008… is there an updated version available?

I look forward to your reply.

Best regards

Simon

I really enjoyed your talk at the PIN meeting last night… and have already signed up for your 1 day course in London!

I wonder if you could clarify one thing for me. You stated during your talk that on rightmove that day you had found a 6 bed property in Bournemouth for (I think) £90k(?) When I queried this with you after your talk you said it came up when you entered “5 bed minimum in Bournemouth”.

As soon as I got back I went looking for this but apart from a very short term lease (5-6 years) on a hotel I can’t find anything like this deal. Would you do me a favour and check this again and if you can find the property you were refering to – send me the link.

Many thanks… Tony

PS. I look forward to seeing you again later this month

I’m having terrible trouble finding a decent BTL management company in Hull, East Yorkshire.

Please could you recommend a good company or give me advice on how to find one?

Many thanks in advance for you time with this.

Best wishes,

James