Shaz looks at the 5 most common mistakes people make when starting out and running an HMO
There are regulations and processes that must be adhered to with HMOs and it's important to understand what you need to do.
Successful HMOs are run by teams of people who understand how to look after the tenants and the property, if you want more hands-on involvement and can build a good team this is a great cash flow strategy when done properly. Listen in to this great content so that you benefit from getting started in the right way
KEY TAKEAWAYS
You need to be fully aware of what you are getting into
You need to make sure you meet the regulations and that the rooms are of a good enough standard
Be aware of cash flow voids and know how you will cover them
Detail the costs and make sure the figures work
There are a variety of reasons people want to rent a room in an HMO so tenancy is often very fluid
Have a good vetting process in place for tenant
Understand the local market, if there is demand for an HMO and the standard of rooms and facilities
Be fully aware of what’s required to meet regulations and if you are changing use make sure you have checked with planning
There is comprehensive legislation surrounding HMOs and you must be compliant
BEST MOMENTS
‘It’s a good cash flow strategy is done properly’
‘HMOs require hands-on involvement to make them successful’
VALUABLE RESOURCES
shaz@aaa-accountants.co.uk
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
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