Shaz continues sharing great advice on how to avoid the most common mistakes in HMOs
From making sure you do the calculations in detail though to researching the area to make sure there is demand and understanding how to look after your tenants this is an episode that used in conjunction with Part 1 will help you avoid mistakes and make sure your HMO has good cash flow and is successful.
KEY TAKEAWAYS
Before you invest calculate the income, expenditure along with the potential profit and cashflow
Have a detailed breakdown of the expenses
Make sure you pay attention to the regular maintenance of your HMO
Have a regular procedure in place and make any repairs
HMO landlords often include bills in the rent of the room
Check to make sure there is demand in the area you want to have your HMO
Most HMOs are in urban areas
There will be a ceiling price for the area and a good agent will be able to help with local knowledge
If your HMO is in the right place of a good standard and run well it’s a good cash flow model
BEST MOMENTS
‘Your rooms should be in tip-top condition’
‘Do your research and make sure there is demand’
‘HMOs work really well for landlords who have their finger on the pulse’
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:
Facebook
YouTube.
