I am a private residential landlord letting mainly houses in multi occupation (HMO’s). I became active in promoting fire sprinklers after joining the Homestamp committee on fire safety for HMO’s. Homestamp is a consortium consisting mainly of West Midlands Local Authorities, emergency services and landlords who are working to improve standards in the private rented ...…
The important thing is to satisfy your tenant’s demands, i.e. give them what they want. I find most tenants require a lock on their bedroom door, a fully furnished house, including a washing machine in the kitchen, central heating and a TV. Professionals also require broadband. I would always provide smoke detectors as well though ...…
Introduction HMO’s have the added advantage of not only producing a much higher income than the same property let as a single let but the ability to be valued not only on their ‘bricks and mortar’ value i.e. the traditional method of valuing a building but on their income known as valuing on yields or ...…
What is the difference between HMO’s and Multilets? Each lender has a different interpretation of what a HMO is and what a Multi let is. The word ‘Multi let’ is generally more acceptable to lenders. It is often a question of degree. E.g. if each room has its own facilities i.e kitchen & bathroom it ...…
I have great sympathy with the new property investor of today, especially the conscientious ones who try to research the business. There is so much more information out there on how to do it. When I started there was nothing. Understanding and absorbing all the different opportunities would take ages:-UK or abroad? Which country? Which ...…
Landlords may be unaware of a new trap created for us in the Housing Act 2004, that of unknowingly becoming a HMO landlord through the tenants deliberate actions. Once a property is let the landlord has very little control over the tenant. Should the tenant(s) change their relationship with the person they live with or ...…
An easy way to obtain property is to use lease options. Offer the owner a long term rental and include a right to buy, we’ll discuss this more later. Options never existed in the residential field until recently, though I did two lease options in 1995 before I even knew they had a name. Lease ...…
The steps that follow reveal the secrets to successfully converting and running HMO’s. 1. Find the right property As long as the layout of the property suits you being able to split it into units, there are no major considerations in choosing a property in which to convert into an HMO. Most council officials do not ...…
Are you tired of paying extortionate fees to solicitors to evict your tenants? Instead of paying expensive solicitors costs, why not learn the procedure and be able to evict tenants whenever the need arises? Below I give you an overview of the 6 stages you need to follow in order to evict tenants: 1. Serve Section ...…
In order to run a successful HMO business it`s essential that you know your rights and responsibilities as a landlord so that you can provide your tenants with the best possible environment. In this article, we`ll take a look at some of the rights and responsibilities associated with being a HMO landlord. HMO stands for ...…
