Licenses vs Leases in HMO’s – which should I use?

Despite being a really simple answer, this seems to be a question that confuses many in the HMO world – with potentially disastrous consequences.  I’m not pointing the finger in judgement here – as I too was one of the landlords who didn’t understand the difference, and made an incorrect choice on one occasion as a result. After discovering my …

Are your HMO profits leaking away? Here’s 6 common pitfalls to avoid.

HMO’s are a great income producing asset class, but the additional yields generated can easily be eaten up by poor decisions. Check this list of 6 common profit-leaking pitfalls to look out for, and make sure you tighten the tap in all of the areas mentioned. 1. Under-estimating bills When I did my training, I was taught to account for …

Qualifying HMO Tenants – How to ensure you always choose the best.

I have a shameful admission to make. During my first years as a self-managing landlord, I definitely took the lazy approach to carrying out a lot of the typical processes. (I reveal some the consequences of this in my first blog article Landlords Beware – Rapport Alone Won’t Protect You https://senecarooms.com/2017/08/07/rapport/). I had been hiring and firing staff since the …

If you want to increase the wealth you keep, turn the thermostat up!

When I started buying properties, times were so easy. The “self-cert” mortgage market was in full swing which meant myself and many of my unconventional or self-employed friends could jump on the property ladder, sometimes even with a loan of 120% of the property value! They were practically giving mortgages away back then. This environment was perfect for me as …

What do you do to make your tenants feel special?

From day one, our approach as HMO landlords has always been to treat it as a business where the tenants are our customers, rather than a passive-income stream. That’s fortunate really, since self-managing a HMO portfolio is far from passive! So we developed a heavy emphasis on customer service and periodically look into new and different ways we can bring …

Budgeting for your Property Business – Guest Blog by Dr Nikki Ramskill

Let me introduce myself My name is Dr Nikki Ramskill, otherwise known as the female money doctor. I run a blog to discuss all things personal finance and help to teach the good money-habits and concepts that I have self-taught over the past 2-3 years. I’ve made A LOT of money-mistakes in my time, and have worked hard to try …