In this episode your podcast Matt, Jamie and Steve share with you their suggestions on the essential steps for a Rent2Rent HMO viewing. Get this right and you are more likely to beat your competition and secure properties quickly; get it wrong and you will probably lose lots of profitable opportunities in your area.
MINUTE BY MINUTE GUIDE
00:00 - 00:50 - Intro
00:50 - 06:40 - The viewing starts before the viewing
06:40 - 08:45 - Assessing what furniture you need
08:45 - 13:20 - Is London any different?
13:20 - 15:12 - Building Rapport with Agents
15:12 - 22:00 - Systemising your viewings
22:00 - 24:15 - Summary
KEY TAKEAWAYS
1. You need to prepare for your viewing before you turn up at the property, one of the most important things is to make sure your numbers stack up.
2. It’s essential you need to know if the property is ‘fit for purpose’. If you are viewing an existing licensed HMO you will know that the room sizes are fine and the fire regulations have been complied with. On the other hand, if the property is a single-let then you need to know what’s needed to convert it.
3. Have a good Power Team will help you understand the costs of any works that might be needed and you can use the cost of these in your rental negotiation with the agent or landlord.
4. Checking things like flushing the lavatory, running the hot water and turning on the shower, gives you an indication that everything works. This will save you potentially costly maintenance jobs to get the property ready to rent out.
5. You must document your viewing process so you can leverage the help of others, especially if you work otherwise you will miss Rent2Rent opportunities.
BEST MOMENTS
‘We’ve looked at properties where it was possible to put up a stud wall to create another bedroom but we’ve turned those down as it’s often quicker and cheaper to get the property ready & rented out if you don’t need to do these works’.
‘If you don’t systemise your viewing process then you need to be present all the time. And that’s not always possible’.
‘Rent2Rent is about speed as you are in competition with others. You need to act quickly and put your offers in fast’
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CONTACT METHOD
Email: hello@thehmoexperience.co.uk
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ABOUT THE HOSTS
► Matt Harris - Matt started working for a Mayfair based property investment company before practicing as a property lawyer. In 2013 he swapped law for cleaning and set up The Organised Cleaning Company! In 2016 Matt started MiPropCo Leeds, a buy to let investment company and in 2018 he founded MiRentCo London, a multi-let management business providing co-living accommodation for young professionals in London.
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► Jamie Madill - After an 18 year career in advertising Jamie became a full-time property investor with a property portfolio of single-lets & HMOs and with Steve, they have created a successful Rent2Rent HMO business. Jamie is an international public speaker and co-founder of Progressive Property Network and co-host of PPN St Pancras.
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► Steve Mitchell - Steve had a successful corporate career in finance and risk management before becoming a full-time property investor. He owns a portfolio of single-lets and HMOs. A black belt in Six Sigma, Steve is the project management and systems expert. Steve is also co-host of PPN St Pancras.
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