How to Acquire Your Next Cash Generating HMO
In this article, I want to share with you how you can actually acquire your next high cash-generating HMO. Once you know how to do HMOs, it's pretty straightforward. Most people start investing with single-let properties, because they think it's easier or they're not even aware about HMOs. HMOs are definitely seen as a more advanced strategy. However, as a beginner investor, I believe it's absolutely possible to make your very first, the next property, a HMO. There's just a few steps in the process.
Learn How to Acquire HMOs Properly
You learn how to purchase HMOs properly. When you learn how to drive, you didn't just get in a car and start driving. If you do that, you're going to crash. The same thing in property. Anyone can go and buy a property. By learning how to do it correctly, you can pay less money for the properties you buy. You can avoid the expense of mistakes. You can learn through other people's mistakes rather than making mistakes. So, it's a really smart thing to learn how to do this properly. Once you understand it, you can go and do the research to make sure you buy in the correct area where there's good, strong rental demand to make sure the properties are always full. Even better, if you don't actually need to buy, you can use strategies such as Rent to Rent and Purchase Options, to dip your toe in the water on properties that you don't even own, just to see if HMOs work for you.
" I want you to think: why do you want to invest? What's your reason why?"
You learn how to purchase HMOs properly. When you learn how to drive, you didn't just get in a car and start driving. If you do that, you're going to crash. The same thing in property. Anyone can go and buy a property. By learning how to do it correctly, you can pay less money for the properties you buy. You can avoid the expense of mistakes. You can learn through other people's mistakes rather than making mistakes. So, it's a really smart thing to learn how to do this properly. Once you understand it, you can go and do the research to make sure you buy in the correct area where there's good, strong rental demand to make sure the properties are always full. Even better, if you don't actually need to buy, you can use strategies such as Rent to Rent and Purchase Options, to dip your toe in the water on properties that you don't even own, just to see if HMOs work for you.
We've got this international footballer. He lives in Malaysia. He's playing professional football over there and earning a lot of money, he now wants to replace his income. He's recognised that Single Lets are going to take a lot of property to get to that high income, but with HMOs, he’s doing incredibly well. People can absolutely invest, not only internationally, but also in different parts of the country once you know what you're doing.
I want you to think: why do you want to invest? What's your reason why? Looking all the way back to what I said in my very first HMO blog, when I actually finished university, I didn't actually have a job. It took me a year to get a really good job at Cadburys, and that was my dream job. In order to get this I had to commit and put in the hard work. Very often, people who want to invest in property, and they say, yeah, I'd like to replace my income, they never really truly commit. So, my invitation to you would be to decide why do you want to invest in property, and what do you actually want to achieve from your property investing? If you get really clear on what you want and why you want it, you are far more likely to get that. And I believe that with the very high cash flow you can get from HMOs, you'll get there much faster than any other strategy. The next thing you might want to think about, well, how many of these properties do you actually need?
Taking Action
Most people in the UK, three to five of good HMOs would completely replace their income. What that means is you could do this in the next 12 months. How would that feel, if 12 months from now, you are in a position that you didn't have to work? Now, you might love your job. You might be really happy doing it, which is fantastic. Maybe you just want a safety net in place in case something happens to you and you can't do that job. Or maybe you hate your job and you're desperate to get out. Well, this is the way you could do it. I really encourage you to educate yourself and take action about HMOs because there's so much opportunity.
Now, maybe, actually, five HMOs isn't enough, you need a lot more than that to hit your goals. Well, look, we have many people in our 100K club. These are people who've done our training, they've applied what we've taught them, and they now have in-excess of £100,000 profit per year from their property. The sky really is the limit here. What I want to remind you about, is that one of the great things about property is that you can do the work once and get paid forever. When I was at Cadburys, I had to keep on turning up to get paid, which is fair enough. But that first property that I bought and turned into an HMO in 1998, well, I don't really have to do any more work with that now. Even when I was managing it, low management was required. Now, I get someone else, about an hour a week, to manage all of my properties, which are all over the UK. So, that's a true example of work once, get paid forever. Once you understand just how powerful property is, you can get a number of these cash machines to totally change your life. I really want you think about that. What is your life going to be like if you take action on what I've shared with you in this HMO blog?
All you have to do is click in the link below to register and get access to a free HMO masterclass. Not only will it give you far more detail about what I’ve spoken about, it will help you get the maximum profit from high-end HMOs. In the meantime, remember to invest with knowledge, invest with skill.
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