Maximum potential
If you can create additional rooms out of the same physical asset, it means you can get more rent
from those additional rooms; it’s simple maths. We did that, and my dad said, “Oh my God, I’m
in a hell of a lot better position. You’ve managed to make you and I the equivalent of what my
annuity was going to be paying on a monthly basis with just one house.” My dad always used to
say, “All big problems are broken up into small problems. Just take little bits, and then you won’t
have a problem.” So, I applied the same methodology. I said,” I wasn’t planning on making you
a multi-millionaire by buying one house and turning it into HMO. But what we can do is this,
that, and the other to enable us to buy another property.”
So we bought another property, and turned that into a five-bedroom house. Then, we bought
another property, and turned that into another five-bedroom house. For us, it was not only about
maximizing the amount of profit, it was about giving people a good quality of living
accommodation as well. We refurbished and renovated every single house so that it was all new:
there were no Artex walls, dodgy electrics, old boilers, or anything like that.
Over the next couple of years, we bought more houses together. In addition, I also brokered a
couple of more property deals for my dad, and he bought two apartments. One of them had
previously been sold four years before for £150,000, and I’d managed to negotiate it down to
£82,000 – a massive deal. That gave me my first taste of being a deal sourcer and negotiator in
property as well. Then, he said, “I don’t want to put all my eggs in one basket. We’ve got quite a
few HMOs together, I’ve now got some flats, but what I really want is to have is just a standard
single-family house and rent it out for a reliable income. I don’t want the hassle or the
headaches.”
At the time, Rachael and I had been discussing moving in together, but I was a bit nervous about
buying a house together because we hadn’t been together very long. As soon as my dad asked me
to find him a house and a family that would be suitable, I said, “I’ve already got a perfect family.
But you might need to spend some money on renovations.”
To all intents and purposes, we’ve managed to move into a house that was absolutely perfect for
us, done to our own spec. Obviously, I was concerned that we were we making this place our
home. So we agreed to do a lease option on it, where I have the option and opportunity to buy it
at a discounted rate if I want to.
I’ve done a bit of deal sourcing and I also do training nowadays and I have some mentees. We
host training groups every couple of months, as well talking about all the pros and the cons of
doing HMOs or other types of strategies. My speciality is HMOs, so that’s the one that I focus
on.
Typically, we do find that a lot of people who come to the courses are new to doing HMOs or
property investments in general. I always tell people the good things and the not-so-good things
about doing what I do. I do find a lot of property gurus are very one-sided on things. I always
believe in being honest and ethical, and to be forewarned is to be fore-armed.
from those additional rooms; it’s simple maths. We did that, and my dad said, “Oh my God, I’m
in a hell of a lot better position. You’ve managed to make you and I the equivalent of what my
annuity was going to be paying on a monthly basis with just one house.” My dad always used to
say, “All big problems are broken up into small problems. Just take little bits, and then you won’t
have a problem.” So, I applied the same methodology. I said,” I wasn’t planning on making you
a multi-millionaire by buying one house and turning it into HMO. But what we can do is this,
that, and the other to enable us to buy another property.”
So we bought another property, and turned that into a five-bedroom house. Then, we bought
another property, and turned that into another five-bedroom house. For us, it was not only about
maximizing the amount of profit, it was about giving people a good quality of living
accommodation as well. We refurbished and renovated every single house so that it was all new:
there were no Artex walls, dodgy electrics, old boilers, or anything like that.
Over the next couple of years, we bought more houses together. In addition, I also brokered a
couple of more property deals for my dad, and he bought two apartments. One of them had
previously been sold four years before for £150,000, and I’d managed to negotiate it down to
£82,000 – a massive deal. That gave me my first taste of being a deal sourcer and negotiator in
property as well. Then, he said, “I don’t want to put all my eggs in one basket. We’ve got quite a
few HMOs together, I’ve now got some flats, but what I really want is to have is just a standard
single-family house and rent it out for a reliable income. I don’t want the hassle or the
headaches.”
At the time, Rachael and I had been discussing moving in together, but I was a bit nervous about
buying a house together because we hadn’t been together very long. As soon as my dad asked me
to find him a house and a family that would be suitable, I said, “I’ve already got a perfect family.
But you might need to spend some money on renovations.”
To all intents and purposes, we’ve managed to move into a house that was absolutely perfect for
us, done to our own spec. Obviously, I was concerned that we were we making this place our
home. So we agreed to do a lease option on it, where I have the option and opportunity to buy it
at a discounted rate if I want to.
I’ve done a bit of deal sourcing and I also do training nowadays and I have some mentees. We
host training groups every couple of months, as well talking about all the pros and the cons of
doing HMOs or other types of strategies. My speciality is HMOs, so that’s the one that I focus
on.
Typically, we do find that a lot of people who come to the courses are new to doing HMOs or
property investments in general. I always tell people the good things and the not-so-good things
about doing what I do. I do find a lot of property gurus are very one-sided on things. I always
believe in being honest and ethical, and to be forewarned is to be fore-armed.