A Platinum Property Partners franchisee has described her experience of buying, renovating and leasing houses in multiple occupancies.
In her latest blog post, property franchise investor Natalie looked back on 2020. Although the year has been difficult, she’s been able to make real progress as a franchisee, working alongside her husband John and aunt Sue.
Natalie explained the process of approving tenants to live in their HMO:
“When you put six people together in a property, getting the right blend of personalities is key to creating a healthy and happy living environment. So, I was quite picky with the people I selected to live in the house – we certainly weren’t short of people who were keen to live there.”
Luckily, everyone gets on really well, and while some have experienced personal difficulties this year, the house has provided stability for the group. Natalie added,
“They know it’s a long-term investment for us, so they know they can stay as long as they want to. When I visit the property, it feels like I’m stepping into someone else’s home, rather than my own HMO. That’s exactly how I want my properties to feel.”
The renovation of the first HMO went so well, Natalie and her family decided to forego the six-month break they’d originally pencilled in after the tenants signed their contracts. They immediately started searching for their second property and found a home with plenty of land for future development.
Natalie offered some words of wisdom to her readers:
“For me, the purchase price looked ‘toppy’, so I was set on us having to bring it in at a certain price in order for it to work for us. It’s so important to buy at the right price because if you overspend, you don’t get the post-renovation value uplift you need – that’s where the guidance of Platinum’s purchase mentors like Mike is so invaluable.”
Find out how you can make money through HMOs by visiting Platinum Property Partners’ profile page, linked above.
Alice Tuffery, Point Franchise ©