{"id":7598,"date":"2020-12-17T13:40:44","date_gmt":"2020-12-17T13:40:44","guid":{"rendered":"https:\/\/www.franchiselocal.co.uk\/news\/?p=7598"},"modified":"2020-12-17T12:56:47","modified_gmt":"2020-12-17T12:56:47","slug":"my-hmo-journey-no-rest-for-the-wicked-as-we-approach-2021","status":"publish","type":"post","link":"https:\/\/www.franchiselocal.co.uk\/news\/my-hmo-journey-no-rest-for-the-wicked-as-we-approach-2021\/","title":{"rendered":"My HMO Journey: No rest for the wicked as we approach 2021"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #101010;color:#101010\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #101010;color:#101010\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/my-hmo-journey-no-rest-for-the-wicked-as-we-approach-2021\/#the-housemate-balance\" >The housemate balance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/my-hmo-journey-no-rest-for-the-wicked-as-we-approach-2021\/#no-rest-for-the-wicked\" >No rest for the wicked<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/my-hmo-journey-no-rest-for-the-wicked-as-we-approach-2021\/#buying-at-the-right-price\" >Buying at the right price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www.franchiselocal.co.uk\/news\/my-hmo-journey-no-rest-for-the-wicked-as-we-approach-2021\/#making-a-difference\" >Making a difference<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p>My screen time has gone through the roof in recent weeks.<\/p>\n<p>But it\u2019s not Candy Crush, Facebook or any other social media platform that\u2019s taking up all my time \u2013 it\u2019s Rightmove.<\/p>\n<p>But first, an update on our maiden HMO.<\/p>\n<p>When I\u00a0last wrote\u00a0at the beginning of September, we were edging closer to completing that first property and welcoming our first housemates through the doors.<\/p>\n<p>Now, we\u2019re just a few weeks away from Christmas and the beginning of a new year \u2013 I think it\u2019s fair to say we\u2019ll all be glad to see the back of 2020 after everything we\u2019ve had to endure since March.<\/p>\n<p>Yet, I\u2019ll also look back on the past 12 months with a real sense of achievement. This year is the opening paragraph of a new chapter in my life \u2013 I\u2019m now a fully-fledged HMO landlord alongside my husband John and auntie Sue, with six amazing housemates in a property we\u2019re so, so proud of.<\/p>\n<p>We actually filled those six rooms before the property\u2019s renovation was completed, which shows the demand for high-quality shared living and is also real justification for everything we did to make the property feel like a home.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"the-housemate-balance\"><\/span><strong>The housemate balance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the challenges as an HMO landlord is finding the right balance of housemates.<\/p>\n<p>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.<\/p>\n<p>So, I was quite picky with the people I selected to live in the house \u2013 we certainly weren\u2019t short of people who were keen to live there.<\/p>\n<p>I visualised them having a drink together, cooking, going to the gym together, because that\u2019s the kind of environment I always wanted to create with this home.<\/p>\n<p>That approach has paid off, as we have six amazing housemates who all really get on. There\u2019s a real sense of community and camaraderie in the house \u2013 they even have a cash kitty that they all pay into so they can buy things together.<\/p>\n<p>They\u2019ve decorated the house for Christmas and have been out together and picked up a real Christmas tree. It\u2019s their home and they\u2019ve really put in the effort.<\/p>\n<p>I was at the house recently showing a new potential Platinum Franchise Partner around, so they could really see the standard of homes that our people produce.<\/p>\n<p>They also had a chat with our housemates to find out more about what Franchise Partner properties are like to live in.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"no-rest-for-the-wicked\"><\/span><strong>No rest for the wicked<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Our plan originally was to take a six-month break after the first property was completed, but it\u2019s actually been the housemates in that property that have driven us on to start on our second property right away.<\/p>\n<p>And that\u2019s why I\u2019ve been spending so much time on Rightmove.<\/p>\n<p>We had one room remaining in the first property and a female housemate who was keen to take it.<\/p>\n<p>But with five guys filling the other rooms, I was pondering the balance of having five males and one female in the house.<\/p>\n<p>We then got an enquiry from another guy through Facebook, who was living in a house in Winchester owned by another Platinum Franchise Partner, Maria, but needed to re-locate to Poole.<\/p>\n<p>I called Maria up and she said this particular housemate was probably her best tenant across all her properties, so it was really a no-brainer to let the room to him.<\/p>\n<p>I explained the situation to the housemate who had missed out and she actually said she would stay at home with her parents until we had another house ready \u2013 she was that keen to live in the property.<\/p>\n<p>It was amazing to hear that \u2013 and it was also what led us to head back out right away and look for property number two.<\/p>\n<p>It didn\u2019t take long.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"buying-at-the-right-price\"><\/span><strong>Buying at the right price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>I\u2019d actually seen the house on Rightmove before and discounted it, but my husband John was keen so insisted that we went to see it.<\/p>\n<p>The property is 28 seconds\u2019 drive from the first HMO so in a fantastic location.<\/p>\n<p>It also has a superb amount of land, so not only will it make a fantastic HMO, we also have a development opportunity for further down the line.<\/p>\n<p>I ran through the property details with my purchase mentor, Mike, and we looked at the financials using the Platinum analyser.<\/p>\n<p>For me, the purchase price looked \u2018toppy\u2019, so I was set on us having to bring it in at a certain price in order for it to work for us.<\/p>\n<p>It\u2019s so important to buy at the right price, because if you overspend, you don\u2019t get the post-renovation value uplift you need \u2013 that\u2019s where the guidance of Platinum\u2019s purchase mentors like Mike is so invaluable.<\/p>\n<p>We went in with a low offer to test the water and, unsurprisingly, it was rejected.<\/p>\n<p>Our next offer was an increase, but we agreed that if it was rejected, we would move on to something else.<\/p>\n<p>That\u2019s exactly what happened, but a week later, as we were preparing to view some other potential options, we got a call from the agent.<\/p>\n<p>The vendor liked our position and was happy to proceed with the second offer we\u2019d made.<\/p>\n<p>Sticking to our guns really paid off and I think that mindset was down to the confidence we\u2019ve now got from having worked with Mike on the first HMO.<\/p>\n<p>Once our post-renovation valuation comes back on the first property and we\u2019ve refinanced it, we\u2019ll be able to push on with this second project.<\/p>\n<p>Conveyancing is due to start soon and our architect is pencilled in for a visit \u2013 the aim is to complete the purchase before the stamp duty deadline of March 31, before breaking ground on the renovation in early April.<\/p>\n<p>With the first HMO, there was always a nagging concern that we wouldn\u2019t be able to sell the rooms. Even when your mentors are telling you that everything you\u2019re doing is right on the money, I think it\u2019s only natural to feel like that when you\u2019re a total novice.<\/p>\n<p>Now, though, I\u2019m 100% confident I\u2019ll be able to sell the rooms in the second property within two weeks.<\/p>\n<p>That\u2019s the confidence you get through doing property investment with such a huge amount of franchisor support behind you.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"making-a-difference\"><\/span><strong>Making a difference<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>We\u2019re now starting to see the money flow back into the account after it being all one-way traffic throughout the renovation of property one, and that\u2019s a great feeling.<\/p>\n<p>But it\u2019s not just about the income.<\/p>\n<p>I feel really proud to have played my part in creating an incredible home for six people.<\/p>\n<p>A couple of our housemates have experienced testing personal difficulties this year and having the stability of a real home is huge for them.<\/p>\n<p>They know it\u2019s a long-term investment for us, so they know they can stay as long as they want to.<\/p>\n<p>When I visit the property, it feels like I\u2019m stepping into someone else\u2019s home, rather than my own HMO.<\/p>\n<p>That\u2019s exactly how I want my properties to feel.<\/p>\n<p>When I write again in the new year, I hope to have news on our plans for the second HMO.<\/p>\n<p>Have an amazing Christmas and here\u2019s to a prosperous and healthy 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>My screen time has gone through the roof in recent weeks. But it\u2019s not Candy Crush, Facebook or any other social media platform that\u2019s taking up all my time \u2013 it\u2019s Rightmove. But first, an update on our maiden HMO. When I\u00a0last wrote\u00a0at the beginning of September, we were edging closer to completing that first [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7599,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[242,27],"tags":[],"class_list":["post-7598","post","type-post","status-publish","format-standard","has-post-thumbnail","category-platinum-property-partners","category-property-estate-agent-franchises"],"acf":[],"jetpack_featured_media_url":"https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2020\/12\/platinum-news.jpg","_links":{"self":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts\/7598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/comments?post=7598"}],"version-history":[{"count":0,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts\/7598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/media\/7599"}],"wp:attachment":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/media?parent=7598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/categories?post=7598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/tags?post=7598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}