#080 PMP - Busting The 5 Myths About HMOs

This week, Simon talks about the most common myths associated with the HMO (Houses of multiple occupation) strategy, and why they might not be as true as you think. KEY TAKEAWAYS There's an oversupply of HMOs and so you shouldn't do them - This is only half true. Most HMOs are very average in terms of spec. Be better and you'll definitely attract more clients. They're far more work than single-let properties - It's not really a fair comparison. In many cases, the workload is actually less in terms of the returns you'll make. Every property needs an HMO licence\need planning permission - Yes, there are regulations and licences to procure, but far less than you may believe. You have to have lots of money to do HMOs - Arm yourself with different strategies and you can start your property journey without using a penny of your own money BEST MOMENTS 'If you don't understand HMOs then you're not going to use them in your portfolio, which is a real shame' 'If you have a good HMO in a good area, you'll have no problem renting it out' 'If you're comparing like-for-like, HMOs are less work!' 'You have a moral, ethical and legal requirement to protect your tenants' VALUABLE RESOURCES To join Simon for an in depth, online Master Class about how you can acquire your next HMO please register here www.HMOcourse.co.uk Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20). iphone:  http://bit.ly/pinAPP1 Android https://bit.ly/pinAPP2 Register at Mindset For Property at - www.mindsetforproperty.co.uk  ABOUT THE HOST Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk.    pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way.  How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals. CONTACT METHOD Contact and follow Simon here: Facebook: http://www.facebook.com/OfficialSimonZutshi  LinkedIn: https://www.linkedin.com/in/simonzutshi/ YouTube: https://www.youtube.com/SimonZutshiOfficial Twitter: https://twitter.com/simonzutshi Instagram: https://www.instagram.com/simonzutshi/