EP190: 20 years of HMO’s: Mistakes, Exits, and what actually works! With Ant Lyons and Andy Graham

Andy Graham talks HMO investing, market survival, and building a business that gives you your life back. In this episode, Ant sits down with Andy Graham — co-founder of HMO Roadmap — to talk about what's really working in HMO investing right now, and what isn't. Andy shares why he's still bullish on UK property despite the Renters' Rights Act, rising costs, and a tougher lending environment, and breaks down the exact numbers he uses to judge a good deal (hint: it's not just about yield). They also get into: 🏠 Why £250 net cashflow per room per month is Andy's baseline for a "good" HMO deal 📊 The difference between return on capital employed and just chasing yield ⚠️ The biggest mistakes new HMO investors make — and the one Andy made himself 🎓 Student lets vs. professional lets vs. social housing — which model fits which investor 💷 How Andy built a clear exit plan and why every deal has to serve it 👨‍👩‍👧 Balancing an ambitious portfolio with fatherhood and knowing when "enough is enough" Whether you're just getting started with your first HMO or scaling a serious portfolio, this is a masterclass in thinking like a professional investor, not just a landlord.