The Harsh Truth About Running HMOs in Scotland with Angus Johnston

In this episode of the Scottish Property Podcast, Nick and Steven sit down with Angus Johnston, founder of LetUs, a Glasgow-based letting agency specialising in HMOs. Angus shares his fascinating journey from aspiring investment banker and full-time wedding singer to building a business managing over 120 properties – with a strong focus on the student HMO market in Glasgow.Episode Highlights:🏡 From Accountant to Letting AgentWhy Angus walked away from PwC and investment banking to sing full-timeHow COVID derailed his music career and pushed him into property management📈 Building an HMO Business from the Ground UpHow he started with 7 properties (including his own and his brother’s)Scaling during lockdown with creative hustle and a sharp student focus🔥 The Realities of Running HMOs in ScotlandWhy group lets, not room-by-room, are the standard in Scottish HMO setupsHow legislation, like the PRT, impacts lease structure and managementCommon tenant challenges — from broken vacuums to surprise guests…📊 Crunching the HMO NumbersWhat it actually costs to convert a flat into an HMO (licensing, refurbs, furnishing)Why capital growth in prime locations like Glasgow’s West End makes it worth itThe sweet spot for profitability (hint: 4- and 5-bed flats)🏛️ Licensing & Council ProcessThe reality of 12-month lead times for new HMO licencesKey differences between existing vs. new licence applicationsHow to avoid pitfalls with HMO layout, kitchens, and fire safety🛠️ Maintenance, Void Periods, and Managing ExpectationsBudgeting £1,000+/year in maintenance and planning for 11-month letsManaging expectations with tenants, neighbours, and property owners