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Wendy is a prolific investor, HMO expert, author and successful property entrepreneur who loves to help people change their lives through investing in property and business. In the HMO Success Podcast she interviews some of the UKs most successful entrepreneurs, business advisors, HMO experts and property professionals. Her practical, down-to-earth approach is loved by thousands of people who enjoy the combination of her humour, with an honest and direct interview style. She covers a wide variety of topics - all related to HMOs in one way or another and her topics cover everything from finding your first HMO, to raising finance, refurbishing your property and even how to fuel your body for success. Subscribe now to make sure you never miss an episode. Early doors every Friday morning.
Episodes
Tuesday May 19, 2020
Tuesday May 19, 2020
HMO Success Podcast Episode 4 : Dealing with Difficult Tenants During COVID 19
During lockdown we’ve seen some tenants decide to behave irresponsibly and uncommunicatively.
If you have problems collecting rent or dealing with anti-social behaviour, I’ve got some useful tips and tricks. Above all else, utilise this time to sharpen up your processes and systems. Be ready for the time when the eviction ban is over, and maximise your chances of getting bad debt recovered. There are two separate processes when dealing with bad tenants
- Evictions
- Collecting lost rent or bad debt
I’ll share what my HMO business is doing to ensure each of these processes works correctly and helps us get the most we can from tenants who aren’t paying right now.
Saturday May 16, 2020
Saturday May 16, 2020
HMO Success Podcast Episode 3 : Doing Your Due Diligence on a Joint Venture Partner
It’s likely that at some point you’ll run out of money to invest with. If you’re considering a Joint Venture, where you raise money from other people to invet with, there are some core considerations to take into account.
Here are some brief notes from today’s episode:
What are the reasons for the partnership?
What type of investor do you want / need?
Check the FCA 13/3 guidance
How long do you want to invest together for?
Project by project is different from long term relationship
How do they make a living right now?
How much money do they have? A few documents to check through:
Payslips
Evidence of income
Bank Statements
Company tax return
What is their business experience
What is their property experience
Do they have other assets?
Disclosure - confidential
Heads of terms
NDA
Saturday May 16, 2020
Saturday May 16, 2020
Episode 2 - Do I Really Need to Use a Project Manager for my HMO Refurb?
When I started out with HMOs I project managed the refurbs myself but made many mistakes! So today, I examine this question as to whether you also need a PM. A good PM can save you time and money and reduce your risks, but you may decide it’s not worth it.
What are the skills that a PM needs? Can you do this yourself? Can you builder undertake this role?
What documents do you need? Should you use a GANTT chart?
I will run through each of these questions to help you decide whether this role is one you need to bring in independently or whether you can do this yourself.
Tuesday May 05, 2020
Tuesday May 05, 2020
HMO Success Podcast Episode 1- LAUNCH Episode - How to Set up your HMO Business
If you're just starting to set up your business, or have already started, this launch episode of the HMO Success podcast will explain exactly what to do to ensure you are compliant with the law and have all the practicalities covered.
Here’s a useful ticklist to help you set up your new property business.
Business Set Up
Decide on business name
Business Bank Account
Set up Limited Company
https://moneyfacts.co.uk/mortgages/guides/how-to-set-up-a-buy-to-let-limited-company/
Notify HMRC of trading status (Self employed / Ltd company etc) (https://www.gov.uk/new-business-register-for-tax)
Legal Money Management
Register with HMRC for Anti Money Laundering (https://www.gov.uk/guidance/money-laundering-regulations-register-with-hmrc)
Client Account
TPO
Membership to Property Ombudsman (PRS) (https://www.theprs.co.uk/)
Insurance
Professional Indemnity & Public Liability Insurance
Client Money Protection Insurance
Marketing
Design Logo (https://uk.fiverr.com/)
Register domain name (*.co.uk / *.com) (https://uk.godaddy.com/)
Set up email account
Website set up
Letterhead & other company docs template set up
Data
How well do you comply with data protection law: an assessment for small business owners and sole trader
Register with ICO for Data Protection (https://ico.org.uk/for-organisations/register/)