The HMO Success Podcast with Wendy Whittaker-Large

Why You Need a Five Step System to Create a Successful Portfolio of HMOs

Why You Need a Five Step System to Create a Successful Portfolio of HMOs

A SYSTEM saves you stress, time, energy and money. 

1. It tells you what to do and when. Most people when they’re learning something new benefit from learning from others who have already been there and done it. If you’re trying to copy and paste an income generating model you don’t need to create it from scratch. You can copy what others have done and improve it or adapt it to fit your situation. Smaller HMOs, larger HMOs, more attractive HMOs, better internally designed HMOs. 
2. Two of the biggest mistakes I see are people waiting to start, or failing to plan - both lead to disaster. Both are risk. With a plan you have actionable steps that help you plot out your course. Easy to get lost and hard if you don’t have a map
3. Remember you are implementing not just learning. You need to learn and implement concurrently - simultaneously. With a five step system you know where you are on the journey and what you need to do to take your next step. You want to put this into practice which means making it happen. Time, energy and money. 
4. It avoids overwhelm and it avoids procrastination
5. It makes it easy - not simple, but easy. Would you attempt to cook something complicated without a recipe? I wouldn’t! Getting each aspect right is key - from ingredients to timings to temperature. 

HMOs are the same - legislation, regulations, housing standards, design, location, processes for managing, scaling up; a recipe for success. 

A tried and tested recipe is a recipe for success not disaster. 

This is my Five Step System:

1. Find it
2. Fund It 
3. Finish It
4. Fill It
5. Future proof it

All steps lead neatly from one to another

Each is perfectly worked out. 

I’ve written 2 books about my system, and I have learnt from my actions and taking risks and making mistakes so you don’t have to. 

I’ve raised £ millions  from investors to grow my portfolio and you can learn how to do this too in the Fund it section of the system. 

I’m running a Discovery Day 27th Jan in Bham and 24th Feb in London -

The investment is just £99 plus vat

Please email me on wendy@hmosuccecss.co.uk to express an interest and you’ll get my very special and unique 16 Weeks to Success Action Plan for coming along - absolutely free. 

 

HMOs in 2024 - What are the stats telling us?

HMOs in 2024 - What are the stats telling us? 

Looking at the wider macro economic picture is crucial to understand where interest rates and property values might go. In addition there are a number of other statistics that help us as HMO investors to see the way the wind is blowing and what the opportunities and threats are to the HMO landscape.

In this episode you'll learn what other factors are vital when looking at the economy and specific features that will affect HMOs in 2024. 

To access the slides that accompany this podcast you can do so here

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For more information, guidance and support to help you invest in HMOs and create a profitable property portfolio, please head on over to my website www.hmosuccess.co.uk

You'll find some free downloads to learn about HMOs as a high cashflowing strategy and how you can get started with very little money. If you want to learn more about my amazing tips which I compiled to help people just like you, you can get your own copy of my '101 Essential Tips for Running a Professional HMO' here. (Just pay postage and packing). https://www.hmosuccess.co.uk/101-book-pp

My facebook group is a lively community of HMO investors where you can find tips and tricks to investing in HMOs and you can join here. 

https://facebook.com/groups/TheUltimateHMOSuccessSystem/

For a FREE 30 minute call for any help you might need with HMOs, and to understand what I can offer you to help you progress your portfolio, please book a call here: https://fwfozt-free.10to8.com/

I look forward to hearing from you!

Wendy

 

 

 

Today is the DAY! The Legal Battle is Won! Episode 103 The HMO Success Podcast

Today is the DAY! The Legal Battle is Won! Episode 103

In case you missed the HMO Council Tax Reform Group's webinar last week about the changes to legislation and what you can do if you are still battling away, here it is! Today is the day when the law is officially changed so that no room in an HMO can be individually banded for council tax. We have been battling this for over two years but we found out a few weeks ago that legislation had passed into law and it gets enacted today!

In today's episode you will hear the recording of a webinar we ran to answer questions about the process. We also have a FAQ document you can download here. 

Please forward any questions to us via wendy@hmosuccess.co.uk

or join our Facebook group https://www.facebook.com/groups/hmoct

We look forward to hearing from you and listening to your stories. We will continue to support anyone who has been affected and are here to educate, inform and support. 

We're planning a big celebration event early next year, so if you want to be on the guest list please complete the Contact Us form on our website here:

https://hmosandcounciltax.co.uk/getinvolved/

And thank you if you did anything to support this amazing campaign!

Creating a Funnel for your HMO Business - Episode 102

Creating a Funnel for your HMO Business - Episode 102

You may not have realised that a funnel is a key part of your process to find investors, clients or properties. By learning how exactly to create a funnel, you can find the right properties and people to work with in your HMO business. Whether you are an investor, a developer or a sourcer - you need deals and you probably also need money. 

Networking is a fantastic way to find lots of people - but are they RIGHT for you, and are you RIGHT for them? 

In this episode I go into what makes up a successful funnel and how you can save yourself oodles of time and money creating one of these before spending hours on the road, or hundreds of pounds on advertising. 

Having done this a number of times myself, I can teach you exactly what to do and the steps you need to take to get your business onto the next level.

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For more information, guidance and support to help you invest in HMOs and create a profitable property portfolio, please head on over to my website www.hmosuccess.co.uk

You'll find some free downloads to learn about HMOs as a high cashflowing strategy and how you can get started with very little money. If you want to learn more about my amazing tips which I compiled to help people just like you, you can get your own copy of my '101 Essential Tips for Running a Professional HMO' here. (Just pay postage and packing). https://www.hmosuccess.co.uk/101-book-pp

My facebook group is a lively community of HMO investors where you can find tips and tricks to investing in HMOs and you can join here. 

https://facebook.com/groups/TheUltimateHMOSuccessSystem/

For a FREE 30 minute call for any help you might need with HMOs, and to understand what I can offer you to help you progress your portfolio, please book a call here: https://fwfozt-free.10to8.com/

I look forward to hearing from you!

SPECIAL EPISODE - We Won Our Fight Against Council Tax on HMO Rooms!

SPECIAL EPISODE - We Won Our Fight Against Council Tax on HMO Rooms!

I am SO delighted to be releasing this podcast episode (even whilst away on holiday) as I just HAD to share the amazing news of our campaign win. 

In the extraordinary 2 years since we set up the HMO Council Tax Reform Group, so much has happened, but we are excited beyond measure that our campaign has landed and the Government is changing its approach to banding individual HMO rooms for Council Tax. 

In today’s unedited and special episode, I’ll explain exactly what the government has said, and a few questions that still remain to be answered! Overall the news is fantastic for HMO tenants and landlords. We still have some work to do in tidying up what has been going on for the last few years. But we’ll get there! 

“Never doubt that a small group of thoughtful committed individuals can change the world. In fact, it's the only thing that ever has." Margaret Mead

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Official Press Release

Government set to axe multiple council tax bills on HMO properties

End of  the ‘Tenant Council Tax’

Welcome news has emerged that the Government is changing the law on council tax being imposed on individual rooms in Houses of Multiple Occupation (HMOs) .

This change in the law will protect tenants in HMOs from being taxed on their bedrooms and returns to principles on which the council tax was established.

Earlier in the year the Government announced an accelerated consultation on  reforming council taxation of HMOs after thousands of landlords and tenants were being adversely affected by a Valuation Office Agency policy of making individual bedrooms in shared houses liable for council tax. The policy increased the council tax payable by an HMO by many thousands of pounds, often making continued use as an HMO unaffordable.

The Government has now announced the outcome of the consultation and is pledging to change the law by the end of the year.

The Govt stated: “The amendment to legislation will ensure that HMOs will be valued as a single property, creating consistency in the sector, and provide certainty for councils and households moving forward. This should also help ease administrative burdens for councils as the council tax liability should remain with the landlord in the usual way, rather than moving to individual tenants who may only occupy the property for a short period of time.”

These changes will reverse a policy  by the Valuation Office Agency on taxing HMOs first put into practice in 2015 whereby  randomly selected properties were being hit with multiple bills, one council tax bill for every bedroom, making the house liable for seven or eight times the original tax.

Variously dubbed ‘Poll Tax Mark II’ ‘Bedroom Tax Mark II’  or the ‘Toilet Tax’ (when applied to en-suite bedrooms) the practice only targeted selected HMOs. Mistakes in law and fact were rife with, in some cases, cupboards and utility rooms being made liable for council tax bills.

The impact of the policy has been to drive out tenants unable to meet the bills, cause overcrowding and in some cases forcing the closure of  entire HMOs, reducing the supply of available accommodation  for tenants on low and middle incomes.

In other cases landlords were being  suddenly chased  for multiple bills by councils and debt collecting companies  collecting the tax.

Effectively, this will protect both landlords and tenants  from excessive tax demands living in HMOs and prevent rooms without washing or cooking facilities being banded as flats with individual flats liable for tax.

This has been hailed as a victory by the HMO Council Tax Reform Group  who have been campaigning tirelessly for this practice to end. 

Alan Murdie, legal advisor and barrister for the group commented ‘This is excellent news in so far as it indicates that the government has recognised that VOA policy needs to view HMOs as a single property. We wait to see the implementation in practice.’

Wendy Whittaker-Large and Daryn Brewer said ‘Landlords and tenants will be hugely relieved to see this change happening. No longer will there be any question about council tax and who is responsible for paying. It will be the landlord’s responsibility to pay one bill for the whole property. We are delighted to have won this ongoing fight for the whole HMO sector’

Matt Baker added ‘This gives certainty for the development of new and quality HMOs which is a huge help to the supply of much needed housing’ .    

The committee consists of Daryn Brewer, Alan Murdie, Matt Baker, Neil Chadda, Robert Johnson and an admin team and myself, Wendy Whittaker-Large.

 

https://hmosandcounciltax.co.uk/ 

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Government Response to Consultation: 

https://www.gov.uk/government/consultations/council-tax-valuation-of-houses-in-multiple-occupation-hmos/outcome/council-tax-valuation-of-houses-in-multiple-occupation-hmos-summary-of-consultation-responses-and-government-response

 

Kirsty Darkins - The Opportunities for Investing in Commercial for HMOs and CMOs in 2023

Kirsty Darkins MRICS
E: kirsty@kdcommercial.uk
W: www.kdcommercial.co.uk

About Kirsty ...
I am a Chartered Surveyor by profession, starting in property in 1999 at an independent firm Innes
England in Nottingham. During my career I have worked for blue chip companies including Boots,
CBRE and Hammerson. I have a broad range of property and business experience having
managed multi million commercial and residential property portfolios across the UK and Ireland for
over 20 years. Over the last 6 years I have built my own consultancy business and portfolio of
commercial property investments including retail, office and mixed use properties.

I took a career break in 2014, travelled in Europe and did a lot of self-development education. This
was the beginning of my transition from property professional to property investor. Having achieved
my professional goals I knew that working for someone else exchanging time for money was no
longer what I wanted to do. In 2016 I set up my own property consultancy and began investing in
apartments on a Rent to Rent basis in Nottingham running them as Serviced Accommodation. I
also launched Progressive Property Network, a monthly network meeting in Birmingham and have
built a strong investor network and contact base as a result.

Today I have a twin focus, my commercial property consultancy KD Commercial and building my
own commercial property investment portfolios with my business partners Jamie MacPherson in JK
PropCo for commercial investments and Jon Ballard in Wem Commercial for commercial and
mixed use developments. I have also transferred my pensions to a SIPP investing jointly with other
SIPP investors in commercial property flips.

A Englishman Down Under Creating Roomy Houses - the Aussie Version of HMOs

A Englishman Down Under Creating Roomy Houses - the Aussie Version of HMOs

 

Neil Gibb is the passionate founder and managing director of The HMO Property Co, dedicated to transforming the property market and making a meaningful difference in people's lives. With a strong sense of compassion and determination, Neil recognized the housing stress and limited opportunities faced by many in the Perth property market, leading him to establish two businesses aimed at providing affordable accommodation options for West Australians and lucrative investment opportunities for investors across Australia.

 

Neil takes tremendous pride in the fact that his vision has already provided homes for over 650 individuals with another 260x rooms in the pipeline. However, his mission doesn't stop there. Through successful property investments, subdivisions, and new builds, Neil and his team have empowered more than 200+ investors, delivering an average 15% return on investment and positive gearing of approximately $20,000 per annum.

 

What truly motivates Neil each day is the desire to revolutionize the way we live. He firmly believes in the power of sustainable living options, fostering strong communities, and embracing social responsibility. By adhering to these principles, The HMO Property Co is changing the world, one property at a time.

Whether you're an investor looking for cashflow positive income or an individual seeking a stylish, affordable, and secure place to co-habit with others, Neil and his team at The HMO Property Co are committed to supporting you every step of the way. They offer comprehensive guides on HMO investing, consultations, and are ready to embark on this incredible journey together.

With Neil's leadership and unwavering dedication, The HMO Property Co is creating a future where real estate not only thrives but also positively impacts the lives of countless individuals. 

Is the Property Investor Show worth going to?

HMO Success Podcast Episode 98 - SHORT - Is the Property Investor Show worth going to?

 

Short episode reviewing my recent trip to London where I hosted a panel on the Dos and Don'ts of High End HMOs. 

Creating a Pipeline of Deals - 4 - Persistence

HMO Success Podcast Episode 97 - Creating a Pipeline of Deals - 4 - Persistence

 

This characteristic is oh so necessary if you are going to be successful in life as well as property! Too may people give up right before the victory is about to happen! Don't let that be you!

I've got some sage advice and encouragement if you feel that you are working hard and nothing much is happening. This happens to every investor from time to time. 

Listen now if you feel stuck and need a push to keep going even when things are tough!

Creating a Pipeline of Deals - 3 - Paperwork

HMO Success Podcast Episode 96 - Creating a Pipeline of Deals - 3 - Paperwork

In the third episode in this series, I will walk you through the PAPERWORK and what questions you need to ask a vendor to identify whether a deal is possible - and to identify what kind of a deal is possible. By ensuring you have all the right questions to hand, you will find out the key data that you need to crunch the numbers and make an offer. The paperwork is vital so that you collect the right information, understand the position and reasons of the vendor, and then can go back with a reasonable offer (whether this is for a rent to rent, lease option or delayed completion to name but three). You also need to know what paperwork to produce to move the process forward and at what stage you're ready to involve your legal team. 

If you're new to working directly with vendors, this episode will help you as you ask questions and negotiate with a vendor, and will take you step by step through what you need to know, how to collect and retain the data, what paperwork you need to give to the vendor, and how to ensure you don't fall into the trap of making offers on the spot! 

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For more information, guidance and support to help you invest in HMOs and create a profitable property portfolio, please head on over to my website www.hmosuccess.co.uk

You'll find some free downloads to learn about HMOs as a high cashflowing strategy and how you can get started with very little money. If you want to learn more about my amazing tips which I compiled to help people just like you, you can get your own copy of my '101 Essential Tips for Running a Professional HMO' here -

https://www.hmosuccess.co.uk/101-book-pp

(Just pay postage and packing). 

My facebook group is a lively community of HMO investors where you can find tips and tricks to investing in HMOs and you can join here

I look forward to hearing from you!

Wendy

 

https://fwfozt-free.10to8.com/