How To Get Rent-To-Rent Deals From Landlords Direct
I was able to speak to one of my students on Samuel365 who needed advice with securing a HMO on a rent to rent basis as I gave him my advice and looking forward to seeing his success.
In this article, I answer some of the concerns he had on Hmos as he’s still gaining knowledge through my Samuel365 course.
I just started the course and want to know the basic stuff concerning HMO’s
Well, congratulations for joining the Samuel365 course and literally anytime you need anything; you can just book a call as you’ll be assisted by one of our mentors.
In terms of rent to rent, if you’re turning any property into a Hmo even if it’s a three bed Hmo, you’re going to need a license and so my suggestion would be, if you’re looking to do rent to rent, find landlords who are already running their houses as Hmos as they’ve already got a license.
The reason they need you is because they’re trying to manage themselves the house which is a bit shabby due to poor management, poor furnishings, and poorly marketed properties.
Basically, they don’t understand how to run a Hmo business and so I would be going to places such as spare room finding properties in oxford by searching for landlords that have already got Hmos set up.
This means that they’ve already furnished it, have got a license, and have got a planning permission too.
However, where they’ve failed is, not knowing how to find tenants because they’re marketing it all wrong.
What you can do is offer them a guaranteed rent of a certain amount as you’re going to try and get them to rent you the property.
You will end up keeping the profits you make from the HMO’s while paying the landlord a fixed guaranteed rent.
Make sure you of course put a break clause
If after three months it’s not working for you, you can walk away by making sure you put down as little money as possible.
Tart it up and remarket it because you’re going to manage it properly as you make cash flow off the property. If I have a certain kind of contract to show to the landlord and I need help in creating the contract so as to convince them, I’ll offer the best service to the landlord and show them that I’m confident in taking care of their property.
You’re going to need a rent to rent management agreement but that isn’t going to win them over of course because what’s going to win them over is you.
The hard work that I put into doing all this is worth it because if it wasn’t for this, we wouldn’t have winners on every Wednesday and so if you’re interested in receiving mentoring calls from me or the team, go through the training as you only need to pay one pound and have a seven day trial which later on becomes 95 pounds a month with no penalties at all after the trial expires.
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