In this post, I'll cover some HMO deal sourcing tips that you won't even find in some over-priced HMO seminars!
There will be zero fluff either, so let's dive straight in with tip numero uno...
One way of finding HMO deals is to monitor at property rental websites.
If a property has been on there a long time for rent, then the landlord may start to become open to selling.
An easy way to spot this sometimes is if the property in question has snow on the roof and it's not winter time any more!
The same goes for property sales websites...
A great tool for Rightmove is the PATMA browser toolbar, which will not only tell you how long a property has been listed for, but also detail its price change history too.
A great way to source HMOs is to target existing HMOs.
That way, they're already set up and licensed for HMO letting.
Imagine you could get a list of all the HMO properties in your area and write to the owners offering to buy them out?
Well imagine no more...
Because pretty much all local authorities have a list of the HMOs in their area.
Some are available right there on the web, like this one for London's borough of Barnet.
Others you'll need to call the council to obtain a copy.
But either way, you can use it to run your own little direct mail campaign.
Most owners will ignore you of course, that's the nature of direct mail.
But eventually, you're bound to run into one or two landlords who are sick to the back teeth of being an HMO landlord...
And will jump at the chance of selling up to you.
This technique is known to work well for the rent to rent strategy too.
This kind of goes without saying, but I'm sure there are a few folks out there who over look this...
Be sure to check with your local council what areas are legal for HMO, and which areas you're likely to get a license in.
If you're not buying an already licensed property, then there would be nothing worse than making a big purchase like this and realising that you can't run it as an HMO afterwards!
Even if you like to source your HMO properties yourself, don't rule out using a professional sourcer...
If you allow a sourcer to bring you great deals too, you can dramatically accelerate the growth of your portfolio.Take our property deals alerts service, for example...
We have a steady flow of excellent deals from all over the UK, including some cracking HMO deals.
It would be crazy to pass up on some of these, just because you didn't find it yourself.