7:55 AM, 18th July 2022, About a month ago 4
I recently exchanged and completed on a mini 3-bed HMO with 3 sitting tenants in situ on 3 different ASTs. There is a management company in place who have been managing the mini HMO under a selective licensing scheme. I am now required to apply for an additional HMO license in the next 30 days.
My intention is to apply for the new HMO additional licence as required. I also intend to self-manage the Mini HMO and let the management company continue with tenant finding, referencing, compliance with EPC electrical safety, Gas safety, fire safety and maintenance service.
I am in the process of buying a 2-bed terraced house which I intend to let out BTL or convert into SA. I have 1 SA unit which I am semi self-managing. I am still working full time, looking to transition from working full time to part time then retire once I reach my cash income freedom figure
My questions are:
What are the pros and cons of self-managing a Mini HMO?
Is it a wise idea?
Is it better to have a hands-free property investment strategy or get involved and know the practical side of managing a business?
My plan is to have a portfolio 5 BTLs and 2 SA units then retire from my full-time job once my freedom cash flow figure is achieved.
Many thanks for any assistance
Previous Article10 Top Tips To Succeed In Property In A Changing Property Market