The First : 5 bed HMO
Walkden Road was our first professional HMO property investment. It was one of two investment properties that we bought in tandem which meant we had to quickly learn how to maximise both property’s layout’s to ensure a functional space for our first 10 tenants. This investment property was a very tired 3 bedroom end of terrace that we reconfigured into a 5 bed, 3 ensuite high-end professional HMO.
The main challenges with this investment property were damp proofing and getting waste out through the cellar. We didn’t want to overspend on our first project so we were strict on sticking to the budget, which has proved to be a valuable lesson on our bigger projects.
We learnt many of the skills refurbishing this property that we use in our projects today which allow us to offer our investors great property investment opportunities.
Purchase Price (incl. all costs): £142,000
Refurb Cost: £35,000
End Value Post Refurb: £234,000
Monthly Rental Income: £2,600
Monthly Expenses: £1,500
Monthly Profit: £1,100
• Remodelling of internal walls
• Removal of Chimney Breasts
• Upgrading Electrics
• Reposition of boiler and meters from cellar
• New waste system in cellar
• New Communal Bathroom