HMO new Purchase · Assets For Life Hub

HMO new Purchase

After a very painful 6.5 month journey to sell my BTL to fund my new HMO venture. 3 weeks ago I completed on the sale of my BTL and 3 weeks to the day later I have just received confirmation of offer accepted on a new property purchase in Newport, Wales! 😀

Details of the Purchase

Existing 3 bed terraced - 5 Bed HMO conversion

Purchase Price: £185k

Renovation Costs + Planning: £60k

GDV: £250k

ROI: 21%

Cash Left in Deal: £73k

Gross Profit: £1,253 per month

Company Set up: JV between my uncle and my Ltd companies.

There is still a long road ahead due to Newport being in an article 4 area so this will require full planning however i have been verifying my viewings with a planner so confident it stands a chance of being approved. I am hoping to commence planning in the next fortnight and should have confirmation (or not) by the end of this year.

While not a dead cert it feels like a huge relief to be finally up and running! I genuinely couldn't have even comprehended doing this 5 months ago but I am now feeling confident I can do this. It’s great to see so many communities of people will to share best practise and help others become successful.

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