Can I combine rent to rent serviced accommodation with HMO?
This weeks Ask The Angels question is from Rachael around whether to work on rent to rent serviced accommodation with HMO - is it a good idea?
Here’s Rachael’s question...
“Can I combine HMO and SA?”
First of all I’ll quickly explain my take on rent to rent HMO versus rent to rent SA (service accommodation).
And I'm going to cover these main areas:
⭐ Finding the properties
⭐ Managing the properties
⭐ Profiting from the properties
⭐ Risks involved
Should you combine them?
They are very different businesses.
If you’re at the very start which I know Rachael is.
Choose one.
Get everything in place and get your deal, operate your property and make your money.
Once you have that first one in place, consider where you go after that.
You get efficiencies in business by developing systems and doing the same thing over and over again.
For us to bring on a new HMO it’s just rinse and repeat.
To do the same a serviced accommodation we’d have to expend a lot more effort to get the same results.
And that doesn’t mean we won’t do that at some point.
In summary, don’t start off by training to do two things.
Getting started in one thing is enough!
Make a decision where you want to START.
It’s not forever, you can add other things later.
But which way should you go?
You can have you question answered at
✅ https://rent2rentsuccess.com/ask ✅
If you’re on Spotify it’d be amazing if you can do that for us
✅ https://rent2rentsuccess.com/spotify ✅
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Until next time, have a great rest of the week.
And remember, Believe Bigger, Be Bolder and Be a Gamechanger!
See you soon!
Stephanie & Nicky
xx
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