As you likely know already, building an HMO is a lot more work than working on a usual development. There are a lot more regulations to follow and extra costs like upkeep to consider, however with that in mind they can be worth the extra mile financially.
One key strategy is to plan first. A lot of property developers will try and build a development but won’t properly plan what they need to do. Also, communicate your plan with your contractor and have regular meetings once a month or so with your site managers. Everyone needs to be on the same page or you will get stuck chasing people etc.
In the event you get stuck, it’s worth asking a mentor to review your HMO business model. Investing in a mentor may cost you money but will save you your most valuable commodity, which is time.
So that you can get a better idea of what the correct HMO business model looks like once it’s been built, we’ve included a video below giving you a tour of our HMOs. Click the video below to discover more:
If you got value from this post on HMO business model strategies feel free to share this post with others and leave a comment below!