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If you have an entrepreneurial mind this is a business model you should check out.
Hey guys, it's James Bennett here spelling the beans or the tea (as you preferred) one more time about rent to rent HMO method.
Hope you are all keeping well during these times, for today's subject we are going to dive into how to locate the perfect area to start looking for rent-to-rent deals.
The first thing you need to know is how to properly locate these areas, my personal advice is to pick deals within a 50-mile radius of where we live, the reason that justifies this decision is that this enables us to visit the property often, do viewings and keep on top of daily things without the property being to far away, also if this is your first deal this is highly recommended.
Once you get more experienced you’ll soon be able to do remote investing, and also look for deals everywhere, but for now, we are going to set a reasonable radius around our home town.
So we always start by logging into the right move then follow this order:
First, we search for properties to rent with 5 bedrooms plus, again make sure you're looking for properties to rent.
Click search and change the setting from list view to map view. What we want to do is to zoom into towns and cities that have a large number of properties bunched up together. (we call them clusters)
Once these areas are located keeping the 50-mile radius, you’ll have to grab the postcodes of these areas especially from properties central to the location you're wanting to check out.
Now we need to Find out what of these areas have the most demand for HMOs and then highlight it as your goldmine areas.
In order to find out if the area has good demand, we use our area analyzer tool (provided in your training pack) and we gather the information from sources such as spare room
When looking for good demand in an area you have to identify key ingredients to make this one even better for the HMO method, things such as hospitals, universities, city centers attractions, and even large construction projects may do the trick, all these things together will provide the perfect mix of potential tenants.
During our mentorship training we clearly go a lot more into detail in every aspect of everything mentioned above and spend the whole day checking out areas and stacking up property deals in our target areas This is just a quick runthrough of what it takes to locate your goldmine area when looking to do rent to rent HMO Now it is also quite similar when we are looking for serviced accommodation properties apart from we don't look for 5 bed plus properties we generally look for smaller properties typically we only look for 2 bed properties in good central locations located close to attractions, large construction projects and city centers
Or if we are looking for holiday lets we typically look for properties that are in tourist attraction areas ideals locations are beach front locations and around tourist hotspots The way we check the demand is also different to looking for demand of hmo properties things we generally check is occupancy rates at local hotels We check booking.com and Airbnb for local properties and check there booking occupancy levels Now most of the time our own hometowns are might not necessarily located in prime tourist locations unless we are lucky so you will have to consider more remote investing so making sure we have teams in place before going ahead with any of these properties is key you will need cleaning teams, handymen and a keyholder you can trust is a must in the area of the property
I hope this blog has opened your eyes to finding goldmine areas for the rent to rent method and if you need anymore assistance please don't hesitate to get in touch today I will drop a link below for our free strategy call booking service Thanks everyone for watching and if you like my content please consider liking and subscribing to my channel were i bring you up to speed on all things property investing please share
I hope you all have a great day and thanks for reading
James Bennett
The Property Coach
So how do you get started?
To start your new journey in Rent to Rent simply take action
Immerse yourself in the subject by reading then find yourself a suitable mentor who can clearly guide you through the whole process from setting up your company right through to settling in your new tenants
You can easily get bogged down with too much free information and not know what to do with it and end up doing nothing at all
This is called analysis paralysis
So, if you are serious about getting started in Rent to Rent or just want a friendly chat to find out more then please book a FREE strategy call
today and we would be more than happy to assist you moving forward with your property venture