Part 1: LOCATION, LOCATION, LOCATION.
Multi-lets have become an increasingly popular investment class in recent years and whilst the opportunity absolutely remains to achieve sustainable revenues from well positioned properties, it is essential that every opportunity is capitalised on to minimise workload and maximise revenues.
Within this blog series we will cover seven of the highest value learning’s that we have established whilst operating in this sector since 2011, and having built and operated one of the largest portfolios in the industry across six cities which is shortly to exceed 1,000 units.
We’ve all heard it before, location, location, location and it certainly is one of the key factors in operating a lucrative Multi-Let portfolio. In today’s ever developing and competitive market, this can literally be down to buying at the right end of the right street and getting this wrong can land you in a world of pain.
Nothing beats local expertise in this capacity. Walk around your local area and you will know which are known by the general population as the ‘good areas’ because of the bars, and which are the ‘bad areas’ because of the trouble as well as certain streets and areas that carry a bad reputation (in some cases historic and not actually that accurate in practice). Exactly the same applies with property and the detail you need to master includes purchase price, rent achievable, churn rate, tenant profiling, refurbishment positioning etc.
What you’re looking for is the ‘sweet spot’ which ticks all the boxes. Every area in which we operate Multi-Let certainly has one, some have several but it’s taken us five years , six cities and several £Million to establish this.
At Multi-Let UK although the key contributes to identify this took us several years to master, we understand the essential value of local expertise. We are now looking to expand into other UK cities by locating established HMO and Multi-Let investors with sizeable portfolios who wish to partner with the Market Leader for professional houseshares and take their property business onto the next level.
If you currently have 50+ HMO/Multi-Let rooms in your area and would like to discuss the opportunity of working with Multi-Let in 2017 and beyond please find out more or register your interest or join us on one of our upcoming Multi-Let UK webinars.