Finding unlicensed HMO's on rightmove?

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  • DPT57
    replied
    As I said earlier, a single dwelling is unlikely to make as much money as an HMO and appeal only to very large families. My experience with most large HMOs of the type that Bluebull is after is that the owner has already tried, often on more than one occasion to get planning consent to convert them into two or more self-contained flats, but has been refused, often due to things like parking restrictions. Now if he is a planning specialist and has found a way to get around Council's objections, it might work.

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  • ATC
    replied
    there is no reason why OP cant try to get planning to turn back into a single dwelling house, or split into two...……..

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  • DPT57
    replied
    You're being very enigmatic Bluebell. I think we are not clear what you mean by re-purposing and if that just means running them as family lets how that can be more profitable than an HMO when all the initial costs are taken into account. I guess you may not want to tell us and if so then fine.

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  • Bluebull
    replied
    Originally posted by darkstar View Post

    I would be interested in the reasoning for this. Happy to know what other peoples secrets are
    The repurposing is more profitable than operating as a HMO.

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  • darkstar
    replied
    Originally posted by Bluebull View Post
    I am seeking HMO's as a cash purchase with a view to repurposing them into non HMO's.
    I would be interested in the reasoning for this. Happy to know what other peoples secrets are

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  • Bluebull
    replied
    Thanks for the info guys. This is not related to my other post. I am seeking HMO's as a cash purchase with a view to repurposing them into non HMO's.

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  • DPT57
    replied
    I assume you've done your sums and taken into account the cost of potentially having to licence the property because you can't get the HMO tenants out within the timescale of a TEN. Also taken account of the potential for RROs. I'm also fascinated how you would re-purpose an 8 bed HMO, as presumably most are only being run as such because the Council have refused planning consent to convert them into smaller units. There is also of course the question of who else would want to live in an area of mainly HMOs. The ones that I know of are a cluster of large houses now used mainly by drug rehab projects.

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  • darkstar
    replied
    You can search zoopla for HMO in the advanced search box. I don't think there is a facility for this on rightmove

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  • loanarranger
    replied
    Bluebull
    Please note that unless you have a proven track record of owning BtL properties it is extremely unlikely that any lender would accept an 8 bed HMO.
    Sorryto be posting outside of Finance section but your posting here warrants clarification.

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  • jpkeates
    replied
    I don't think so.

    Fascinated by the idea of repurposing an HMO.

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  • Bluebull
    started a topic Finding unlicensed HMO's on rightmove?

    Finding unlicensed HMO's on rightmove?

    Is there a way to search for just HMO's for sale on rightmove or another website. I'm particularly interested in HMO's in trouble due to expiring licenses / revoked licenses. Basically any situation where the owner is having trouble selling the property.

    I came across an 8 bed HMO today which stated cash buyers only as no lender would offer a mortgage due to complications with license. I haven't approached them as I want to learn the basics.

    The properties will be repurposed for non HMO purposes.

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