34% Return on Cash
Case Study with Scott Nickless
A plasterer by trade, Scott Nickless was as he says 'sort of in the building game', but not a builder. He found he had a base level knowdlege of how property developing and investing worked, but lacked the know-how on how to maximise PD rights, go about extensions and loft conversions.
Scott already owned a couple of buy-to-lets and one basic HMO before he came to The HMO Platform. He was determined to create a Next Level HMO that focused on great design, maximising space and making it profitable.
About the Project
The property was bought as a 3-bedroom family home in Portsmouth for £250,000. Initially the agent was reluctant to put in the offer as Scott mentioned he was a property investor. Scott quickly learnt that there is a fear, what if the seller pulls out, what if the agent puts their commission at risk. After much negotiation Scott got it over the line.
Having listened intently on the Mastermind, Scott decided to go where he knew a Next Level HMO would work. He decided to start his research in Portsmouth where Scott Baker Properties (our development arm) was part-way through their Laburnum Road development.
The deal Scott found happened to be down the road. He brought it to the mastermind table and we quickly found that the numbers looked good and the floor plans offered lots of potential.
Creating a Next Level HMO
Scott knew he wanted to level up on his second HMO. He wanted to utilise PD rights to maximise the potential of the property, extend out the back and go up in to the loft.
Scott converted the property from a 3-bed home to a 7-bed all ensuite Next Level HMO and Coliving property. He maximised space, made sure there was plenty of communal space so his housemates could form meaningful relationships and turned an old garage into a garden room, with everything needed to relax.
By creating a Next Level HMO, Scott is confident that his use of space, design and service offered puts him at the top of the market. We too are confident that Scott has a future proofed investment.
£1,700 per month
End Value (GDV)