Seeking HMO advice for multiple tenants

Discussion in 'HMO & Multilet Property' started by Brian O'Shea, Jun 29, 2016.

  1. Brian O'Shea

    Brian O'Shea New Member

    I have previously had a buy-to-let where I had a problem tenant who took me months to evict, I am concerned that having a HMO might increase this risk as you are dealing with more individual parties. Any Advice or experience would be much appreciated.
     
  2. Sarah Gailer

    Sarah Gailer New Member

    I have a similar question too, I own a couple of buy to lets and one of my previous tenants left with quite a large sum of rental arrears which took me a while to recover from financially. I'm also concerned about having similar issues with a HMO especially as all bills are inclusive. I don't want to find myself in a position where 3 or 5 tenanted in a 5 bed HMO have stopped paying there rent, how do I protect myself from these kind of issues?
     
  3. lookinginvest

    lookinginvest Member

    It is essential that you have a watertight tenancy agreement, follow the regulations by the book in the event of trouble and take deposits from each tenant, giving you some breathing space in the event they get behind with their rent. Many buy to let investors find that a hands-on approach with their tenants helps to generate a good relationship and will also allow you to tackle potential issues as early as possible to avoid any financial loss.
     
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