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Jim started investing in property in 1991, when he was working as a college lecturer teaching Law and renting houses to students. He realised the increase in rent he could achieve by renting individual rooms rather than whole houses, and began to specialise in acquiring and converting properties into HMOs.
He left his job a couple of years later and has since gone on to grow a phenomenal portfolio of 130 HMOs, 30 single lets, and 19 lease option properties along with a letting agency and a building and maintenance team to look after his and other landlords investments.
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Jim admits he hasn’t bought a single-let for years. His focus now is still very much on investing in HMOs, but he’s specifically going after commercial to residential deals where he can turn old office buildings into large HMOs. He is currently looking at one building with a view to turning it into a 50 bed HMO, as he believes the management of tenants is much easier when they’re all under one roof.
A number of years ago, Jim saw a property that didn’t sell at auction – a grade 2 listed building for £90,000. His building team confirmed they could complete the work, but despite conversations with the council early on, after the works were completed they denied any knowledge of Jim’s plans and were not happy with it’s use as an HMO. Despite that, he persevered and was able to keep it’s use as an HMO and get it refinanced at around £500,000 which enabled him to pull a lot of money out in order to do the next deals.
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Jim Haliburton’s Links & Resources
HMODaddy.com – Jim’s main website. Find out more about his business, training, and mentorship.