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Kyle Witham is only 25 years old and has only been investing in property full time for the last 2 years, but he’s been involved in over 60 HMO conversions, he’s currently running 10 refurbishment projects in South Yorkshire, he’s a graduate from the Simon Zutshi Mastermind programme and has been featured in YPN magazine.
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The main strategy Kyle focusses on is working with ‘out of area’ investors (typically from the South who can’t get the returns they want in their own area) to help them grow a portfolio of high quality HMOs – typically looking at taking traditional single family homes and turning them into 5-6 bedroom professional multi-lets.
He offers a full service from sourcing the properties, through the project management of the renovations, and ultimately handing them over to his letting agency to manage them on an ongoing basis.
Kyle recently purchased a potential 10 bedroom HMO for £100,000. It requires a full renovation costing around £85,000 but that still makes it an absolute bargain, given each room will be renting out for an average of £100 per week (£433 per month).
It was originally two houses that had been knocked through into one large building, but Kyle is turning it back into two smaller 5 bedroom HMOs, creating additional equity at the same time by taking one building and turning it into two.
Kyle’s first project out of his comfort zone gave him moments where he thought about throwing the towel in. He was renovating an HMO for a client but mid-way through the project his trades started falling out with each other, they weren’t showing up when they said or coming back to finish work, and ultimately Kyle ended up falling out with some of them as well.
Surrounding himself with people who had been through similar problems in the past helped him bring the project back on track, but he also accepts that struggles like this are likely to happen when you push yourself on to new challenges and bigger deals, so it’s all part of the learning curve and he’s sure he’ll face problems in the future as he moves on to bigger developments again. As long as he works hard and perseveres, he’s sure he’ll be able to overcome anything that goes wrong.
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Kyle Witham’s Links & Resources
Connect with Kyle on Facebook – Keep up with Kyle’s latest projects with photos, videos and posts on his Facebook profile
Email Kyle Witham – Got a question or looking for some advice? Get in touch with Kyle here.