We’re about to complete on our latest purchase and have been assessing numerous options for it – single let, HMO, splitting it into flats, or flipping it.
Each option has its own pros and cons, and we looked at the numbers for each option in a previous episode as well as the design layouts, but today we’re revealing which option we finally settled on and why!
We’re also looking at where our Brewery project is up to, and how Covid has messed with out HMO refinance.
Listen to this episode below:
Here’s a sneak peek at what discussed this time:
3.45 – Our plans to return to the UK for winter
4.50 – Details of one next project and progress towards completion
6.15 – Analysing the numbers for different strategies
6.35 – Assessing the layouts for each option
7.25 – The HMO Overview
11.30 – The ‘2 Apartments’ Overview
16.30 – The Flip Overview
21.30 – Keeping a build team busy between projects
22.15 – Phase 1 of IPI Brewery is complete!
24.25 – The latest update on Phase 2
28.20 – Why I’ve been spending so much time talking about raising private finance
32.30 – The refinance/valuation saga on IPI Project H (our 8 bedroom HMO) continues
35.05 – How we’re progressing towards our 5 years goals
I recently came across a company called Hammock and immediately knew they had a service that I had to share with you. At its core, it’s a challenger bank that provides current account services designed specifically for landlords and property managers, but that really doesn’t do it justice.
Hammock combine property management with financial services to automate things like rent collection, simplify your bookkeeping, and ultimately save you time and money.
They bridge the gap between your traditional bank account and your financial management system whether that’s a spreadsheet or bookkeeping software, and the results are awesome.
First of all, it tracks your income and expenses, either through your new hammock current account, or whichever bank you currently use. It will then automatically monitor your rent status, alerting you to any missed payments across your portfolio so you can follow up quickly with tenants. And it also provides live analytics at a property and portfolio level to show you insights like your profit and loss, arrears, occupancy rates, yields and much more.
It’s a single app that can replace multiple different tools you currently use in your business, many of which you’re probably paying monthly fees for. This will reduce your monthly outgoings but the value it provides goes way beyond that with the real time overview of your portfolio finances.
I love what I’ve seen so far from Hammock, and if you’re on the hunt for a new current account for your property business or if you’d prefer to make the most of Open Banking and connect your existing bank accounts to Hammock then the best bet is to check it out yourself with a 30 day free trial at usehammock.com/insidepropertyinvesting.
Check out the deal analysis and layout reviews of our latest project on YouTube
See how Victoria’s vision has come to life in our IPI Brewery Apartments on Instagram
Find out all the details of our upcoming Raising Private Finance course