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Wendy is the founder of multiple companies including Best Nest – a high end HMO company – and Best Nest Egg – an HMO investment club. She is passionate about HMOs for their contribution to the housing economy and the positive contribution they can make to people’s lives.
As well as building her own multi-million pound portfolio over the last 18 years, she’s been raising her family and building an award winning training business.
She now helps other women to achieve financial freedom whilst juggling domestic and family commitments, through her programme ‘Woman’s 5 – Step System to Financial Freedom through Property’.
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The Millionaire Fastlane – M J DeMarco
Whilst investing in HMOs, Wendy saw that her approach of targeting the higher end of the market was working, and she wanted to expand. She found a 3 bedroom property with large reception rooms and a workshop at the back that was ideal for conversion. The property was bought for £93,000 and they set about turning it into a 6 bed HMO.
The builder went into the loft one day and realised how large it was – ideal for conversion into another bedroom. As soon as he said this, Wendy looked into the figures and decided to push ahead with the extra bedroom.
The result was a 7 bedroom HMO that took 6 months to complete. They spent £47,000 on the build and a further £8,000 furnishing it, making a total spend of £150k including the cost of financing.
It has been fully tenanted since the day it was finished. It generates £32,000 per year income and the expenses are £14,000, giving Wendy a very healthy return and a template for future projects.
Wendy bought a property from auction that was stated as having some structural issues. She thought she could resolve whatever the issues were and didn’t even go to view it.
She knew the area well and didn’t think much could go wrong, and at the end of the day she was only paying £11,000 for it anyway.
For the next few months, she was so busy with other projects that it go no attention and they decided to sell it to release the cash. They sold it for £12,000, covering most of their costs. Possibly a lucky escape from a problem property?
Sadly not. The next buyer rented it out in its current condition for 6 years, and recently sold it for £66,000 – a massive 500% increase over what Wendy originally bought it for.