Management of an HMO

The reason most landlords shy away from this market is that they fear the complexities and time consuming management.  If letting the house on a single assured shorthold tenancy to say, students, collecting the rent will be monthly and you won’t need to visit the property except when things go wrong.  If, on the other hand, you are renting to individuals you will probably find yourself at the property several times a month.

The majority of my rents are due on a weekly basis 1 week in advance.  Most people get paid on a Friday so I make sure that I am there at 9.30am on a Saturday morning before they’ve had a chance to spend their wages in the pub!  Some get paid monthly or four weekly, so I collect the day after they are paid and the tenants receiving LHA (Local Housing Allowance) payments receive their money from the council 2 weeks in arrears.  You need a receipt book and diary to note when each rent is due and how much which minimises any discrepancy.

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