016 | Should You Buy or Lease Furniture for your HMO property? - a podcast by The HMO Experience

from 2020-02-24T00:00

:: ::

RESOURCE LINK



  1. The HMO Experience Website (http://www.thehmoexperience.co.uk/)

  2. Download the 11 Steps to Running your successful HMO Property Business and other FREE RESOURCES (http://www.thehmoexperience.co.uk/resources-page)

  3. Sign up for weekly hacks and tips for starting and scaling your HMO Property Business (https://www.thehmoexperience.co.uk/subscribe)

  4. Connect with Andrew Aouthwood at Culbone Finance here: asouthwood@danddleasing.co.uk


IN THIS EPISODE


Your podcast host Matt Harris talks with Jamie Madill & Steve Mitchell about how to pay for the furniture your HMO property. Buying brand new furniture for your HMO property could cost you a small fortune – what can you do if you don’t have the money?


KEY TAKEAWAYS



  1. Jamie and Steve’s first few properties meant they had to buy all the furniture outright as they didn’t know any other option existed. They initially used a 0% credit card to spread the cost. Using the rental profit from the HMOs to pay off the card was a safe but very slow way to finance the growth of their Rent2Rent HMO portfolio.

  2. Later they found out the benefits of leasing furniture, meaning they spent little or none of their own funds to get every new HMO generating rental income.

  3. Then when they started buying and refurbishing their own HMOs, they found they could also use lease payments to finance some of the refurbishment works too.


BEST MOMENTS



  • “Our option was either to spend £7,000 cash from the business or spread the cost with a lease plan costing £200 plus VAT per month"

  • “You could claim the tax back – that’s a saving of 20%”

  • “In my head it’s similar to leasing a car, right?“


If you enjoyed this episode of The HMO Experience Property Podcast, please don’t forget to subscribe, tune in and share this podcast!


CONNECT WITH THE HMO EXPERIENCE



CONNECT WITH THE HOSTS


Matt Harris - https://linktr.ee/iammattharris


Jamie Madill - https://www.facebook.com/jamiemadillproperty/


Steve Mitchell - https://www.facebook.com/steve.mitchell.9843



---

Send in a voice message: https://anchor.fm/thehmoexperience/message

Further episodes of The HMO Experience Property Podcast

Further podcasts by The HMO Experience

Website of The HMO Experience