Taking Initiative In London HMO Rental Market Boom
Iyabo Agiri had worked in the corporate world as an IT professional for almost 30 years, but dreamed of the fulfilment that property could bring.
Four years ago she took the leap into R2RSA and despite the challenges of the pandemic hasn’t looked back.
We spoke to Iyabo to find out more…
Knowledge of property investment strategies helped to achieve goals
Iyabo told us, “I set up my property company four years ago, initially focused on R2RSA, but the pandemic halted that.
“I considered my options and advice and switched to HMOs. So far things are going well. I still work full time in IT but I see the potential that property can bring.
Significant passive income in central London
“My most recent project is a R2RHMO deal in Greenwich.
“It is a 6 bedroom, 6 bathroom mid-terrace HMO (House of Multiple Occupation). I’ve had it for three years and it is fully tenanted. Bringing in a net cash flow of £900 per month.
“My operational processes have substantially helped this project. I’m proud of the setup that I had put in place, the system and the SOPs (standard operation procedure) to help things run smoothly.”
Huge demand for HMO tenants
London is seen as a hub for rental properties, with many properties snapped up within hours of being listed. Iyabo chose an effective property in a good location and marketed the property effectively when a contingency plan was needed.
“My biggest challenge was having two tenants leaving at the same time. There was no issue with the property, they just wanted to move in with partners.
“However, the good preparation and systems I had put in place meant that rooms were filled quickly with minimal impact in terms of voids.
“I really enjoy reading the posts in the Touchstone Community Facebook Group and thoroughly enjoy the educational YouTube content from Touchstone’s Paul Smith and Abi Hookway.”
What Can Touchstone Education
Do For You?
If you're inspired by Iyabo's journey and would like to learn more about starting your own Serviced Accommodation portfolio, Paul Smith’s Serviced Accommodation Success Manual includes all the tools you need to start building your serviced accommodation portfolio. And, we’re giving you a copy for nothing!
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