Tina and her bother have pulled investments together for about 25 years. Social housing has been one of their strategies; they decided to partake a course on the same to further their knowledge. At the end of the course, they used the knowledge they had obtained and began their first step at the housing council and got a list of all the different charity institutions within their jurisdiction.
Experience with the demand of investors high, the duo found it easy working with charity institutions compared to state agents. Tina states that they encounter professional, helpful and friendly people in the field, which made her feel comfortable pursuing social housing. In their first interview, the charity was eager to impress them, the meeting was easygoing, and finally, it became a success.
Their first housing project was a five-bedroom house on a three-year lease with one property price. They have successfully been able to land a second request for a two-bedroom house with the same charity. Tina and her brother have been using a hands-off approach even if the cash flow is not as much as they would on an HMO (house in multiple occupations). They pay a management fee of 250 pounds and expect the property back after three years in the same condition.Tips on the hands-off approach
The duo has made it easier for the charity organization by doing the following;
- Minimal paperwork.
- Unlike traditional social houses, they have remodeled the house to a comfortable look.
- They have left maintenance and management to the charity institution
This approach has worked for the charity organization and the investors; there are minimal work and no voids or losses. Since social housing deals focus on individuals such as ex-offenders and homeless people, they see it as a social responsibility.
Tina and her brother have a bright future in social housing since other deals are coming along and have clients lined up.
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