Thanks to Sourced Partner, Michael Marlowe benefits from tried and tested HMO strategies developed from over seven decades of property experience
Over the years, Michael Marlowe has renovated, converted and flipped a number of property projects, creating additional income stream alongside his full-time job.
Having gained a fair amount of property experience, Michael decided to move to property full-time and take advantage of the huge earning potential this exciting industry offers.
“I wanted to consolidate all my experience in the sector and make property my main focus.” Michael admits. “I joined Sourced Franchise to enable me to do that and to accelerate the process of achieving my goals.”
Having topped up his knowledge at multiple training events for Sourced Franchisees, Michael began the search for his next project. Soon after, he came across a commercial property in Fenton, Stoke-on-Trent, which presented excellent HMO potential. Previously used as an office, the end-of terrace house had a planning permission to convert it to a seven-bed HMO.
With a number of warehouse distribution companies only a short walk away, which attract hundreds of contracted workers to the area, the property benefits from high demand for short-term accommodation and HMOs.
After carrying out his due diligence and crunching the numbers, Michael decided to take on the project, together with his JV partner.
“A lot of the local HMOs are of poor quality,” Michael says. “To compete on the local market, our plan is to finish this HMO to a high standard, providing a better offering for the contractors working in the area.”
The conversion works are estimated to complete in just 12 weeks. Upon successful completion, the Franchisee will refinance the property to release equity, based on a new valuation, and keep the HMO in his portfolio. The gross yield for the HMO is estimated to reach 10 per cent, generating a net yield of 8 per cent.
Create wealth and build your legacy
Sourced Partner can provide you with the resources and knowledge you need to build a profitable HMO portfolio. Make your money work harder and create a lifestyle with hands-off returns.
• No previous property experience required.
• In-house funding facility.
• Access to exclusive training events.
• Unlimited ongoing support and a bespoke development plan.
Sourced is now offering an exclusive franchise package, tailored for achieving a hands-off income of up to £150,000 per year.
You can benefit from tried and tested HMO strategies developed from over seven decades of property experience and build a profitable property portfolio within months.