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Becoming a HMO Landlord with no Experience

By 31 August 2021January 28th, 2022No Comments

Gabriel Wenner comes from no property experience, but with the help of Sourced, his focus is to build his own HMO portfolio and earn a substantial income from it. Gabriel and his partner, Vanessa, are currently working on a 6 bed HMO conversion project, funded by Sourced Capital with a GDV of around £200,000.

The Franchisee’s Background and Property History

Before joining Sourced in May 2020, the franchisee had no experience in property, apart from attending a few networking events. Gabriel had built a career in video production, working on TV programmes and now he owns his own studio.

Together with his partner Vanessa, they spent the past year gathering knowledge on how to grow a profitable property portfolio. They’ve been utilising the resources that come with their franchise, including a support structure and over 70 training days per year. Our bespoke training courses are exclusive to franchisees, and they are covered by your franchise fee when you come on board with us.

Over the course of last year, Gabriel started sourcing properties, which allowed him to generate some quick cash and helped him come to grips with the basics of property first. However, Gabriel and Vanessa’s main focus is expanding their HMO portfolio for a more long-term and steadier cashflow.

Currently, the franchisees are working on their first 6 bed HMO conversion project, aimed at the professional’s market, located in Barrow-in-Furness. Vanessa and Gabriel spotted this conversion opportunity through social media, by browsing through property related groups on Facebook. Gabriel shares, the vendor of this property was in quite a rush to sell it, and they managed to come to a deal they were both happy with fairly quickly.

Why Join Sourced Network Franchise?

“Sourced have assisted me in a number of ways, in terms of training, the funding platform, knowledge and the support provided”, Gabriel shares.

The couple joined the Sourced Network franchise to build their own HMO property portfolio as well as gain access to exclusive financial facilities. The franchisees can borrow up to 70% of a project’s GDV. This means you can cover up to 100% of the purchase price and labour costs. Franchisees also benefit from comprehensive training, dedicated support staff and a range of business resources.

Who Would you Recommend Sourced to?

Gabriel admits, “if you are coming into property from a point of view of having no experience, I can recommend Sourced Network extremely highly”.

Sourced Network was created to assist people who are passionate about property and determined to find success. We provide a proven business model and the resources you need to get started, designed for people with or without experience in property.

How to Find out More

Are you looking to get into property or to scale your existing property business? Download your copy of the Sourced Network franchise prospectus to find out how Sourced can help you.

Aksa Gul

Marketing Apprentice