Handing Over an Investment Property to a Social Housing Association
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- Опубліковано 1 чер 2024
- In this video, we walk you through a house which is nearly ready to be handed over to Serco, a social housing association who home asylum seekers on a long full repairing lease for 5+ years.
Serco provides asylum accommodation and support services in the North West of England, Midlands and East of England. Contact us using the 'invest with us" form linked below if you would like to know more.
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We are Lia and AK, and we're excited to share our journey with you as we navigate the world of property investing, business, and working together as a couple.
AK: I left my corporate job after experiencing mental and physical health issues, and we started our UA-cam channel to document our journey as new property investors in 2019 with no upfront capital. Expect weekly videos where we provide project updates, share best practices, money-saving tips, and our learnings along the way.
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Hello Ach and Lia! Thanks for the interesting video. Always fun to watch you both!
Quality video guys. One on supported living would be interesting
As much as I love a remodel and watching it come to life and change, I like the blank canvas for just adding furniture and the hands off on this one. Will you show us the property when it's ready to hand over? Also, yes would like to learn more about this option, tho I think it is different than UK here.
Hello, that was another informative video with an interesting strategy. Keep up the good work and have a great week.
this strategy works , if you house can be just about patched up before needs lots of work. It will get trashed. Also speak to ypur mortgage provider, they hate Serco.
When my kids were little, we lived in a duplex that had attic doors in the bathrooms and you could go from on apartment to the other side. The guy started coming into our side when we left. So we got locks and put them on the sides of the opening so he couldn't ift it. And we also called the police and the rental agent. Him and his wife and child got kicked out.
yikes, at first it reminds me of The Magician's Nephew in chronicles of Narnia. But that's a huge violation and super creepy. Glad there was justice and hopefully they changed.
Holy cow 🐄 That is incredibly scary!! One of my nightmares and I don't have an attic.
How did you find out he was coming in?
why was he doing that? to steal things? bc it was fun/funny? to scare u? just wondering
Interesting video as always - wishing you the best!
Surprised the rental is that high from Serco in our area.
I've got a similar 3 bed but I only get £775 and I'm paying 10% + VAT to the letting agent.
I was always worried the new tenants might trash the house if I rented it out via social housing.
@@ravd8082 I can assure you base LHA rates round here (a small town in the Midlands) isn't even close to that rent for a 3 bed house. Yes I'm sure some landlords have had problems with Serco but I've had massive problems with normal tenants.
Hey thanks for the comment. It’s a valid concern. Nothing guarantees any tenant causing damage to your house. It all comes down to what you want to achieve from an investment perspective. This particular investor wanted a long term investment he could forget about for 6 years. After 6 years you'd fully expect to go in and do significant works anyway, but the aim would be that they keep renting it and maintaining the property. Serco will offer slightly more when it’s furnished as we have shown.
@@PropertyCouple that what serco says to every landlord depends on the finish lol. they will not offer you enhanced rates over others , I got a contract with serco its not the case
What a nice house. Looks like it's in good shape. I enjoyed watching this video. 😊❤
Nice property. Good to see that you are going for a traditional but to let. UK has a shortage of family housing stock and it’s always a great shame to see family homes being broken down into HMOs. I speak as a landlord that believes it’s our duty to maintain family units. There is a place for HMOs (for example converting old commercial properties to HMOs) but not breaking up of precious residential homes.
Just curious, the monthly mortgage seems so low, did you get a good deal with the interest rate? Or what is it down to
Hi how much do you charge for sourcing and then manage/get ready to handover to social housing ?
Maybe Harry Potter was staying there, and Uncle Vernon didn't want his letters coming in😂
Very interesting and good you are helping out people escaping tyranny and looking for a better life! btw on the 5th, the temperature here is predicted to be 36.1 centigrade! 46 C is not uncommon here in summer. Glad to have window mounted AC! 🙂
What
@@coolmonkey619 What?
You've missed out the hard wired fire alarms and the sockets per room
Why leaving 41k is a good deal?
Am I correct that this has to be a cash purchase and most lenders won’t accept asylum seekers or social housing providers?
Hey guys, very informative video. Will also check out the other video about housing associations too. Question - are you guys implying that there are no void periods in the 6yr contract then? Ie. Guaranteed rent even if the ‘sub-tenant’ changes etc? Ta
This is incorrect - the rent offered on this particular property was £280pm more than LHA.
Correct.
Which provider pay the best?
Is that closet rod for baby clothes? It's not big enough to hold adult clothes 😄
That looks like a great investment! Just wondering, have you kept all of the properties you have purchased and rented out so far? Or have you decided to sell some for various reasons?
Hey Katie! They are very good. We have held all properties for now yes. However that’s not to say we would not sell any on the future.
You are going to regret leasing to Serco, it will be trashed and you will pay for it, any money you made will be used in getting it back to be able to let again
This particular deal is an 18% gross and 12% net return for the investor. It works well for them and their requirements.
Please share some more light on it
😱
David, I am keen to know more are you talking from past experiences, most of my btl properties are 3ish bed semis in desirable areas with good tenants, however the first few I ever bought let's put it are "in not the best areas" I've been approached by a rep from serco who has given me a lot of good chat but I am unsure. Hence looking at this video, seen a few horror stories on forums as well.
I've heard nothin but bad stories from people that handed their properties over to Serco and the people in the neighbourhood who have seen their beautiful areas turn into ghettos . I'd much rather keep my properties for my countrymen and women who are around 1.5 million on the housing waiting list.....
Renting out homes to Serco is about two thirds cheaper than putting people in hotels. It's saving the tax payer a small fortune. I'm not sure it's a route I'm ready to go down yet? But in all honesty I've had properties turned into grow houses and tenants that completely trashed the house and no way to chase them once they vanished. Plus it cost me 15K to fix everything plus I did all the work to keep the costs down, plus I lost 7 months rent. At least Serco are government backed and the rent is guaranteed.
Research - Serco are the worst you will be left with a trashed house you will have to pay for to refurb before can let again. Being a FSTE 250 means nothing other than they have better lawyers than you, the share price is down 80% in the past 5 years.
@@drewhodge3820 They are taking homes out of local areas for this, 16000 at the last count, making it unaffordable for local families.