Doctors & Nurses: HMOs Near Hospitals

#243

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37 Question Due Diligence Checklist / Auction Guide

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This episode is much more than a tale of two HMOs next door to each other just a few of minutes walk away from a large hospital in Wakefield.

It features experienced UK property investor Tom Appleton of Cali Living / Ten Equity

No. 48 is a high end 12 - bed HMO targeting doctors at the hospital.

It's been up and running with practically no voids since early 2023.

So when the chance to buy No. 50 came up, Tom didn't think twice.

He's now considering leasing his latest purchase to a provider of accommodation to newly arrived nurses from the Philippines.

But there is so much more to the episode than that.

We discuss:

· The value of Certificates of Lawful Use for HMOs and the detective work required to gather evidence for them, including statutory declarations and historical documentation.

· Transforming problematic properties through relationship-building with previous agents, local councils, and key stakeholders.

· The benefits and challenges of investing in high-end HMOs near major employers, like hospitals, and attracting professional tenants such as doctors and nurses.

· Strategies for managing tenant churn, maintaining occupancy, and ensuring steady cash flow in large HMOs.

· Exploring alternative strategies for property portfolio management: long-term leases to providers for supported living and service accommodation.

· Role of local councils in connecting investors with accommodation providers.

· Due diligence when leasing to providers: tips on vetting reliability, experience, maintenance & tenant profiles.

· Portfolio long-term planning, including keeping properties maintained and knowing when to pivot from professional HMOs to accommodation for social or supported housing.

· The importance of people and networking in property investing—from building trust with agents to nurturing council contacts, and why “who you know” is as vital as “what you know”.

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