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Watford - Multiple HMO merchant gone bust

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http://www.rightmove.co.uk/property-for-sale/property-66194285.html

" 202 Hagden Lane, Watford, WD18 7UD 
198 Hagden Lane, Watford, WD18 7UD 
17 Cassio Road, Watford, WD18 0QR 
37 Cassio Road, Watford, WD18 0QP 
15 Woodford Road, Watford, WD17 1PB 

Available as a portfolio or individually."

Not surprised. Lots and lots of EEs ended up in Watford.

1) The houses really are in the worst parts of the town.

2) The Poles I worked with around 2014 hated this area, and wanted to get out - quote "I wouldn't live there if you paid my rent and more money on top".

3) Rents for these places went crazy and nearly doubled (according to the EEs) in a few years.

4) Less demand due to Brexit.

 

 

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That is one that does look like he has gone bust:

Quote

UPON BEHALF OF THE RECEIVERS
Of interest to developers and investors.
The deadline for all offers is Wednesday 5th July 2017

That is a large list of properties as well, maybe 20 beds in total. Good to see and ... Ha-ha, Ha-ha, Ha-ha, Ha-ha, Ha-ha, Ha-ha, Ha-ha!

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14 minutes ago, doahh said:

That is one that does look like he has gone bust:

That is a large list of properties as well, maybe 20 beds in total. Good to see and ... Ha-ha, Ha-ha, Ha-ha, Ha-ha, Ha-ha, Ha-ha, Ha-ha!

That seems a bit mean...

 

 

 

 

 

 

 

 

 

only kidding, it's pi55 funny lolz :D

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here are no end of HMOs round Northampton, the total rent prices are insane, like 2.5K for a terrace house where you can still rent a family home for < 1 K.

makes no sense what so ever.

The parasites running these HMOs must be some of the scummiest people ever to have lived.

Anyone with half a brain would collect all the local HMO residents and start a HMO rent strike/Protest.

Edited by TheCountOfNowhere

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13 minutes ago, TheCountOfNowhere said:

here are no end of HMOs round Northampton, the total rent prices are insane, like 2.5K for a terrace house where you can still rent a family home for < 1 K.

makes no sense what so ever.

The parasites running these HMOs must be some of the scummiest people ever to have lived.

Anyone with half a brain would collect all the local HMO residents and start a HMO rent strike/Protest.

I thought they did for chariddee

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3 hours ago, deadlyavenger said:

That seems a bit mean... only kidding, it's pi55 funny lolz :D

Indeed. This person took 5 family houses, maybe converted them into HMO's themselves. That means 20-25 people crammed in without a living room or control over who they live with. The owner almost certainly went bankrupt and so got nothing for themselves either. In the end they damagd the lives of 5 large famlies, 20-25 people who they rented the HMO to and their own. The only instituition who benefitted is the bank who sold the CDO/CDS. Who the hell is better off for this behaviour?

37 minutes ago, Freki said:

And this is before any of the S24 effects start kicking in

Exactly, how on earth did they manage to get in such a mess at this early stage? They must have been massivly over-leveraged. Scum is the right word for this 'investor'.

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23 minutes ago, doahh said:

Indeed. This person took 5 family houses, maybe converted them into HMO's themselves. That means 20-25 people crammed in without a living room or control over who they live with. The owner almost certainly went bankrupt and so got nothing for themselves either. In the end they damagd the lives of 5 large famlies, 20-25 people who they rented the HMO to and their own. The only instituition who benefitted is the bank who sold the CDO/CDS. Who the hell is better off for this behaviour?

Exactly, how on earth did they manage to get in such a mess at this early stage? They must have been massivly over-leveraged. Scum is the right word for this 'investor'.

The banks and the rich will have done well out of it tho.  

 

There's the real problem, not their idiotic front men.

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Not quite as simple as you are all imagining .... [it's worse]

pdf says "company let" and names prices with even tinier yields than usual. 2 years into a 5 year lease.

Or maybe 290 is for the lot? 20% would be a very reasonable expectation for someone prepared to take that lot on.

And the agent is in Islington?

The Schedule
PROPERTY DESCRIPTION PRICE EXPIRY DATE RENTAL PA TENANCY AGREEMENT
202 Hagden Lane, Watford,
WD18 7UD
Freehold
End of terrace house
6 bedrooms
2 bathrooms
£350,000 18/1/2019 £18,000
(£1500 pcm)
AST
3 year term
No break
The landlord reserves no right to increase the rental
income over the course of the current tenancy.
AWAITING ACCESS TO PROVIDE EPC

 

198 Hagden Lane, Watford,
WD18 7UD
Freehold
Mid-terrace house
6 letting rooms
2 communal bathrooms
Communal kitchen
Let as an HMO
£290,000
1/4/2020 £12,000
(£1000 pcm)
Company Let
5 year term
Tenant only break subject to one months’ notice
The landlord reserves the right to review the rent on a six
monthly basis and/or when the tenancy is renewed

 

17 Cassio Road, Watford,
WD18 0QR
Freehold
Mid-terrace house
5 letting rooms
2 communal bathrooms
Communal kitchen
Let as an HMO
£290,000
1/4/2020 £12,000
(£1000 pcm)
Company Let
5 year term
Tenant only break subject to one months’ notice
The landlord reserves the right to review the rent on a six
monthly basis and/or when the tenancy is renewed

 

37 Cassio Road, Watford,
WD18 0QP
Freehold
End of terrace house
6 letting rooms
2 communal bathrooms
Communal kitchen
Let as an HMO
£270,000
1/4/2020 £10,800
(£900 pcm)
Company Let
5 year term
Tenant only break subject to one months’ notice
The landlord reserves the right to review the rent on a six
monthly basis and/or when the tenancy is renewed

 

15 Woodford Road, Watford,
WD17 1PB
Ground floor flat
1 bedroom flat
First floor flat
1 bedroom flat
£330,000
1/4/2020 £12,000
(£1000 pcm)
Company Let
5 year term
Tenant only break subject to one months’ notice
The landlord reserves the right to review the rent on a six
monthly basis and/or when the tenancy is renewed

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