Stop Guessing, Start Measuring: 14 Data Points That Drive a Profitable Property Business

In today’s episode, I break down the 14 key numbers every serious HMO investor should be tracking — the exact metrics that separate property owners from true property business owners.

Over the years, I’ve seen countless investors who know their rent roll but have no idea how their portfolio is actually performing. In this solo deep dive, I walk you through the essential calculations, from yields and ratios to returns and risk measures, that reveal how efficient, profitable, and resilient your business really is.

If you want to move from managing properties to running a professional property business, grab a pen and paper because this one’s packed with insight, examples, and actionable steps you can start using today.

🎯 What You’ll Learn

• The 14 must-know financial metrics for every HMO investor
• How to calculate and interpret gross yield, net yield, and ROI
• The difference between return on investment and return on capital employed
• How to measure efficiency with operating cost and gross-to-net ratios
• Why your debt service coverage ratio matters to lenders
• How to benchmark deals using cost per room and £ per square foot
• The simple occupancy formula that reveals the health of your portfolio
• How to make confident, data-driven decisions about your next deal

If you’re serious about building a real property business that performs like a business, not just collecting rent, this is the episode for you.

If you enjoyed this episode, hit subscribe and drop a quick review on Apple Podcasts or Spotify - it helps more investors find the show!

💻 Resources & Mentions

• Mentorship: Ready to take things to the next level? Apply to join my 1-2-1 mentorship programme here.
• The HMO Roadmap: Feeling overwhelmed? Access 400+ tools, templates, and lessons to help you start, scale, and systemise your HMO business - all in one place. Join here.
• Facebook Group: Got questions or need support? Come and connect with 10,000+ investors inside The HMO Community here.
• Social: Follow me on Instagram for daily HMO tips, advice, and behind-the-scenes updates here.

Transcript

Andy Graham (00:02.671)

Hey, I'm Andy and you're listening to the HMO Podcast. Over 10 years ago, I set myself the challenge of building my own property portfolio. And what began as a short-term investment plan soon became a long-term commitment to change the way young people live together. I've now built several successful businesses. I've raised millions of pounds of investment and I've managed thousands of tenants. Join me and some very special guests to discover the tips, tricks and hacks, the ups and the downs, the best practice and everything else you need to know to start, scale and systemise your very own HMO portfolio now.

Andy Graham (00:40.654)

Most investors can tell you their rent rule, but very few can tell you how the business is actually performing. And that's the difference between running properties and running a property business. In today's episode, I'm breaking down the 14 different numbers that every serious investor should be tracking. These are the numbers that tell you how efficient and how profitable and how resilient your portfolio really is. Now, I'd recommend you go and grab yourself a pen and a pad right now because there's a lot to get through and you really want to make sure that you know this stuff. Let's get into it.

Andy Graham (01:11.952)

Hey guys, it's Andy here. We're going to be getting back to the podcast in just a moment, but before we do, I want to tell you very quickly about the HMO roadmap. Now, if you're serious about replacing your income, or perhaps you've already got a HMO portfolio that you want to scale up, then the HMO roadmap really is your one-stop shop. Inside the roadmap, you'll find a full 60 lesson course delivered by me, teaching you how to find more deals, how to fund more deals and raise private finance, how to refurbish great properties, how to fill them with great tenants that stay for longer, and how to manage your properties and tenants for the future. 

We've also got guest workshops added every single month. We've got new videos added every single week about all sorts of topics. We've got downloadable resources, cheat sheets and swipe files to help you. We've got case studies from guests and community members who are doing incredible projects that you can learn from. And we've also built an application just for you, that allows you to appraise and evaluate your deals, stack them side by side and track the key metrics that are most important to you. To find out more, head to theHMORoadmap.co.uk now and come and join our incredible community of HMO property investors.

Andy Graham (02:22.253)

Welcome back gang! So here's the thing. Most investors know what comes in. Measure the performance of the business on the bank account. How many pounds are in the account every single month? They can possibly even tell you the gross rent. Maybe even their monthly cash flow. But ask them how the business is actually performing. The true yield, their efficiency ratios, the return on capital. Well, I can bet they probably can't answer. Now, if you can't measure this stuff, you can't possibly manage your business. And this is the difference between being a property owner and being a property business owner. 

In today's episode, I want to walk you through the 14 numbers that matter most. These are the numbers that reveal how strong your performance really is, whether you're profitable, whether you're exposed, and it'll help you make better decisions with confidence when you know this stuff. There's a lot of confusion. We're going to talk about a number of different things and there are lots of abbreviations. I didn't make them up, so don't shoot me, but I see a lot of confusion on a daily basis about how to use and interpret this information. 

Today, we are going to clear it all up and you are going to master it. We'll use one clear and simple example of a six bed HMO property. We're to keep the maths light. We're going to round the numbers up. That'll make today's episode a little bit easier. And by the end of this, you will know exactly how to analyse your portfolio like a boss. So without further ado, let's get straight into it. 

The deal that we're going to use today is a six bed professional HMO. This is completely made up. 2000 square feet property in a typical regional city fully let to working tenants. Occupancy is around 95%, which is about right. If you're always 100%, you're probably underpriced. Each room rents for 700 pound a month, giving you 4,250 pounds per month or 51,000 per year in gross rent, if I've done my maths right. Now, operating costs, all your bills, management maintenance and voids.

That's going to come to about £15,000 a year. The mortgage is £300,000 at 6 % interest. So that's about £18,000 a year in finance costs. After everything, you're left with £18,000 a year net cashflow or £1,500 per month. That's £250 per month per room. Don't worry about remembering any of that. I just want to set the scene. So this property.

Andy Graham (04:44.634)

that we've just described. It's worth £400,000 now. You have a mortgage of £300,000, so a 75 % loan to value mortgage. We've got an income of £51,000 a year. We've got a lot of expenditure and our net income at the end of the day is £1,500 a month. So that's the base we're going to use for all of the numbers today. So there are 14 different numbers and I'm going to walk you through them all today. Some of these you will absolutely be more familiar with than others, some less so, but it's knowing them all and utilizing them all in the right way that is most important. 

So if you haven't already got that pen and pad, trust me, now is the time to get it because we are going to be doing a little bit of maths together and you probably will want to make some notes. So let's get things kicked off. Let's start with a nice easy one. The first thing you should know is your gross yield. So what is gross yield? Well, gross yield is your top line return. It's basically the rent, divided by the value of the property. 

So in this example, the gross rent is fifty one thousand pounds. We're going to divide that by four hundred thousand pounds and that will give you a gross rent of 12.75%. Very nice. Very sexy indeed. I'd be really happy with that. Now this is fine for comparing properties quickly, but this is absolutely and by no means whatsoever a measure of profitability or performance. Gross yield is often used by agents and sellers. It's an easy way to very quickly benchmark the possible performance of a deal. But of course, everybody's overheads are different. The next thing is the net yield. The net yield tells you how the property is really performing before debt. So let's take that 51,000 pounds of rent every year.

Let's minus off our 15,000 pounds of operational costs. And that gives us a 36,000 pounds net income. 36,000 pounds divided by the property's value 400,000 pounds is 9%. Again, if I've done my maths right, that's your property's true net yield. And it's what long-term investors watch most closely. This gives you a really good idea about the general health and the general stability and the overall

Andy Graham (07:04.624)

performance and safety of your asset. The higher that net yield, the better. But in reality, net yield is sometimes offset by things like rental confidence. So for example, if you are operating HMOs in a very, very popular location with huge demand and a massive track record, then it's very likely that you paid quite a bit for that HMO. And it's very likely that because of that, you will have put more money into the deal. You'll have more cost to consider, but at the end of the day, your net yield will be a bit lower. 

So everything has to be taken into context and you can't necessarily just compare like for like the net yield of a property in the Southeast to a property in the Northwest, because there are other things that need to be taken into consideration. Again, this is just one piece of data. It's an important one. It's really useful to help interpret many things, but you have to use it in connection and conjunction with many other things.

So that's the net yield. Let's talk about the gross to net ratio. Now we're probably moving on to stuff that you haven't even thought of, I suspect in most cases, but most of you guys tuning in today and that's fine. But the gross net yield is a calculation where we essentially look at the relationship between the gross and the net yield. So in this scenario, the net yield is 36,000 pounds and we're going to divide that by the gross return, which is 51,000 pounds. And that gives us a figure of 71%.

Now in that example, that means we're keeping 71% of every pound that comes in. This is before mortgage costs, okay. But that is a healthy performance. HMOs usually see it between about 70 and 75%. Now this is just a nice piece of data to have on your spreadsheet. And again, in conjunction with everything else that we're going to work through today, it can be really, really useful. 

So moving on, the next piece of data that I want you to make sure you understand is your operating cost ratio. So, the other side of the coin, if you take 15,000 pounds, that is your net operating cost, and you divide that by 51,000 pounds, which is your gross income, that gives you a figure. As a percentage, in this example, that is 29%. That is what it's costing you to run the property before your mortgage costs. 

Andy Graham (09:28.084)

Now, when that figure starts hitting about 35 to 40%, it's probably time to think about tightening up your management costs, maybe reviewing your utility contracts, maybe look at whether or not you could be overspending on maintenance allowances. But that's a really nice figure just to keep in check. It will wax, will weigh in, it will change through different times of the year. But once you start collecting assets and you start measuring the performance of your portfolio, this is the exact sort of thing that you really want to be paying a lot of very close attention to. So that is your operating cost ratio. 

Next is the cost per room. Now I think that this is such a great piece of data and so few people in this space really use it to its full efficiency. It helps you very quickly ascertain what things are worth and what things can be worth. So cost per room on purchase. In this example.

Let's assume we bought the property for 200,000 pounds. We'll have done a refurbishment for 100,000 pounds, 300 all in, and then it's worth 400,000 pounds. But in this example, if we paid 200,000 pounds for the property, we have managed to get six rooms out of it. That is 33,000 pounds per room. Now that sounds a little bit low because in reality, this was probably a five bed property that we turned into a six bed. 

So the reality is if you are buying, let's say a going concern and off the shelf HMO, you'd expect to pay more than that in most parts of the country. But nevertheless, the point is pertinent. Cost per room is a really good indication very quickly at a glance, you can try and establish with the rest of the data we're going to talk about today, whether or not something looks like good value. And I use this all the time when I'm just scanning and screening the market. When anybody comes to me with a deal, and they talk to me about the purchase price and the number of rooms, I'm immediately doing a quick calculation to figure out, okay, this is what you're paying per room. 

And as we walk on through today's episode, you'll figure out why that's a good clue as to whether or not at an early stage, this is likely to be a good deal or a bad deal. It's your acquisition benchmark at the end of the day, and it's useful when you're comparing deals or areas. Spend per room. This is a great figure, and very few people accurately track this. The more properties you have and the more

Andy Graham (11:52.052)

your portfolio grows and the more you spend, the more this data will become important to you. So spend per room. Let's assume in this example, we have spent a hundred thousand pounds on the refurbishment and that is to create six rooms. That again, my maths is right. That gives us a figure of about 16,700 per room that we have spent. That is our conversion spend. If you're consistently over 20,000 pounds, you probably overspecing or dealing with tricky layouts. 

Now that is a very broad brush comment and it doesn't mean to say you can't spend more. You certainly can. I'm using some very general and rounded figures here, but a hundred thousand pounds to create six rooms is a pretty good kind of down the middle figure. I know a lot of our listeners and community members are doing big back to brick refurb with extensions and lofts. They are going to cost more and that is fine. What's important is how all of these pieces of data sit together in the spreadsheet. But as a general rule, that is a good indication and that is how you work out the spend per room. 

Okay. All in cost per room then. This is essentially what it's cost us to buy the property and refurbish it to create each room. So we've got six rooms and we're all in for 300,000, 200 purchase, 100 on the refurb. Nice round numbers again. Remember this is a made up example, but for the simplicity of today's episode. We're all in for 300. And if you divide that by the six rooms, that's 50,000 pounds per room. That is actually what it's costing you to create those six rooms. Now, this is a really important one to try and figure out before you commit to anything. If you can't make the deal stack at 50,000 a room, then it's probably not ever going to work at all. 

What that means is if you're going to spend 50,000 pounds per room, but actually you look across the market and you can't see any examples where that has been achievable on resale. You might struggle. Now, if you're buying professional HMOs and you're pursuing commercial valuations, you might take a slightly different position and you might be able to push it. But for example, if you're buying something really prime in a student location, if you pay over the odds for the room on day one, doesn't matter what you do and spend you'll

Andy Graham (14:12.212)

probably struggle to see that back on a revaluation if you don't increase the number of bedrooms. And that brings us very nicely on to value per room. Now this is a post refurbishment figure. So in this example, this case study, the property value once we've finished the works is 400,000 pounds. And if you divide that by the six bedrooms, that gives us a figure of 66,700 per room. That is your revaluation metric. 

Now, you've effectively in this example created 16,700 pounds of equity per room, which is a really clear indicator of value creation here. And this is why I love this stuff so much. So remember if our all in cost per room is 50,000 pounds, 300,000 pounds is what we've spent to buy and refurbish the property. So each room has cost us essentially 60 grand, but our value per room post refinance, post refurbishment, if that new value takes that room rates up to sixty six thousand and seven hundred per room. 

That value add is sixteen thousand seven hundred pounds per roommate. It's a clear indicator that you have created some value and that is incredibly important here. OK. Now we're moving on to a couple of things you probably will have heard of. But this is where people start to get really confused. So return on capital employed. This for me alongside net cash flow and net yield is the most important thing, this is a great and broad indicator of how well this deal is performing for you because it takes into account a number of different things. 

So first of all, we're going to look at our net cashflow and we're going to divide that by how much capital we have got left in the deal. So in this example, let's go back and remind ourselves of what that net cashflow was per year. We said it was 18,000 pounds that this would perform at. So we take our net cashflow 18,000 pound a year, and we're to divide that by the amount of capital that we have left in this deal. Now let's just assume in the deal we've left 20 grand in it. Okay. The relationship there is sort of 20,000 divided by 18. It's kind of 90%. Right. We're getting almost a hundred percent return on capital in that first year. If our net cashflow was 20,000 pounds in that first year per annum,

Andy Graham (16:37.85)

And we had left 20,000 in, then our return on capital employed is, you can see, 100%. If we had left no capital in the deal, then any amount of cashflow that we generate is actually infinite. Those deals are pretty difficult to engineer. There are few and far between. I've seen many done, but it's not realistic to scale the portfolio on that basis. But the return on capital employed is just a really good indicator. 

Now, to give you some sort of context and a bit of a benchmark to work from, if you went and bought a really primes student HMO off the shelf that was up and running, a going concern you would expect with some sensible leverage and debt that your return on capital employed would probably land somewhere within the 12 to 15 % return on capital employed region. If you add a little bit of value, but not a huge amount of value, you might be able to bump that up to 25 or 30%. When you're above 30%, your performance is really, really good. 

And remember this is a 30 % return per annum for every pound you leave in the deal. If you benchmark that against something like the stock market, you're getting far better than maybe the five or six percent you get in the stock market. So it's always useful just to give yourself a little bit of context here because 100 % seems to be the figure that we're all chasing. But the reality is that is not the definition of a good deal. Good deal, I think, is anything sort of upwards of 25 % in my opinion and anything even around 12 to 15%, depending what you're buying is perfectly reasonable.

So that's the total project return. It's the amount that you're getting back is the earning that you are getting on every pound that you leave in the deal once you've bought it, refurbished it and refinanced it. 

Now let's talk about return on investment. This is where some people get a little bit confused and they tend to use these figures interchangeably. Return investment is a bit different. Return on investment is your capital uplift on your spend. So in this example, we have spent 300,000 to buy and to refurb the property, right?

And our capital uplift is a hundred thousand pounds. That's the net equity gain that we have created. So a hundred divided by three hundred thousand pounds is 33%. That's our ROI return on investment. Can you see how that is a very different figure to your return on capital employed? Your return on capital employed is the relationship between the capital you've left in the deal after everything has been refinanced out.

Andy Graham (18:58.916)

And the money that you are generating net on a monthly basis, whereas return on investment is slightly different. That is capital uplift against the amount of money that you've actually spent to create that investment in the first place. So generally speaking, you want to be looking at both of these alongside all of the other bits and pieces in today's episode. This is a great figure when you are pitching deals to investors, when you're trying to share performance or trying to predict performance or trying to report on performance. 

Moving on. Debt service coverage ratio. Now this is something that the banks are very interested in and we're fortunate as HMO Investors because we are affected less by this, generally speaking, because our properties are higher yielding. But what is debt service coverage ratio? This is essentially the relationship between your net income and your mortgage debt repayment, your interest payments every single month. 

So in this example, I think we said that we were doing gross 51,000 pounds a year. We were spending 15,000 pounds on OPEX. So that's our operating overheads. And that gives us a figure of 36,000 pounds net before mortgage repayment. And the mortgage repayments in this example were 18,000 pounds as well. So we're going to take that 36,000 in rental income, which is your net rental income. 

So it's your gross less your OPEX. So it's 36,000. And we're to look at the relationship between that and the mortgage interest repayment every single month, which is 18,000 pounds. So clearly here, that relationship is 36,000 divided by 18,000, which is two. So the debt service coverage ratio in this example is two. The banks typically like to see 1.25. And some particularly expensive properties with relatively low yields, for example, London.

That is often quite difficult to achieve even at 1.25 % where you've got very high value properties and relatively low rents. It can be quite difficult to achieve that because of stress testing at the minute, because interest rates are quite high, mortgage repayments are higher. So that is your debt service coverage ratio. This is a great figure to have in there because this is again, indication of the general health and risk profile of your portfolio. Taking everything into account, it's really useful to see this alongside it because

Andy Graham (21:22.536)

Just tells you how much scope there is if your OPEX started to increase, if interest rates went up, if your rent or occupancy came down. It's a nice figure to see. And that is the one where if you start to slip and you had issues, the bank would get funny and they might want to change the parameters of the loan or you might struggle to refinance. Gross loan to gross development value and loan to value calculations. 

So, this is a really useful calculation and this tends to get used at the front end of the deal. So let's just assume for a second that you are going to borrow 100 % of the cost to buy the property, which was 200,000 pounds and then do the refurbishment, which was 100,000 pounds. So you are going to borrow 100% of that 300,000 pounds worth of cash that you need to buy and refurbish this property.

If you take that loan and you divide it by the gross development value, which you are anticipating will be 400,000 based on all the data that you've seen, that gross loan to GDV calculation is 75%. Basically you're borrowing day one up to 75%. Now that's just a useful metric piece of data to have at hand when you're going into a deal. If you're going to the high streets to raise finance from let's say a bridge lender or a development lender, they're unlikely to actually give you 75% loan and gross development value, but you might get 60, you might get 65%. 

You might, if they really want to do the deal, you might get 75%, although I think it's unlikely, but it's just good to know because that way you can sort of project how comfortable and how much appetite lenders are likely to have from day one. Obviously the higher that percentage, the more risk is going to be perceived in that deal in case your numbers are wrong.

Okay. Moving on then this one, I love, I've talked about it on the show many times before, and that is of course, pound per square foot or pound per square meter. Your cost in this example is £200,000 to buy the property. If you divide £200,000 by let's assume that the property is 2000 square feet, then it's a £100 a square foot. You can do the same calculation at the end of the deal at the backend. So if the property is now worth £400 and

Andy Graham (23:37.327)

It's still 2000 square feet because you haven't extended it. You've just converted everything inside. Then your value is 200 pound square foot. You've sort of effectively doubled it. You get the idea, but the point is that pound per square foot is a really useful piece of information when you're desktopping anything because you can very quickly compare and benchmark if you are whizzing through Rightmove and Super and looking at listings and floor plans. 

If you are unsure about whether or not something looks like good value or what it might be worth. If you know what the square footage or the square meterage is, and you already understand what average data is from other sold properties in the location, then you can very quickly gauge whether or not the property you're looking at and interested in buying looks like good or bad value for money. 

And if you know that stuff at a premium, stuff that's just been refurbished can really achieve those higher pound per square foot and you're looking at something that's really, really cheap, then that's a great arbitrage model. That's exactly what you're looking for as an investor and developer who's trying to raise capital. Commercial to residential development is a great example of that. I tried to buy buildings that are around about 50 pound per square foot commercial and to try and convert them so that they're worth anywhere between three and 600 pound a square foot. 

And obviously, if there's a build cost in the middle that you have to apply to that, a pound per square foot might be 200 pound for new build, maybe a hundred pound for conversion, but it's an arbitrage model X plus Y equals Z. And you want to make sure that there's enough scope in the deal to see some sort of a profit. So that is pound per square foot. 

The next one, the very last one is occupancy rate. If you've got 5.7 rooms let out of the six in this example that we're talking about today, that is about 95 % occupied. If that's your average room occupancy over the course of the year, that's 95%. Now, ideally you'd be hitting 96%, but this is a really, really acute piece of data. You can be measuring this right down to the day. And I would recommend that you do, you absolutely have that sort of information at hand. This is one of those things that can very quickly get sort of overlooked.

Andy Graham (25:56.027)

You might know that you've got a void. You might know that there's a cost to it, but do you know exactly what that cost is? And often the cost can be a lot greater than you think it is. And I really want to point this one out because I've seen many, many times people try and be really pushy on rents, really try and get that extra 50 or 25 pound per week for a room and it sticks and they hold out and they want to get it because that's what they got before.

Or that's what one or two other rooms in the location have rented for. But maybe the market's changed. Maybe it's Christmas and there just aren't that many people looking to move at the minute. If you hold out for too long, that £25 or even £50 a month extra that you were hoping to get gets completely eroded by the fact that you've left the property empty for four or six weeks. It's actually false economy. You're much better to actually not increase the rent. You're much better to soften the rent just to try and get people through the door or do some sort of an incentive, maybe some sort of deal to get them in maybe half months rent free and then get them onto something just to fill that room. 

So be really, really careful. But the only way you'll actually know is if you are measuring this information, you cannot manage it if you're not measuring it. You'll always have small gaps for changeovers, bits of maintenance, and that's perfectly fine. The objective is not 100%. That is more or less impossible.

And if you are full for the whole year and you're not getting any empty rooms, then it's probably because your rooms are a little bit cheap in the first place and nobody's stupid enough to actually even think about moving. So make sure you are keeping your rents at a sensible and competitive level, but at the right level. So there we go, guys. I told you there was quite a bit today and you'll probably need to listen through today's episode more than once to make sure it's all sunk in. But let's just recap very, very quickly. 

Gross yield, the relationship between your gross rental income and the properties value. The net yield is the relationship between your net rental income, which is your gross rental income less your OPEX. And that is the relationship between your net rent and your properties value. That's your net yield. Gross to net ratio is the relationship between your net rent and your gross rent. So in this example, 36,000 divided by 51,000, sorry, is 71%. And you want to be aiming for somewhere between 17 and 75%.

Andy Graham (28:17.533)

Your operating cost ratio, that is your OPEX, in this example, 15,000 pounds divided by your gross rent, in this example, 51,000 pounds, which gives you a figure in this example of 29%. When that's hitting 35, 40%, you probably need to look at tightening things up. Cost per room, that's the purchase price of the property divided by the number of rooms that it has. Spend per room, that is your refurbishment cost divided by the number of rooms that you have created. 

You're all in cost per room, is your purchase price plus refurbishment divided by the number of rooms that you have created value per room. That is the value of the property divided by the number of rooms that you have got at the end. Your return on capital employed. That is your net cash flow divided by the amount of capital that you have got left in the deal, return on investment. That is your capital uplift in this case, a hundred thousand pounds divided by the amount that you spent to buy and refurbish the property to get it to the point of refinance, which in this case was £300,000. 

Your debt service coverage ratio, that is your net income divided by your interest repayments. Your gross loan to development value, that is your total debt cost as a proportion of your GDV. Pound per square foot, that is of course what the property that you're buying is costing on a pound per square meter or a pound per square foot basis and you can apply the same maths to the finished product as well and you can look for an arbitrage between the two. 

And then finally the occupancy rate, how many rooms and for what period and duration of the year are they actually full expressed as a percentage and you want to be hitting that 96% figure at least. 

So there you have it guys, 14 different numbers that you should be tracking if you want to be managing your business better. I think that these numbers and figures really do define a professional property business. And here's the truth, most people are tracking their income, but not the performance. They can tell you what they earn, but not how their business and their properties are really doing. And that's why so many investors end up with portfolios that look busy, but actually aren't performing well at all. Now, when you understand these numbers and you track them properly, which is more important,

Andy Graham (30:36.615)

You can stop reacting and you really can start managing. You can make better decisions. You can spot problems sooner. You can build a business that actually performs like a business. These just aren't nice to haves. Honestly, these are the absolute necessities. They give you an idea on the health and the performance, the whole operation, profitability, efficiency, resilience, all that data is in your control. You just need to be measuring it so that you can manage it.

That is it for today's episode guys. Thank you so much for tuning in. I hope you've enjoyed it. I hope you found it useful. Make sure you put this stuff to work. Now, if you want to level things up and put all of this stuff to work, then get yourself over to thehmorodmap.co.uk. Now get yourself signed up as a member and go and watch my lessons about deal analysis and advanced deal analysis. Execution is the important bit here. Knowing it isn't quite enough. You've got to put it into practice. 

And there were loads of videos by me waiting for you and you can start applying this to your properties and your business right now. Plus get your hands on everything else inside the HMO roadmap that we have got to offer. Trust me, it'll blow your socks off. That's it guys. Thanks again. And don't forget that I'll be right back here in the very same place next week. So please join me then for another installment of the HMO podcast.