Once we have a shortlist, the next steps help us determine which of these are viable for an HMO investment by looking at things like local amenities that would attract and appeal to your target demographic, existing demand in each area, and the high level financial viability for different sized projects.

Starting with stage 2.2, we’ll look specifically at creating heat-maps for each area – a visual guide to the desirability of different locations on your shortlist, and an early indicator of potential hotspots to begin your more detailed sourcing efforts.

Whether you prefer to create digital heat-maps or physical ones, the end result is the same and it’s a task I’d strongly suggest completing as the value can be huge.

For more information on this stage of the challenge, watch lesson 2.4 from the Inside HMO Investing Course.