Richie Miller’s journey from Army officer to full-time property investor is a powerful example of scaling up strategically. Starting with a three-bed house, he quickly realised the potential of property investing and made the decision to go bigger. Today, he owns a 48-bed HMO in Sheffield, generating over £100,000 annual profit with no money left in.
From Small Deals to Mega Investments
Richie’s first step into property came after reading Property Magic and joining a mentorship programme. Initially, he experimented with rent-to-rent serviced accommodation, but quickly realised that HMOs offered a more predictable cash flow. Determined to replace his Army salary, he focused on larger, high-yield properties.
The 48-Bed HMO Deal
Richie came across a 48-bed HMO in Sheffield that had been sitting on the market for 18 months. Originally listed at £1.8 million, he negotiated a £300,000 discount, securing it for £1.5 million. However, a major setback occurred when his main investor pulled out, forcing him to find alternative funding.
Instead of walking away, Richie used his network to raise capital through joint venture partnerships and private investors. This allowed him to move forward with the purchase and begin renovating the property to increase rental income.
Overcoming Challenges with Smart Solutions
One of the biggest hurdles was financing the deal. Lenders required a track record of larger projects, which Richie didn’t have at the time. To overcome this, he partnered with a letting agent who had experience managing the property, allowing him to secure the mortgage.
Following renovations, the property was revalued at £3 million, allowing him to refinance, repay investors, and leave no money in the deal—all while generating a six-figure annual profit.
