The Harsh Truth About Running HMOs in Scotland with Angus Johnston
In this episode of the Scottish Property Podcast, Nick and Steven sit down with Angus Johnston, founder of LetUs, a Glasgow-based letting agency specialising in HMOs. Angus shares his fascinating journey from aspiring investment banker and full-time wedding singer to building a business managing over 120 properties – with a strong focus on the student HMO market in Glasgow.
Episode Highlights:
🏡 From Accountant to Letting Agent
Why Angus walked away from PwC and investment banking to sing full-time
How COVID derailed his music career and pushed him into property management
📈 Building an HMO Business from the Ground Up
How he started with 7 properties (including his own and his brother’s)
Scaling during lockdown with creative hustle and a sharp student focus
🔥 The Realities of Running HMOs in Scotland
Why group lets, not room-by-room, are the standard in Scottish HMO setups
How legislation, like the PRT, impacts lease structure and management
Common tenant challenges — from broken vacuums to surprise guests…
📊 Crunching the HMO Numbers
What it actually costs to convert a flat into an HMO (licensing, refurbs, furnishing)
Why capital growth in prime locations like Glasgow’s West End makes it worth it
The sweet spot for profitability (hint: 4- and 5-bed flats)
🏛️ Licensing & Council Process
The reality of 12-month lead times for new HMO licences
Key differences between existing vs. new licence applications
How to avoid pitfalls with HMO layout, kitchens, and fire safety
🛠️ Maintenance, Void Periods, and Managing Expectations
Budgeting £1,000+/year in maintenance and planning for 11-month lets
Managing expectations with tenants, neighbours, and property owners
The Scottish Property Podcast
A weekly podcast focused on keeping property investors informed and educated on the Scottish property market. Co-hosts Nick Ponty and Steven Clark share their own experiences, answer questions and talk to experts in the industry.
- No. of episodes: 283
- Latest episode: 2025-06-23
- Business
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