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