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Property can look straightforward from the outside. Find a deal, add value, refinance, repeat. But anyone who’s actually building a business in this market knows it’s rarely that simple. In this episode, I sit down with Adriana Cafasso, an investor operating in the North East who’s scaling both her own portfolio and a high-volume, end-to-end investment business. She’s not watching from the sidelines - she’s actively acquiring, refurbishing and structuring HMO and mixed-use projects in a market that’s becoming more competitive and more regulated by the month. We talk about how she moved from law into property during lockdown, the early setback that could easily have knocked her out of the game, and what changed in her approach as she moved from “trying to do a deal” to building a proper operation with the right partners and systems around her. This is a practical conversation about execution, decision-making and staying consistent when results don’t come overnight. 🎯 What You’ll Learn • What it really takes to build and scale an HMO business in 2026 • The hard lessons Adriana learned from an early deal that went wrong • Why consistency and visibility can create opportunities before you feel “ready” • What “good sourcing” looks like (and why most deal packs aren’t good enough) • The key ingredients of a strong HMO deal: cash flow, capital recycle, and location fundamentals • What Adriana is seeing on the ground in the North East and how she’s adapting to the market If you’re building or planning to build a HMO portfolio in today’s environment, this episode offers a realistic perspective from someone actively doing the work. Learn more about Adriana Cafasso here: / adriana-cafasso-470b83180 💻 Resources & Mentions • Book a Strategy Call: If you’d like my direct input on your current or next project, you can book a complimentary strategy call with me here: https://thehmoroadmap.lpages.co/mento... • 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: https://thehmoroadmap.co.uk/elearning/ • Facebook Group: Got questions or need support? Come and connect with 10,000+ investors inside The HMO Community here: / thehmocommunity • Social: Follow me on Instagram for daily HMO tips, advice, and behind-the-scenes updates here: / andygraham.hmo If you enjoyed this episode, hit subscribe to get notified of new videos every week!