In this episode, Kevin explains how serviced accommodation business owners can pivot should market conditions shift. He shares several strategies that he has himself used. Approaches anyone can use to exit the SA business or use their property portfolio to make money in a different way.
KEY TAKEAWAYS
Serviced accommodation is working well now and will continue to do so in the future.
Should market conditions change, there are ways for SA owners to reposition themselves and continue to earn. Kevin explains several of them in the podcast.
Most SA properties can be switched to being rented out to long term clients.
When buying properties, think through how else you could use them. Then, stress test it for those scenarios.
If you are thinking you might want to switch it to buy to let, make sure it will achieve the mortgage rent ratio.
Selling the property is another exit strategy. Especially if you have run out of capital allowance.
If you still have capital allowances left to claim, get the buyer to sign a 198 election, when you sell. Kevin explains why in the episode.
BEST MOMENTS
‘If you are doing a rent to service combination, you could give the property back to the owner.’
‘You could even ask the letting agent to find an alternative tenant to replace you.’
‘If I wanted to pivot in the future, there are easy ways to do it.’
VALUABLE RESOURCES
Sign up for Discovery Day - https://progressivepropertyreferral.com/serviced-accommodation-discovery-day/amb0676
The Serviced Accommodation Property Podcast
https://propertysoldier.co.uk/
Rich Dad, Poor Dad by Robert T Kiyosaki
Serviced Accommodation Success by Kevin Poneskis
ABOUT THE HOST
Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans.
Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.
CONTACT METHOD
https://en-gb.facebook.com/propertysoldier/
[email protected]
