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In this episode, Kevin speaks to Alan Bond, a former Royal Navy Engineer Officer who now works as a Maritime Design Consultant whilst simultaneously running a successful SA property business in Bath, UK.
Alan explains how Progressive SA training enabled him to legally reduce the firm´s tax bill by tens of thousands. They also discuss using SSAS pensions to build equity, which can be leveraged for future purchases.
KEY TAKEAWAYS
If you treat the business like a hobby, it will reward you like a hobby.
If you treat it as a business, it will reward you like a business.
Training is key. Ignorance is expensive. Day 1 of the Progressive SA course Alan learnt about capital allowances. This allowed him to offset over £200k in tax on a single property!
Alan’s highest-earning property has not paid a penny in income tax since it began trading and with the capital allowances still to come is unlikely to for a few more years.
Automate wherever possible to reduce the amount of administration time it takes. Learn the systems and processes.
Have a plan – Alan and partners have a 5-yr strategy to step back from the business, give up the day jobs, and allow one person to manage the business on their behalf.
Get involved locally – Alan is a committee member for BASCA the local area Self-Catering association. It opens doors to politicians and local councils where you can exert influence.
Use special-purpose financial vehicles like SSAS pensions to build equity to allow future purchases – guesthouses and B&Bs that are already classified as commercial property.
BEST MOMENTS
‘When you treat property investing as a business, it rewards you like a business’
‘SA is challenging and hard work but hugely rewarding’
VALUABLE RESOURCES
The Serviced Accommodation Property Podcast
https://propertysoldier.co.uk/
Rich Dad, Poor Dad by Robert T Kiyosaki
Serviced Accommodation Success by Kevin Poneskis
Audio Book Version of Serviced Accommodation Success
GUEST RESOURCES
Website - https://www.mipadbath.co.uk/
Alan´s email – [email protected]
ABOUT THE GUEST
Alan is a former Royal Navy Engineer Officer who now works as a Maritime Design Consultant whilst simultaneously running a successful SA property business in Bath, UK.
Alan began his property journey some 30+ years ago renting his own home to Royal Navy colleagues whilst he was away at sea. This was followed by a journey through student accommodation in Plymouth and standard buy-to-lets. Upon leaving the Navy he became a partner in a start-up property development company in Liverpool, which garnered him an appearance on TV’s Homes Under the Hammer.
By his own admission, he has probably made just about every mistake in the property investor handbook, including treating it as a hobby, buying off-plan, and buying in a foreign country...twice! Undeterred he happened upon a Progressive Property MSOPI event some 4 years ago and was intrigued by Serviced Accommodation. Fed up with the anti-landlord taxation rules that were becoming ever more onerous and spurred on by his latest dealings with troublesome tenants, he embarked on SA training believing the model would work well in his new hometown of Bath.
Along with his business partners - his wife Sarah, and another couple - he has been running the SA business in Bath for three and a half years now and has 4 properties in Bath and one in Cornwall, all owner financed. Alan tells of how despite the current COVID restrictions and the impacts of the global pandemic the business is performing stronger than ever, with current demand exceeding all expectations. Staycations have replaced international tourism, and this doesn’t look likely to slow down any time soon.
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/
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