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In this Q&A podcast, Kevin speaks to Mark Ormrod MBE for the 2nd time. He is a former Royal Marine and an Invictus Game athlete. As well as a motivational speaker, author and until recently he worked for a charity.
During that time, he also invested in Buy to Let property and is now finding out more about moving into the field of Serviced Accommodation. Using a Q&A format Kevin shares details of how to do that successfully despite the current climate. They discuss Mark´s latest purchase, then dive into how to run a serviced accommodation business in as much of a hands-off way as possible. Including how Mark could use the properties that he already owns to do this. As well as how to do rent to SA, which requires practically no upfront cash to set up. Finally, Kevin covers the whole lease purchasing method, in detail. Then wraps things up by explaining how to finance all kinds of properties and reoccurring income generating models.
KEY TAKEAWAYS
Picking up buy to lets when he saw a bargain is how Mark started his property portfolio.
Earning a completely passive income from the property business is not possible. But you can do it in a semi-passive way that creates reoccurring income.
It is normally easy to convert a buy-to-let property to serviced accommodation.
If you want to avoid the stag and hen crowd, don´t invest in and create the type of properties they like.
The SA model enables you to use capital allowance to keep your tax bill low and avoid the issues surrounding section 24.
You can work with a SA management accommodation company or do a joint venture to make things more hands-off.
For a letting agent renting to Limited company owners brings benefits, so you are an attractive proposition.
Stay between 70 and 80% occupancy for short stay SA. Kevin explains why in the podcast.
You have to be careful about doing SA by the room, you can end up being categorized as C1 commercial (B&B) which creates serious issues.
Because you pay a SA management company by results, they will advise you about the best area to invest in.
There are mortgages available for SA properties.
BEST MOMENTS
‘I want the freedom of growing my portfolio creating that … semi-passive income.’
‘I was amazed by the cash flow that I was getting from the exact same bulk standard properties (SA). Five times the buy-to-let cash flow. ‘
‘You can actually get mortgages now that allow serviced accommodation and buy to let on the same product. ‘
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
GUEST RESOURCES
Man Down by Mark Ormrod
Mark Ormrod website
Facebook
Instagram
Twitter
LinkedIn
#No Limits Podcast
ABOUT THE GUEST
Mark Ormrod MBE is a former Royal Marine and a multi-medal-winning Invictus Games athlete. In Afghanistan, Mark lost 3 limbs when while on foot patrol he was caught in the blast of an improvised explosive device. He overcame his injuries and regained his mobility and went on to win four gold, 4 silver, and 3 bronze medals across 2 Invictus Games. He is also an experienced property investor and has worked for 10 years within the charity sector.
Mark has taken his experience of overcoming huge challenges and is now helping others to do the same, through motivational speaking and his award-winning auto-biography Man Down.
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]
