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In this podcast episode, Kevin shares a mentoring call with Martin who already owns a serviced accommodation business. They discuss why transferring a sole trader-owned property to an existing SA company is not always the best approach. As well as talking through how financing options differ, depending on the ownership model.
They also discuss the pros and cons of creating your own SA management company. Kevin explains step-by-step how to track down and hire a good management company. Finishing up by discussing how to maximise each guest´s stay and explaining how to get started with the Aparthotel model.
KEY TAKEAWAYS
Martin´s company runs a mix of SA properties, including one that is owned by his brother.
Moving properties from private ownership to a Limited company is not always the best option.
It is possible to raise finance on property that is owned by a sole trader and get a great mortgage deal.
SA is a trading activity, so you can take advantage of capital allowances. This is the case even for a sole trader-owned property.
If a SA property is privately owned the capital allowance can potentially be offset against personal income.
Leveraging other people´s SA management skills makes sense. Kevin explains why in the podcast.
SA management companies know the market. You can leverage their knowledge to help you to decide where to buy next.
Running competitions on social media is a great way to gain traction and get your initial guests.
It is possible to buy a guest house on a lease-purchase option and turn it into an aparthotel.
The aparthotel business model brings many benefits including economies of scale.
BEST MOMENTS
‘Serviced accommodation is trading. It´s not investment income.’
‘Capital allowance creates a loss that you can offset against your income. ‘
‘If the property gets sold later on there is no clawback of the capital. ‘
‘I´ve never been more excited about property than I am now because of this model (aparthotel). ‘
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
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]
