This week, Samuel Leeds gave US a very helpful video from his home town in Lichfield city centre!
He told us the 3 things YOU need to CONSIDER when you buy a property to rent as (SA) Serviced Accommodation!
Serviced Accommodation is a strategy that can generate thousands of pounds PROFIT each month!
So, let's take a read!
1. GET THE A CORRECT LOCATION FOR MARKET!
If you are renting out a property for Serviced Accommodation purposes, the location you do this in is CRUCIAL!
You need the correct location for market, and be in the right area! This area also doesn't have to be touristy - so long as there are people that work, there are jobs and community, it'll work perfectly fine!
Samuel advises that the top 3 BEST PLACES for Serviced Accommodation are:
Samuel also recommends speaking to AVIVO - they can help you get onto booking.com, Air B'nB and even give you advice on areas with the highest demand and market!
Sound good? Now, let's get on to point 2!
Is the property accessible?
Your property needs to be in an area and a position where you can systemize it! There is no reason for you to need an HMO Manager! Sound good?
And even better, you DON'T need to be the person who let's your guest in! You can get a KEY SAFE for your property.
Lesley, one of Samuel Leeds Academy Members, let him in on a little trick!
"Rent a car park out, and put the key safe there".
From that tip alone, Samuel has made THOUSANDS!
Also remember - make sure the rooms in your property are SELF-CONTAINED!
3.GET THE CORRECT PERMISSIONS!
You need to make sure that, if you are LEASING a property/ apartment, that the lease hold DOESN'T forbid you leasing it out as Serviced Accommodation.
You can work around this, easily AND honestly. Talk to the owner, use MAGIC words and see what compromise you can come too. You can also use SHORTHOLD AST Contracts OR rent the property/apartment to a company, a company that YOU own and then the company does it as Serviced Accommodation!
Samuel recommends you to be HONEST, LEGAL AND ABOVE BOARD!
And remember, you NEED permission from your mortgage company... be upfront!
Good video? Well, there's alot more where that came from!
Head over to Samuel Leeds Youtube channel and subscribe to keep updated with ALL property, crasg course and personal development videos! >https://www.youtube.com/channel/UCS6SES6btXx2tVFzWy4oToA?sub_confirmation=1