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4 Different Ways To Do Serviced Accommodation
Manage episode 413133241 series 3504934
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On Todays Podcast Mark discusses 4 ways on how to do Serviced Accommodations.
Firstly we have to make sure we are on-top and cover all the regulations. You can buy a property/flat and operate it as a Service Accommodation, however if you get it on a mortgage you have to ensure that you are allowed and have got permission from the mortgage broker to operate it as a Serviced Accommodation.
Do not cut corners and turn a blind eye to this just to save money as this could result in hefty fines and sanctions and also in most scenarios where the lender asks for the money back which means you would have to sell the property.
Do not buy a house cash unless you will be refinancing it, you need the cash the put as many deposits down which will help you grow and earn much faster.
One of the best cost effective ways is to do joint ventures, helping a busy landlord who has not enough time to manage the properties. You could offer an incentive where you only ask for your split once the landlords cost are cleared
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