Today’s episode of the Serviced Accommodation Podcast is all about turning guesthouses, B&Bs and hotels into apart-hotels. Something that Mark Hodgkiss has already done several times, so the information in this podcast is like gold dust.
It includes how to source properties, convince owners to sell, structure an exchange with a delayed completion deal, finance it, complete the transformation, and run the business.
KEY TAKEAWAYS
- Turning hotels and B&Bs into serviced accommodation (SA), should not be the first SA deal you do.
- B&Bs are typically found in central locations, undervalued and there are not many buyers.
- Adding rooms and improving the quality of the rooms can easily double profitability.
- Locals typically view this type of development favourably.
- Apart hotels are not 100% hands-off, but they are easier to run than you think.
- Adding kitchenettes makes them more attractive.
- You don´t have to necessarily wait until the business is put up for sale. Mark explains how to approach owners and put a business proposition to them that is hard to resist.
BEST MOMENTS
‘That will result in almost doubling of the business.’
‘It´s not set and forget, but it´s getting easier.’
‘If you can offer the tools to be able to fulfil what they need out of the sale you are in a good position.’
VALUABLE RESOURCES
Discovery Day Sign-Up Page -
https://progressivepropertyreferral.com/serviced-accommodation-discovery-day/amb0676
The Serviced Accommodation Property Podcast- https://itunes.apple.com/gb/podcast/the-serviced-accommodation-property-podcast/id1436005279?mt=2
https://propertysoldier.co.uk/
Serviced Accommodation Success by Kevin Poneskis
Rich Dad, Poor Dad by Robert T Kiyosaki
EPISODE RESOURCES
https://www.facebook.com/InHotProperty/
Property Log Chrome Extension - https://chromewebstore.google.com/detail/property-log/jccihedpilhidcbkconacnalppdeecno?hl=en-GB
Podio - https://www.podio.com/
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
kevin@propertysoldier.co.uk
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