Richard Stone has been in construction for more than 40 years and has completed over £300 million worth of property and 3500+ refurbs. In this podcast, he shares his wealth of experience to help you to maximise your profits. This episode is particularly useful for those wanting to move into commercial conversions for serviced accommodation.
He covers how to comply with construction HSE and CDM regs. The CIA tax scheme. Hiring the right contractors for the price, scaffolding, and getting accurate design drawings without paying a fortune.
KEY TAKEAWAYS
- All refurbs are construction projects, so you must comply with the regulations for that industry.
- Complying with HMRC´s CIA scheme removes any danger of your having to give HMRC 30% of your labour costs.
- Paying contractors using the CIA improves cash flow and helps you to employ decent workers.
- Take references and always check the person has the qualifications and experience they claim to have.
- Providing contractors with detailed drawings and specs pays dividends.
- Don’t just buy on price, satisfy yourself that the firm can complete the job properly for that price.
BEST MOMENTS
‘If you are in property and you are doing refurbs, you are in the construction industry.’
‘Getting the right set of drawings done on any job will save you money, you don't have to go and spend £10,000 on an architect.’
‘Systems save you sanity, time, emotion, and your mental well-being.’
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
GUEST RESOURCES
Instagram - https://www.instagram.com/rmstone2011/
LinkedIn - https://uk.linkedin.com/in/richardmstone
Website - https://richardmstone.co.uk/
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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