Landlord Objections to Rent to Serviced Accommodation

The Serviced Accommodation Property Podcast

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Not so long ago, Kevin posed an interesting question on Facebook. He asked landlords to tell him what their reaction would be if a potential renter told them that they wanted to use their property for serviced accommodation.

Today, he shares the answers he got and how he would counter the objections the landlords shared with him. How he would allay their fears so that they would still rent to him as a serviced accommodation provider.

Kevin also explains why the SA model works so well. In particular, why it is so good for cashflow and how it gets over the section 24 issue and enables you to take advantage of capital allowances.

KEY TAKEAWAYS

• Initially, most landlords say no to the idea of renting to a serviced accommodation business.
• There are many misconceptions surrounding how SA works, which makes some landlords unnecessarily fearful.
• The issue of people being in a property with whom the landlord has no direct tenancy can easily be solved. Kevin explains how in the podcast.
• Rental liability worries can be overcome if the SA is a proper company.
• Some lenders and leases do not allow SA use. Often, there is a way around both of these restrictions.
• SA landlords will need to buy additional insurance.
• If a landlord says no to you, ask them politely to explain why. Usually, you will be able to counter them.
• In most instances, there is no need for landlords to seek a change of use.
• There are no tax issues with SA, HMRC has tax arrangements that cover all types of SA lets.
• Guests do not have tenancy rights.
• You need to check your guests out properly and get a credit card from them.

BEST MOMENTS

‘The SA takes the property from the landlord or the owner, using a company letter agreement.’

‘It was suggested that there would be no insurance in place, actually there is. ‘

‘You need to be speaking to landlords and overcoming their objections.’

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/

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