Happy Sunday, fellow property investors! In this episode, Samuel discusses what to look for when doing rent to rent or rent to serviced accommodation, what skills are essential to succeed in property and much, much more! Are you doing rent to serviced accommodation or rent to rent? How are you finding it? Watch this video and get some tips to improve your business strategy.
Tips for Rent to Rent and Rent to Serviced Accommodation
For rent to rent, you need to get the landlord or owner on your side. So many people find a great opportunity online, they will do tonnes of research and bags of due diligence, building the value proposition case for themselves but they won’t do the basic thing of contacting the landlord or owner. If you’re doing rent to rent or rent to serviced accommodation, contact the landlord or owner first so you know they’re actually interested in such a deal. If they say yes, then you need to work out if the mortgage needs changing to be right for the new use (maybe you’re turning it from a single-use house to an HMO), you also need to make sure the property is compliant for the new usage. You can find out about these things by Googling the rules in that area.
What skills do you need to succeed?
There are a number of qualities a great business person must have to succeed. However, if we’re thinking about property specifically, you need to be able to negotiate, calculate ROI, work out a good deal and decide based on logic rather than emotions. Having started in property at 17, Samuel has experienced a lot of things in property ownership and investment. He knows that if you can acquire all of those aforementioned skills, you’re positioning yourself for success.
What else can you learn from this video?
There are golden nuggets throughout this episode of Sunday Q&A, such as: advice for young people, managing property with little time, handling objections when selling property deals to investors.