Mark Homer has transformed over 6,000 square feet of commercial properties for residential use. The value of his property portfolio exceeds £37 million. He owns or controls well over one thousand properties and is one of Kevin´s mentors.
In this Q & A session Mark talks about the government's plans to reform serviced accommodation, the impact of council tax increases and what property investing is likely to look like in a recession. He also talks about claiming back VAT, the benefits of LLPs, sideways loss relief and much more.
KEY TAKEAWAYS
- Setting up SA properties now makes a lot of sense. At some point, levels of regulation will increase.
- When it comes to changes in council tax, often, it is possible to make your property fit into a better category.
- Mark typically invests in business models that have been working for years and are likely to still work decades from now.
- In an inflationary period, short leases are typically better. Mark explains why in the podcast.
- Develop long-term relationships with more than one lender.
- Buy as much as you can as soon as you can. It is the capital growth that will make you wealthy.
- Be agile, and constantly learn.
- Do not let yourself be distracted e.g., worry about why a rule has changed. Instead, focus, find a solution, reset your sail, and move on.
- Typically, if property prices drop, they do so quite slowly. It can easily take 18 months or more to bottom out.
BEST MOMENTS
‘Just plan for what you can deal with now.’
‘You need to be able to reverse out of the strategy you are in and pivot into something else.’
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
TBC
ABOUT THE GUEST
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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