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Before you start developing any serviced accommodations, it’s best that you have a projection of costs you’ll be spending on. You don’t want to be taken aback with what will hit you in the face if you see the sums of what you need to pay.

So, in this episode of the Serviced Accommodation Podcast, Kevin helps you build your checklist of things you should be putting on the planning table especially when you’re doing your budgets. He also gives tips on how to approach your accountant, your insurance broker, and your assigned ‘meet and greet’ person. Everything you need to be buying and acquiring for your serviced accommodation property should be on his list too so make sure to tune in to not miss anything!

KEY TAKEAWAYS

• Ask your accountant how much it will cost you to run your serviced accommodation property. You don’t need to have an accountant based on your town. You can just outsource your accountant and let him do his work remotely.
• Get a quote on insurance – e.g. professional indemnity insurance, public liability insurance, etc.
• Furniture and soft-furnishing:
  • You could be buying the furniture yourself.
  • Or, if you’re doing a buy-to-let conversion and were provided with furniture, check if they’re of a good standard and then consider if you’re going to keep them.
  • Go to property forums and ask around who’s the most trusted supplier of furniture for serviced accommodation properties.
• Cleaning and laundry:
  • Start with maintaining the cleanliness of the SA twice a week depending on the bookings.
• Decide if you want someone to hire someone for the ‘meet and greet’ with your tenants or guests. Your meet and greet person can also show how the appliances and other things work in the SA.
• Research on what broadband and other subscription plans are you going to get.
• Factor in the taxes and business rates that you’ll be paying when you start and develop your SA.

BEST MOMENTS

• “Explain to your broker exactly what your business is going to look like and they will help you and advise you accordingly.”
• “The really really important thing about meet and greet is that your meet and greet person can show the guest how to do stuff.”

VALUABLE RESOURCES

• Serviced Accommodation Property Podcast #016: Sourcing Cleaners For Your Serviced Accommodations | iTunes | Omny | Stitcher

ABOUT THE HOST

Kevin Poneskis, also known as the Property Soldier, has been a full-time property investor and mentor since 2011. This happened after he served the army for 24 years. He spent majority of these years in the 29 Commando Regiment RA and finished his time in the army as a Regimental Sergeant Major. Even during his time in the army, Kevin was already building his property portfolio and educating himself everything about real estate investments.

Right now, he is writing his book Property Soldier, in which 100% of the profit from the book will go to homeless veterans, and hosting The Serviced Accommodation Podcast which educates people who want to explore and earn from serviced accommodation property investing.

CONTACT METHOD

• Kevin’s Facebook
• Kevin’s LinkedIn