In this episode, Rob and Mark Hodgkiss of Harrogate Stays share how they have taken multiple B&Bs and turned them into highly profitable Apart Hotels. They explain how they have quickly scaled their properties and practically doubled their turnover, in under a year. In the podcast, they share details of how to find properties to convert operate and buy.

 

KEY TAKEAWAYS

• With apart-hotels, the initial investment can be high. But so is the income.
• Look at adding scale e.g., adding more rooms.
• Upgrading the rooms or accommodating more people is another way to sweat your asset.
• Increasing the occupancy rate is often not hard to do especially when taking over an old B&B.
• Right now, because baby boomer owners want to retire, there are a lot of B&Bs for sale.
• There are limited buyers for these kinds of properties.
• You can create a flexible and creative acquisition structure out of the fact so many B&B owners want to sell.
• This is not a passive or get rich quick model, but the rewards are high.
• It is a business model that is extremely good for cash flow.

 

BEST MOMENTS

‘Serviced apartments are essentially a single let on speed.’

‘One of the extra benefits is existing C1 class, so no planning’

 

 

VALUABLE RESOURCES

Discover How to Profit from the Airbnb and Bookings.com Boom

The Serviced Accommodation Property Podcast

https://propertysoldier.co.uk/

Rich Dad, Poor Dad by Robert T Kiyosaki

Serviced Accommodation Success by Kevin Poneskis

 

 

GUEST RESOURCES

Website - https://www.inhotproperty.co.uk/

Contact - [email protected]

Facebook – https://www.facebook.com/harrogatestays/

Instagram - https://www.instagram.com/harrogatestays/

Contact – [email protected]

https://harrogatestays.co.uk/

https://progressivepropertyreferral.com/serviced-accommodation-discovery-day/amb0676

 

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/

[email protected]