In a recent video, I visited a rent to serviced accommodation (R2SA) unit that is the smallest house in England! The house is located in Bridge North in the middle of England. My former PA, Leah, who is now a full time property investor, has taken on the property. She rents it out on sites like Airbnb and Booking.com. These days, the smallest you can build a house is 37 square meters, and this one is 36. However, this property is about 200 years old, so it isn’t a problem!
Many people overlooked this house because of its size, but Leah saw the potential. Now, the property is a highly profitable rent to serviced accommodation business! Even on its worst month, it brought in £800 profit after the rent, the fees, and cleaning costs were paid. In the video, I tour the property and learn exactly how Leah did it. In this article, I will give you 3 lessons from Leah that you can apply to your own rent to serviced accommodation journey.
1. Systematising rent to serviced accommodation
Leah only spends about 20 minutes a week managing the property. This is because she has the right systems in place. For example, many people that have rent to serviced accommodation properties have cleaners, but then they have to micromanage them. But Leah did it the correct way. The cleaners have access to the calendar, which shows when guests are coming in and out. The cleaners therefore know when to go and clean the property without Leah needing to contact them
It is important to learn how to systematise your R2SA business, as this will save you a lot of time in the long run. A serviced accommodation property can be anything from passive income to a full time job, depending on how systematised it is.
2. Look for the opportunity, not the problem
A lot of people overlooked the property Leah picked out because of its size. There wasn’t even space for a washing machine or a dishwasher, and therefore it had been on the market for a while. Leah looked for the opportunity, rather than the problem, however. Leah knew that the property may not make the best single let for someone to live in long-term. But Leah also knew it could make an excellent rent to serviced accommodation property for short-stay lets!
Most people are quick to see the problems with a property, but successful property investors and entrepreneurs look for the opportunity. Train yourself to find hidden opportunities that other people fail to see. Once you become good at doing this, you will find getting great deals a lot easier.
3. Education gives you confidence
Leah found that getting an education in property gave her the confidence to go out and get deals. If you are just starting out, it is important that you know what you are talking about! You will need the right contracts, you will need to know the right terminology, and you will need to know how to analyse deals. This means getting good property training.
Leah recommends everyone to book on to the Property Investors Crash Course as a starting point. Luckily, one is coming up soon. Here is how to book a ticket…
The Property Investors Crash Course
If you want to get started with rent to serviced accommodation like Leah did, join me at my next training event?
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
