The Progressive Property Podcast My Worst Ever Property Deal!
If you’re looking to get your property questions answered, then you have come to the right place. Join property expert Kevin as he answers all your burning questions and offers invaluable property information to those of you that need it. Today, Kevin discusses what to look for in a property, how to make property work in your local area and how to legally reduce your tax bill.
KEY TAKEAWAYS
- Everyone wants to invest somewhere else, they all believe that the grass is greener somewhere else. The reality is that property works where you are. Single let or buy to let may not work but there are strategies that will.
- As property investors you are looking for value. There are strategies that work in every area. If you are in an area where there are only expensive properties, don’t panic as this usually means that the rental value of the room or property is higher.
- Professional property investors possess the ability to make money in any market. The market may be going up, staying the same or going down and professionals will still be able to make money because they are buying value.
- Property is a business and the bigger the business, the higher the tax bill. Do not worry about large tax bills as long as you have large profits too. When you are making money you need to contact a tax specialist who can help you reduce your tax bill in a legal way. There are many things you can offset as tax that you do not yet realise.
- If you are running properties as serviced accommodation, section 24 does not apply to you. Meaning you can offset part of your mortgage as well as also applying for ‘capital allowances’. Capital allowances is tax free money up to a certain amount of the property value.
BEST MOMENTS
“Cheap does not necessarily mean valuable, cheap means cheap.”
“A phenomenal strategy in an expensive area.”
“It is about understanding business and property is a business.”
“If I am paying £1million a year tax, then how much money am I making?”
VALUABLE RESOURCES
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
https://www.facebook.com/kevinMcDonnellProperty/
https://kevinmcdonnell.co.uk/