The Progressive Property Podcast

An inspiring guest joins Kevin today, one who faced many hardships when the 2008 financial crisis hit the property industry. Gavin Gallagher joins Kevin to discuss how he was affected by the recessions, lessons he learnt and how he aims to use his story to inspire others of what not to do. Together they discuss trials and tribulations of family businesses, why it is important to not build your identity around your financial success and how the worst advice you can take in property would be ‘go big or go home.’ KEY TAKEAWAYS Getting into a family business can be complicated. There is usually a lot of politics involved and it is not always easy. When you are young going into business, you may not realise it but you don’t have a clue how business works.   When you find yourself in a situation where you have success after success you may find yourself getting complacent. You start to forget that it shouldn’t be that easy to make money, you have to have discipline.   If you notice that business is declining, you are likely to go through a phase of complete denial. The biggest mistake you can make is to sit back and weather the storm. You should be acting quickly to rectify the situation, reducing your outgoings and taking cuts. There should come a point where you realise that you need to make adjustments, by this stage the adjustments are going to be painful.   You mustn’t build your identity around financial success. If you run into difficulties, it completely shocks your whole world. If or when business begins to slow down and you find yourself in financial trouble, suddenly all of the material things can get stripped away. If your identity is built on something that cannot be stripped away then it is an awful lot more powerful.   Many people wish to get into property investment but you first need to understand whether or not it is good for you. Check your skillset first before entering the industry. You have to be able to free up the time to be able to follow through with a deal. You have got to have the mindset and a small network of people that will help you add value to properties.   The worst advice you could ever listen to would be in property investment would be “go big or go home”. That is the kind of advice that sinks ships. You have got to be more careful and understand that this is a cyclical market that goes up and down.   Think about the four E’s. Your ego and your emotions are two things that can sink your ship. Your ego can get too big and your emotions can get involved allowing you to get lost in a deal. Then there is the Economy and Events. The economics of today is not necessarily what they’re going to be in a year. Unanticipated events such as Covid-19 has huge effects on the world economy as well as the property industry.   BEST MOMENTS “I had what was called ‘normalcy bias.” “ When you start making money so quickly you begin to quickly think ‘how can I spend it?’” “It was like death by a thousand cuts.” “That is a really difficult thing to accept.” “Start with the end in mind.”   VALUABLE RESOURCES https://www.progressiveproperty.co.uk https://kevinmcdonnell.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/   ABOUT THE GUEST Gavin has been a property investor and developer for over twenty years. He has experienced two major recessions and has a feeling we are about to enter a third. Gavin got caught badly in the 2008 Global Financial Crisis and spent the better part of a decade in damage control and paying off debt. The collateral damage from being careless and over-leveraged taught Gavin some powerful and often painful lessons. Today he is motivated to share these experiences with others in the hope he can elevate their game, shape their investing habits and help avoid some of the mistakes he made.   Contact: Instagram @gavinjgallagher  Website:  https://www.gavinjgallagher.com Twitter:   @gavinjgallagher  progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/

With the economy about to take a nosedive, many people are left wondering what does that mean for them? And how can they increase their income? Join Kevin today as he is joined by yet another one of  Progressive Property’s success stories Lidia who after attending her first event 18 months ago has gone from strength to strength in the industry. Together they discuss how to correctly converse with estate agents, how it is important to grow your mindset before chasing the money and how you don’t always need your own money to invest in property.   KEY TAKEAWAYS A lot of people who are looking to get into property are new to the industry. Many of them will believe that estate agents are professionals and will always know exactly what they are doing. Whilst estate agents know how to sell a house, they might not be able to spot an investment property. Many estate agents turn to Progressive Property to learn how to invest in properties.   You should never be scared to talk to an Estate Agent, they are normal people just like you. You need to learn how to build up a relationship with them and make them feel comfortable around you. When you are not comfortable and are nervous, the agents can feel it themselves too.   You don’t need your own money to invest in property and to make a property business. Attending events at Progressive Property can teach you about raising investment funds, securing joint venture partnerships and learning no money down strategies that you may not even know exist.   What many people do in the first few weeks of their property journey is they chase the money straight away. What they should be doing is using those first few weeks to build the confidence, mindset and the belief that you can achieve. Don’t base your success on the keys of a house, base your success on the amount you’re growing as a person.   The VIP programme does not just offer the nitty gritty details of the property industry. The VIP programme offers the ability for you to grow your mindset, resilience, confidence level and your people skills. You also have the opportunity to grow your network massively which can help you with potential JV partnerships. BEST MOMENTS “I could not tell which property was a great investment.” “We realised that actually we knew nothing about money.” “We came across progressive and things have changed for us.”   VALUABLE RESOURCES https://www.progressiveproperty.co.uk https://kevinmcdonnell.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/progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/

Discover today how one man went from amatuer to professional property investor overnight! Kevin is joined by Ranjit, just one of Progressive Property’s many success stories. Ranjit shares his journey to success using the VIP programme and together they discuss how slow and steady wins the race, the benefits of the VIP programme and how you should always remember to enjoy the journey.   KEY TAKEAWAYS Many people go into property thinking they are going to get rich quickly, however this is not that case and many people soon realise that. When the deals are there the money will come, slow and steady every little bit helps.   In the VIP programme at Progressive Property, you will receive one to one mentoring. As well as this you can attend a ‘deal clinic’ meaning you can go on stage and share about a property deal you have got and all the other members of the VIP programme can give you advice on how to go forward with that deal. They can also offer funding for that property deal and enter a JV partnership with you.   The sweet spot for HMOs in 4-6 bedrooms. Anymore than this then you start getting into planning permission requirements. When you go into 7+ bedrooms, professionals do not necessarily want to live there. It is likely that a HMo with more than 7 bedrooms will attract a lower demographic tenant type.   The knowledge you gain on the VIP programmes is invaluable. Having the education behind you ensures that you will avoid making costly mistakes. You will also have the opportunity to make long lasting friends who can help and advise you along your property journey. Whist free education is good, there comes a time where paying for it will give you a huge advantage in your industry. You can either pay for it and learn from the mistakes of others, or learn from your own mistakes by going it alone.   Life has its ups and downs, there could be a grand opportunity right around the corner. Do small but high quality projects, often and you will get results. Make sure to enjoy the journey along the way with your business partner and those who you meet along the way.   Learn the basics slowly, take a bit of time to learn the basics so you have a good grounding before you decide to jump straight into it. Focus on one thing and do that really well. That focus will help you reach your goals. There will always be something that appears to be bigger and better, avoid that distraction and focus on one thing at a time.   BEST MOMENTS “I had never heard of HMO’s, but I soon realised that I had lived in one.” “At VIP you get mentored one to one.” “Get as much free education as you can, but there comes a point where you have got to pay your cost of entry.” “At the pace of the tortoise not the hare.”     Episode One: How to Perfectly Invest £10,000 | The Best Stocks | Property | Gold & Classic Cars Watch Live On The Progressive Property YouTube Channel Every Monday At 7 PM Tiny.cc/PPTV Listen To Audio Recordings On The Money Podcast bit.ly/moneypodcastitunes   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/progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/

Discover everything you need to know about property bonds in today’s informative podcast with your host Kevin McDonnell. Today Kevin details exactly what a property bond is and how it can benefit you. He discusses the typical length of the agreement, the security that property bonds can offer and how they can help create a secure and healthy rate of interest.   KEY TAKEAWAYS Also known as property investment bonds, property bonds are a way for developers to raise funds from investors. The main aim is to finance the initial stages of a building development. When a residential or commercial development is proposed, the property bond forms a legally binding agreement between the development company and those investing in the property.   Whether you’re the development company, or the person wanting to invest in the company, you have a legally binding agreement to protect those funds. What most often occurs is that capital is provided in the form of a loan to the development company and this is backed by a contract between both parties that details exactly how the funds will be used, how it will be repaid and how the capital is to be secured.   The length of the agreement is typically between 2-5 years. Most developments take at least 2 years and potentially up to 5 years to complete however there is no actual length for the agreement. Many people wouldn't want their funds tied up for much longer than this time frame. If you’re the person lending the money via the property bond then you are paid interest on that money plus the capital you lend, returned to you at the end of the development   Anybody who is looking to diversify and spread their money across various different asset classes, then property bonds are certainly something you should consider. The returns can be significantly higher than other dividend paying investment schemes. Just like any other system, property bonds come with risks so you need to know what you are doing.   Investing in property bonds is a great way of creating a passive income at a healthy rate of interest. It is one of the most secure property investment schemes around.   BEST MOMENTS “Security is key in any development. How are you going to secure your money?” “Property bonds can be very appealing as they offer a healthy level of fixed annual interest.” “The security that a legal charge provides to people investing property is considerable. As far as the property market is concerned you will struggle to find anything that offers more in terms of peace of mind.”   VALUABLE RESOURCES https://www.progressiveproperty.co.uk https://kevinmcdonnell.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.uprogressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/

Today, Kevin is joined by Progressive Property success story Tania who shares her inspirational story of how she managed to build up a six figure property business in one year whilst working as a doctor and a full time mum. Together they discuss the advantages of serviced accommodation, why it is imperative to your new venture to surround yourself with people who share the same success mindset as you and why those who say they just don’t have the time, are using it as an excuse!   KEY TAKEAWAYS Service accommodation is a hospitality business as well as a property business where you provide short term accommodation to people in your area. These people may be there for work, corporate contractors or for leisure and tourism. Rent to SA is where you use other people's properties to do the same thing, with their permission.   The mastermind programme can be instrumental in being able to uplevel your network. It can also allow you to surround yourself with people of a similar success mindset who are pushing themselves continuously out of their comfort zones.    Those people who say that they don’t have time to commit to being a property investor are using that as an excuse. There are other people who have come from far worse off circumstances with much less time than others, who have created success for themselves. Those people also have the same amount of time in the 24 hours that anyone else has. If they can do it then there is no reason why you cannot.   It is all about desire and how much you want to achieve something. It is hard to nurture that mindset on your own which is why it is so valid to be in a mastermind programme as you are constantly surrounded by people who think similarly to you. Many people in the programmes are a few steps ahead of you and thriving, this gives you the motivation to keep pushing forward.   BEST MOMENTS “I always felt like I was meant for more.” “They are really powerful strategies to create cash from property.” “In the first year, I built it up to a six figure business.”   VALUABLE RESOURCES https://kevinmcdonnell.co.uk 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/progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/

There have been many predictions of market crashes, recessions and a great depression looming in the next few years and many people have been anxiously awaiting Chancellor Rishi Sunak’s 2021 budget briefing. Join Mark today as he depicts the budget and explains what this means for  you. Mark discusses the freeze of the nil rate allowance, the increase of cooperation tax to 25% and the end of the bounceback schemes.   KEY TAKEAWAYS It is going to take a while for the economy to recover. The first thing the chancellor Rishi Sunak has said is that there will be no increase on income tax, national insurance or VAT, however he will freeze the nil rate allowance which typically rises every year. He will also freeze the top tax rate. These strategies are a slightly less visible way of taking the money back, and it does not happen straight away.   Many people thought that the capital gains tax rates would go up however Rishi stayed silent on this matter. Rishi also confirmed that he would not change the inheritance tax allowance and would not change the pension lifetime limit which is £1million.   Unlike reports of cooperation tax going up to 23% he is going to raise the rates to 25%. This rise will not be seen until 2023. The current rate is 19% and many people will notice the 6% rise significantly. Smaller companies with less than £50,000 will still pay 19% and inbetween £50,000 and £250,000 you will pay between 19%-25% depending on how much the company makes in that tax year.   At the end of March when the bounceback loans end there is going to be a new loans scheme where the government is going to guarantee 80% of the loan. The business rates holiday will continue until the end of June with a tapered reduction and the 5% reduced rate of VAT is extended until the 30th September with a 12.5% rate until mid next year.   The big news in the property world is the stamp duty holiday extension. This and the 90% mortgage guarantee will support the lower end of the property market. With all the government support it seems less likely that the market will crash.   All the schemes have given consumers a lot of savings to spend, there is a huge amount of money in savings accounts and as the economy opens up, they are going to go and spend that money and there is likely to be some inflation. As inflation picks up, you could see inflation rise by 3%-5%.   BEST MOMENTS “It is probably an even bigger hit since world war 2 with the amount the economy has shrunk.” “That was quite a surprise, in many ways quite dove like, not particularly harsh.” “Loads of people have cash in their pockets.”   VALUABLE RESOURCES https://www.progressiveproperty.co.uk ABOUT THE HOST Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties. CONTACT METHOD   Email: Markhomer@progressiveproperty.co.uk LinkedIn: https://www.linkedin.com/in/markhomer1 Facebook: https://www.facebook.com/markprogressive Twitter: https://twitter.com/markprogressiveprogressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/

McDonnell Mondays are back! After a brief hiatus you host Kevin is back with his much loved series McDonnell Mondays where he gives you the chance to ask him all things property. In today's episode Kevin discusses why not to listen to those advising to steer clear of London investments, why the ‘tenant buyer’ strategy is the most hands free of them all and how to sort the good builders from the bad.    KEY TAKEAWAYS    Over the last few months, people have started the question if it is wise to invest in London, given the way of the world. That is because the masses are questioning London. Observe the masses, and do the opposite. Interest rates are going to drop to negative, so there has probably never been a better time in history to raise money to help invest in properties.    Many people would consider single lets the most ‘hands free’ strategy. However with single lets you often have the management, the maintenance, the voids and the inspections. With a tenant buyer, it is completely hands free strategy. You don’t need a letting agent or a maintenance team and you can do it remotely as it is completely outsourced to the tenant buyer.    If you're setting up a limited company, you should be putting  a personal loan into that company. When running a limited company you need to ensure you get a property tax accountant . Everything from mobile phones to office supplies can be put through the company as company property rather than putting it through your own name.    If you ring a builder up and he says he can come tomorrow, they’re likely a bad builder. The good builders are always busy. The moment you get a property agreed, you need to find a builder. You will get the keys anywhere between 4-8 weeks after the agreement, leaving it until then to find a good builder will cost you.    You need two years of company accounts in order to qualify for mortgages in your company name. You can start by doing rent to rent and lease options in order to build up your accounts.    Many people want to quit their jobs to become property investors. The reality is, you do not need to quit your job.Managing your time is a better step than quitting your job. You have got plenty  of time to do property in your spare time, if you are smarter with your free time.  Aim to quit your job later but first you should build up cash flow and passive income.    If you are just starting out and do not have the funds or knowledge to invest in property yet, it is a good idea to go and work for an investor and offer to work for free. Find the big player in your area and ask how you can help them. They will give you some work to do and you will learn from their expertise.    BEST MOMENTS “Raising money has never been easier” “You don’t find it difficult to raise money, you find it difficult to try, you find it difficult to ask.” “Quitting your job is not the route to success.” “If you give, you will receive.” VALUABLE RESOURCES https://www.progressiveproperty.co.uk  https://kevinmcdonnell.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/progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/

In today’s episode, Kevin gives an update on what he’s been up to recently, current opportunities and hosts a question and answer session to help members of the community with any of their property challenges. He advises listeners on various ways of raising money for their property investing with in depth details of the different options, strategies to use during Covid-19 and tips on rent to own, rent to rent and how to start building a ‘power team’. KEY TAKEAWAYS A lot of people are saying that property in London could now be dropping in price, this hasn’t been the case for many years. Consider doing the opposite of what the masses are doing and perhaps think of investing in this location.   In terms of raising money for property investments, there are various ways of doing this and there’s never been a better time with interest rates being so low. Reach out to people, let them know you’re in the property business. Joint ventures, banks, private finance and bridging loans are all ways of raising money. Bridging is the most expensive way of raising funds, more suitable for commercial properties and HMO’s and private funding is probably the best way as there are no upfront costs.   There is a huge demand for rent to own currently and there are big benefits to this. As a landlord you have no maintenance, no management costs and you’re helping someone become a home owner. It can work in any part of the country and is the most hands free strategy, which can be done remotely.     Don’t state the rent and terms for a rent to own when advertising. Try and be deliberately vague. A lot of potential applicants will just read the ‘rent’ part of an advert or won’t be eligible, for example if they can’t afford it or are on universal credit, but this is still a great way of building up your tenant database.   Covid shouldn’t be a reason to alter your plans and strategies. The world and business is still moving forward. There is still a housing shortage and people still need homes. One thing you can alter slightly is changing from guaranteed rent to offering landlords profit share agreements. It’s risky offering guaranteed rent without knowing when the pandemic will end and when furlough will end. Remember to market in the right places and in multiple places.   Depending on your personal circumstances, you’re probably better putting everything into a limited company rather than paying personal tax. You’ll have limited liability and it’s a better strategy long term as you can pass shares on, sell shares etc.  However, the best advice is to get yourself a property tax accountant.   If you’re trying to build a ‘Power Team’ let people know where you’re based and what you’re looking for and start to build your team around that area. Remember to use your name, property is a people business.   If you’re a young person trying to get into property with no funds or income, try to get a job working for somebody who is already in the property business. Don’t do the obvious thing and get a job in a letting or estate agent, most don’t buy property and they won’t teach you how to become an investor.   BEST MOMENTS ‘If the taxi driver in New York says to you ‘which stocks to buy’ then you need to get out of that stock immediately because if the man on the street knows what stock to buy, you’re too late to the show’ ‘Observe the masses, do the opposite’ ‘Property is a people business’ ‘You’re not going to learn about property working in an Estate Agent’   SUBSCRIBE TO THE A NEW INVESTMENT SERIES Episode One: How to Perfectly Invest £10,000 | The Best Stocks | Property | Gold & Classic Cars Watch Live On The Progressive Property YouTube Channel Every Monday At 7 PM Tiny.cc/PPTV Listen To Audio Recordings On The Money Podcast bit.ly/moneypodcastitunes   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/    progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/

Rob and Mark discuss one of the most exciting ways to invest. Join them both as they tell you all you need to know about investing with little or no money. They discuss rent to rent property deals, how to master No Money down as well as how to source the best JV partnerships.   KEY TAKEAWAYS   One way to get into property investments without deposits is by agreeing a deal with the owner, exchange contracts and complete the deal in ten years time. Similarly you could do a rent to rent with an option to purchase. You could also turn the property into a serviced accommodation, where you rent the property by the night and you end up taking the differential layer.   The big area where many people start with little or no money in property is within a joint venture (JV) partnership. You bring somebody in who has the money and combine that with your experience and you can find your property deals together.   It is possible to do ‘no money down’, whilst there may be costs such as legal fees, these could be rolled into the JV deal that you do with the person who's financing the deal. If you get a loan, make sure those costs are included in the loan.   Being creative, innovative and resourceful are all ways that you can bypass needing cash. If you can learn to leverage some of the tools and the tricks that you have learnt, you can also bypass having to hire a large workforce.   The easiest way to structure a JV partnership is to have someone put all the money in without a mortgage (this is easier and quicker) and then someone else does all the work. This is the easiest way to split it down the line. There are a lot of people who want to be hands off investors and JV with experienced people.   Join all the social media groups, get seen and known on all social media platforms as this is the modern form of physical networking. Start a podcast and interview people who you know have money to help build up your contacts list.   BEST MOMENTS “If you can provide value to people as an individual you will be rewarded for that.”   “Essentially you are going into a deal with none of your own money.”   “The reality is, everyone that has had a brilliant mentor will say that it wasn't one or two things it was 1000 tiny little things that they taught me.”   VALUABLE RESOURCES https://robmoore.com/ bit.ly/Robsupporter         ABOUT THE HOST Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur” “If you don't risk anything, you risk everything” CONTACT METHOD Rob’s official website: https://robmoore.com/ Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs LinkedIn: https://uk.linkedin.com/in/robmoore1979 See omnystudio.com/listener for privacy information.  progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/

Join your host Kevin as he discusses everything that’s been happening in the property industry this week as well as news from the progressive property community. Today Kevin discusses how the rise in staycation popularity  is likely to see an influx of holiday let investments, how low interest rates have further proven why property is a great investment choice and why diversity within a property portfolio can lower the investment risks.    KEY TAKEAWAYS  Property News: Landlord Today described six reasons why the staycation sector may be a good bet for property investors, despite recent lockdowns restricting tourist travel and hitting owners' income. The growth of staycations means the holiday let sector is now a potentially long term investment opportunity.    For holiday let properties considered a furnished holiday let that is let 105 days or more a year, there are allowances and tax reliefs. You can deduct costs such as mortgage interest and letting agency fees from pre tax profit and there may also be tax advantages for kitting out a property.    As a furnished holiday let owner, you will need to register for business rates which are generally cheaper than council tax. Holiday lets are a low risk strategy, with payments upfront there is no financial risk of non payments compared to long lets because the guest pays before they stay.    There are several reasons why investing in property this year is a good idea. Firstly, in a bid to restore the economy interest rates have dropped as low as 0.1% to encourage both consumer borrowing and spending. Secondly, if 2020 has taught us anything it is the resilience of certain investment assets over others that has delivered the returns, and nothing is better than property for that.    Having a variety of assets means investment risk is significantly lowered. We have consistently seen that single assets do not match the performance of a diverse and well balanced portfolio. In property, diversification can be achieved with a single asset. One portfolio could include different types of property or include the same property in different areas, or both.     Progressive Community: If you get a builder to do a job, agree upfront when he is going to get paid. Speak to the builders before they carry out the work for you and ask them when they would like to get paid. Ensure that you deliver on that time so that you continue to work in harmony together.    BEST MOMENTS  “An investment you can enjoy. Owners can stay in their property as well as letting them at other times.”   “Owners are seeing returns of between 4%-6% after costs.”   “Property will be the best investment for 2021” SUBSCRIBE TO THE A NEW INVESTMENT SERIES Episode One: How to Perfectly Invest £10,000 | The Best Stocks | Property | Gold & Classic Cars Watch Live On The Progressive Property YouTube Channel Every Monday At 7 PM Tiny.cc/PPTV Listen To Audio Recordings On The Money Podcast bit.ly/moneypodcastitunes 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/  progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/