Business
How is Covid-19 affecting the UK property market? Will there be an enduring recession? According to our host David, it’s still too early tell what will happen. But it’s best that we are all prepared. Especially if you’re still paying for your mortgage, a landlord whose primary income comes from renting or you’re planning to buy property. In this episode of the Property Sourcing Profits Podcast, David suggests some safety measures you can do amid the global health crisis. He also talks about the various options and help there is out there for businesses. KEY TAKEAWAYS If you’re a landlord whose major income stream relies on the rent of your tenants, then you better plan. In such a crisis, where there are also layoffs happening, it’s best to find an alternative. What will happen if they aren’t able to pay? How do you afford your necessities and pay your other dues? Be prepared. Contact your tenants and see how they are. If you already have non-paying tenants, ask for proof of their loss of employment. Be open-minded to some alternative payment plans if this is the case. Report non-payments to lenders. They need to be informed if there will be a delay. If you’re in the serviced accommodation or guest house hotel business, apply now for a grant to support your business. Check if you can access the 12-month business rate holiday by emailing your local authority. Also, the government has setup a coronavirus business interruption loan for those who will be vulnerable during this pandemic. Businesses can easily borrow loans with a 12-month interest period. Contact them. BEST MOMENTS “It’s not a rent holiday. They’re not excused to not pay rent.” “Minimise the damage.” “You must try and pay your mortgages. You must not get in trouble with the banks.” “People will want to buy property in the downturn.” VALUABLE RESOURCES http://british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/accredited-lenders/ Property Sourcing Profits Podcast https://www.progressiveproperty.co.uk/ https://unlimited-success.co.uk/ https://www.facebook.com/groups/progressivepropertycommunity/ Get Into Property - by David Siegler - https://www.amazon.co.uk/dp/1909846589/ref=sr_1_6?keywords=David+Siegler&qid=1570019066&s=gateway&sr=8-6 ABOUT THE HOST David is a property expert with over 25 years’ experience and his own portfolio of 26 units. His current rent roll is in excess of £10k per month. He is also a partner in a Deal Sourcing and Packaging business in the North West of England and has sourced over 250 properties for investors since 2004. In recent years he has, by necessity, had to develop an expertise in LHA strategies. This area is increasingly becoming a niche for him, and he enjoys empowering other landlords by sharing the knowledge he has gained. The ultimate purpose when sourcing properties in this sector for investors is to minimise risk while maximising profit. He has had to find answers to the challenges of Tenant Find, Management, ensuring rents are paid and the transition to Universal Credit. These are strategies he uses in his own business and also on behalf of investors. His investor clients regularly achieve annual gross yields of over 20% with high occupancy rates and voids resolved, sometimes within hours. CONTACT METHOD https://www.linkedin.com/in/david-siegler-7b126316/ https://www.facebook.com/DavidSieglerInvestments/