Abi Hookway says the biggest mistake newcomers make in rent-to-rent and serviced accommodation is signing the wrong tenancy agreements. Check your landlord's mortgage terms and compliance requirements before you start.
Questions this video answers
Using the wrong contracts — specifically signing a tenancy agreement (which Abi describes as illegal/incorrect for certain rent-to-rent setups).
£8.99
boostleigh.co.uk
October (the year referenced by the video).
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You've obviously had a lot of people, a lot of delegates come through your training over the time that you've been doing this. I asked this question to everybody. What is the common one common mistake that you see a lot of first timers make when they get into rent SA or they get into serviced accommodation? What's the one big thing that you notice that people make?
I think probably the biggest thing is getting the contracts wrong. So I'm from a corporate background so I'm trained to get things right and we train people to go on the right contracts for rent to rent and we train people to check landlords, mortgages and do the compliance side. And the biggest mistake I see, and we see it through our course people will be successful. They've got two rent to rent, so come on our course and we'll be talking to them saying, do not sign a tenancy agreement. It is illegal, incorrect and your landlord could basically get you out there within a week. Don't do it yet. So many people do and we're having to correct that with them and show them the right way to do it.
It stems down to they haven't asked the right question because then they panic and then the estate agent will take control of the sale, put the rental agreement in front of them. So what are the plans then for you personally? For you we've touched on over the course of the next three to four to five months. What are you working on at the moment? What are you looking to achieve?
I'm currently buying some more single let properties to tenant, buying a commercial unit and we're just about. I'm just writing here in Italy on this retreat, writing my next book which is all about rent to own, how landlords can really bulletproof their portfolio and make more money just using a simple system of houses and tenants, but giving their tenants the opportunity to rent to own. And then I think we're going to have that out as a course in October because we've got quite good demand for that and that's my ideal strategy. I get so excited because it is a win win for landlord and tenant, like the biggest win win there is.
So if you are listening or watching this back in October, you can head over to Touchstone or Abby's social media accounts and I'm sure that you'll be able to find Abi's put together a book if you can explain a little bit more about the download about this first book that you've already written and where can they go to get access to this book and what's it about?
It is about rent to Rent sa so me and Gordie collaborated on it. So you've got my view of the holiday homes and Gordie's view of Scottish properties, contractors, etc. So usually people buy it for £8.99, but we're doing it for so anyone can download it and have a good read.
If you go to boostleigh.co.uk Abby, a B I, B O O S T L Y, you can go and get access to that right now. If you do download it, please let me know your takeaways and let Abi know your takeaways. Abi, if anybody wants to get in touch with you personally after this, which is the best social medias to find you on right now?
Instagram, Facebook, LinkedIn. Probably the best. What I would say is so many people have told me about all the spelling mistakes, so if you get in touch, please don't tell me there's a spelling mistake on page 42 or something.
I always say it's better to strive for a B minus than an A. Just getting some out there is better than procrastinating and dilly dallying, which is what you are doing. You've got one book out, you've got one book on the way. You're doing all this amazing stuff. So well done and thank you so much for coming. And I will make sure that the links to all of Abby's social media accounts and to the book is in the show notes and in the blog. So please, please do go check this out. Right, I'm gonna let you get back to some amazing Italian wine. Enjoy your time there. Thank you so much for taking part in this. And this is the penultimate episode in this season of the Boost Hospitality podcast. We've done 14 episodes now, all about serviced accommodation.
