Vanessa has become a familiar face to property enthusiasts across the UK after co-founding the Property Tribes forum almost 15 years ago.
During the episode, Vanessa said it was vital for property investors to seek out the right education from trusted platforms and not fall for get-rich-quick schemes.
Vanessa also spoke about the value of owning holiday lets and shared her top tips for both sourcing and operating short-term rentals.
James Varley: What are your top tips for people keen to set up a holiday rental?
Vanessa Warwick: In terms of sourcing a holiday let, my first tip would be to buy somewhere within 1.5 hours of a major population density so you can benefit from long weekender guests and people taking staycations. These types of guests will help during the shoulder season – giving you extra cash flow to help keep up your occupancy throughout the entire year.
I’m a big fan of coastal holiday lets, so anywhere within a five-minute walk of a beach – but I do appreciate you can have an amazing holiday let in Cumbria or Scotland or even inland. But I’m a big fan of coastal holiday lets because I think they appeal to families.
I would say look for somewhere that has a programme of year-round activities. Think also about fine dining – somewhere with good restaurants and takeaways.
And then of course you’ve got other things like the internet, being pet friendly. Another thing I’m quite hot on – which I don’t think people pay enough attention to – is parking and access. Think about somebody arriving on a Friday night in the dark and rain. You need to think about people arriving and having quick access to your property.
James Varley: Our platforms are all about providing valuable education and helping people learn from each other so we can all become better landlords and hosts. How valuable is education for property investors?
Vanessa Warwick: It's really important to distinguish between legitimate education, which is from people that have actually been there and done it, and have actual experience, rather than what might be termed illegitimate education, which is what I call the wealth creation industry, where you have these so-called YouTubers and property gurus telling you that you can buy a holiday let with no money and it doesn't cost anything to set it up – and all this utter nonsense.
So, it is very important where you get your advice from. What’s great about our platforms is there is no agenda behind them. It is information being shared and it’s very transparent. We are creating ecosystems – and ecosystems are the friendliest, safest, and healthiest places to hang out online. You don’t want an ego system – where there’s one person at the top who’s the ‘big I am’ and claims to know everything and be a multi-millionaire driving a Ferrari and taking their private jet.
So, be mindful because there are a lot of charlatans out there who have agendas to sell very expensive education. There are a lot of places where you can go and get free education and you should also try and be a member of a professional organisation, like Merilee Karr’s, the Short-Term Accommodation Association.
Vanessa is currently crowdfunding for legal fees after being sued by a property trainer. Click here for further information.