How did you go from being a rock TV presenter to a landlord?
My journey from rock n' roll to bricks n' mortar was mainly based on wanting a change and wanting to spend quality time with my husband Nick. In the TV industry, i worked very hard and very long hours, often travelling to film and video shoots all over the world, and, having done that for over 10 years, I felt that I wanted a change. Nick and I saw property investment as a way to take charge of our financial future and give ourselves a better quality of life, where we could work together in our own business. We are also very keen sailors and wanted to find a way to be able to afford our own yacht, which, in hindsight, was somewhat of an unrealistic dream.
We started investing in property in 2004, and by 2006 I had left my TV life to focus on property full time. We now have 20 properties consisting of flats in North London, family houses in the South East, and 2 holiday lets on the South Coast.
But I didn't leave my TV skills behind, and we now use them for our own TV channel Property Tribes TV on YouTube, where we interview everyone and anyone to do with property. I also get asked to present for other property related organisations and events such as National Approved Lettings Scheme, SAFEagent, the Property Investor Show, Guild of Lettings, and HomeAwayUK. So really, I have not had to choose between anything, although interviewing Nigel Farage is somewhat different to interviewing Marilyn Manson or Metallica ... less scary!
We are now approaching our 10th anniversary of marriage and also property investment! Whilst we have not achieved our dream of owning a yacht, we do work together and we have a 28 ft motorhome which we go away in regularly, accompanied by our 3 Bengal Tiger cats. I think we prove that there is no such thing as a "typical landlord" and that one of the main attractions of property investment is that you can do it your way and customise it to the lifestyle you want to develop.
Ten years in, I am far from reclining in abject luxury in the Caymen Islands or driving a Ferrari or buying that yacht, but I love my live, my husband, and my cats and I thank property for the many opportunities it has afforded us and the freedom it has given us.
What risk's and struggles you faced ( Economic down turn etc.)?
Thankfully, during the boom period, we kept our feet on the ground and never went for the lavish lifestyle. This approach, and the fact that we learned early on to focus on cash flow, has helped us survive the challenging times. We have faced challenges, such as tenants not paying rent, and properties being damaged, but as we have always endeavoured to supply a high standard of accommodation, we have generally attracted tenants who respect the properties and want to stay there for a long time.
Investing in property has been far from "passive" and it is most definitely not a "get rich quick" scheme. It takes effort, determination, single mindedness and self sacrifice among other things. We have always treated property as a business and remembered that tenants are our customers and that has helped us survive so far.
What made you set-up Property Tribes?
We realised early on that a network of like-minded people was paramount to success and we saw the potential of the on-line world. I searched for a place where I could have a high level of debate about property, and could not find anywhere that met my needs. Many forums were populated by people trying to sell deals, some of them dodgy, so we saw the value in a community that had a non sales agenda and was impartial and independent and could therefore become a "trusted" source of information for landlords. So Nick started Property Tribes in April 2009 for me and 30 of my property friends. We never intended or dreamed that it would be such a force or influence, but it has grown from those humble beginnings to be the busiest landlord and investor community in the U.K. with approaching 9,000 members.
What advice would you give to anyone who is thinking of entering the property market (buy to let etc.)?
I would advise them to educate themselves first! There are many pitfalls in property and ignorance can be very expensive in this game. Property Tribes is a great resource for landlords and I have curated my "top 10 must read discussions for novice landlords" which I think is a good starting point.
I also wrote "how to get started in BTL in 10 easy steps" which is a good starting point for anyone wanting looking to dip their toe into the BTL arena.
I would also recommend attending local landlord networking events and joining a professional landlord body like the Residential Landlords Association or the National Landlords Association.
Finally, understand that property is a business, and you become a service provider to your tenants. You have to comply to over 70 governement statutes and regulations to be a compliant landlord, so education is paramount. Property Tribes is there to help and also a great way to network with other landlords and learn and grow through their input and experience.
If I had to give one singular piece of advice, it would be "Never take anyone's word for anything in property". Do your own intense due diligence on every aspect from purchasing to sourcing tenants. No one looks after your money and your investment better than you do!
Do you think the future is bright for landlords and is now a good time to invest?
I believe that there are many challenges ahead, but that the networked and educated landlord will survive. With regards to timing, the only time any of us have is "now". You can't buy property in the past and you can't go into the future to buy, so we have to take action in the now. I believe that if you make a choice in life and commit to it 100%, you will make a success of it. Property is a great way for the "man on the street" to take charge of his financial destiny, while at the same time bringing choice for tenants to the private rented sector. It is our intention that Property Tribes will continue to promote and advocate best practice and compliance for landlords. We hope it can be a positive influence and in some small way help to make the private rented sector a more agreeable and safe place for both tenants and landlords.
Property Tribes has 9,000 members, 2,000 unique visitors per day (average) and 8,000 page views per day. Vanessa and Nick are shortly going to release a new user interface to make the experience of using Property Tribes even more rewarding.