The Boost Hospitality Podcast is back for another season! And we are now in Season 6. And we are currently on the fourteenth episode of season six!
For this episode of Boost Hospitality Podcast, we will be talking about the Pro Tips to Choosing Where to Setup Your Hospitality Business. We have Abi Hookaway with us to share her amazing tips.
Abi Hookaway of Touchstone Education and Diamond Estates Property Ltd
We are going to talk about business locations today and we have the perfect person with us today in this podcast for this topic. I’ve just really soaked up everything that she has to say when it comes to service accommodation when it comes to property. And when it just comes to being a real good presence online and getting across a real clear message.
For those who don’t know, she is part of Touchstone Education. She’s got properties in locations that you wouldn’t think, really popular when it comes to rental accommodations or service accommodations. And there’s one property in particular that is real close to home real close to where I live in from in the UK.
She’s a property investor, and property trainer and a mom of two. Before she really got into property, she was doing the good girl thing. She went to school work hard, went to university, got a corporate job and was working her way up the corporate career ladder in which is Telecom. She managed to meet Anika and Paul Smith, and then work her way up from there got into property and never really looked back.
When it comes to finding locations, what are the main signs that you personally look for?
So today we we’re gonna be talking about location picking. And that’s like the core topic. And I’d be really interested to get your thoughts and ideas on when it is to come in to choose an area to have your properties. A lot of people will go for where they currently live, because that makes sense regarding logistics, but for yourself, and it comes to finding locations to put your properties what are the main signs that you personally look for?
It depends what strategy I’m doing. So when I’m doing service accommodation, and I’m one of these I like to use. So I like to get a more of a win win. It’s not just money for me I genuinely like property. And I like holidays, service accommodation, I’m always call them destinations. So I’ve got some in the Peak District at the minute and new Whitby at the seaside. I’m currently looking at Lake District, and I’d like to start getting some abroad, but it’s somewhere that I can use as well as make money from with my vital portfolio is normally around where I live to it’s easier. And I know the area, I’m more confident with the property prices and types of tenants.
How does it feel to grow your portfolio and grow into different industries?
I was always afraid. And I was always taught to play it safe. because growing up, we didn’t have a lot and I was a single mom and a counselor stay. So I’ve not been born you know with money. So money is one of my drivers and security. I’ve always been taught to play it safe. But poor Monaco been incredible mentors have really helped me to unlock my feet. And it’s just so nice now to have money money in the bank and not have to rely on a job.
So if I lost my job tomorrow, like some people do and get made redundant, I still got the money. And at the minute, I’ve got lots of streams of income because I started a full time job, I’ve got all my property income coming in. And it’s just such a nice place to be in, and then helping others as well. So people get to have a nice time in my holiday homes. My tenants have a really nice home to live in. And it’s just, it just really gives me the buzz.
How did you personally discover amazing locations that are on top when it comes to service accommodation?
It all been from what I like going to as a child so with the grown up seaside so I wanted to go there and my best friend and a property there for a long time and she looked going every weekend. And then some of the young people in touchstone community were like you can’t know if you can do it with me you can’t go rent to an in Whitby and that was it then the challenge was all day and got a rent to rent sounds determined I was going to do that.
So a lot of people when you say rent a property think of a normal tenancy go into a letting agent and having to apply and leave them personally having to live in it. The first thing and I know is that a lot of people think rent to an illegal including estate agents. And the first thing I know that so I prefer to get my properties director vendor.
So the first thing I did when I hit with BX I went my friend for the day we said we were gonna go and have a nice day out midday without any children just us and I thought, well, I’m there I’m gonna see if I can get some property.
So I went into a little local cafe started talking to the locals found a guy that I wanted to pop so in chatting to him, and then I was on and I logged on country. And on Gumtree there was this, this advert from a lady, and it was just 100.
What do you do to sort of put somebody at ease in those situations?
I always go in the angle, it’s very true that I’m looking for a holiday home, myself and my family that you know, places that I can get that got two little children that I can bring on weekends. And while I’m in it, I want it to make money. So I put it on booking.com, TripAdvisor, Airbnb.
But I would be in there for five years. So she’s not having to train tenant every nine months, which is the average for Whitby. And anything that damages to a set point I’ll replace and I’ll look after, and, and that she would get a rent on time.
And I could prove with them, I gave my credit report so she could see even though this went for business, but I gave my credit for this. As you can see, there was no problem. And it was just talking to me and showing it and I think, and I asked the questions first because a lot of people don’t listen, and that’s where they fail sometimes.
So my first question is why, why why you went out and oh, it’s been it’s been passed down. It was an uncle that died. She’d had it passed down to her. And then she didn’t really want it. She’s a school teacher and she’s got her big house, which is just outside of Whitby, and this was this was just becoming a pain for her bit of a burden.