Gordie Dutfield’s SECRETS revealed

In this episode interviewed Property Investor Gordie Dutfield about his property SECRETS and how he built his property portfolio.

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George Choy & Sarah Choy | 26 October 2019

TRANSCRIPT AND TERMS OF USE

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TRANSCRIPT

George Choy
Good morning. It’s George Choy with Diary of a Property Investor. This week, unfortunately, Sarah is not with me right at the moment. She’s with the children, but hopefully trundling up Doncaster for a change. So I’m here for Property Fast Track, going to teach a little bit of it, it’s going to be a great, great three days.

George Choy
The other thing I enjoy doing is living your true life, is teaching. So I have something called a dream board, where I put my dreams on that, what do I want to achieve with my life. And one of the things I’ve forgotten to put on there was one of my dreams when I was a teenager, which was that I go through the corporate world be successful, and I when I didn’t really need the money any more, I’d then train, you know, do a PhD, become a university lecturer, and then and get my teaching fix. So that was my end goal. After a while I thought…PhD, sounds like too much hard work. Five to seven years, I can’t spend that amount of time I don’t want to. But then suddenly, this opportunity came along, right, teach people about property teach people about financial freedom, and that then hit my fix, and it’s his back on my dream board. But I’d totally forgotten and written off as a dream I could never achieve. So one of the things we like to say is, you know, live your dreams. Live your dreams everyday. Don’t miss out on things. Even little special things. This is us outside on our kids school. So, you know, they quite often have assemblies, where they’ll dress up in bunny rabbit costumes, and they’ll stand up and say one line, or sing a song and then sit down again. And you know what, I? It’s a really special thing. When I go there. I’m usually one of the only Dad’s that actually make it. There’s maybe one or two of us. It’s only because I’m financially free. So hopefully you can have a think about what’s important to you in your life. You know, what, what do you think you’re missing out on? What would it be like when you retire? It’s good to have that vision where where you want to go? Because then it will help you to focus.

George Choy
So I’m here with the delightful Gordie Dutfield Oh, yes, yeah, we’re we’re having a good day to day. So we have three days three days of teaching today. Yes. And just went to interview Gordie. It’s a great, great chance to do that. So if you want to introduce yourself and tell us about your current property portfolio,

Gordie Dutfield
perfect. So my name is Gordie Dutfield as you can tell from the strong Glaswegian accent, I am from Scotland, I’ve only been investing for property for three years. So I always stand up whether the training, I do not class myself as a property expert. But I am an expert in a specific niche. So my property…

George Choy
He’s being very modest.

Gordie Dutfield
My Portfolio ranges from about 50 Plus service accommodation units, I’ve got a portfolio of Buy To Lets. So got a portfolio of HMOs. And now a portfolio of rent to own properties, which is fairly exciting. So it spreads over a few strategies.

George Choy
And that, you know, that rent to own portfolio that has jumped huge amounts because I interviewed you and it was only a few months again. And it’s like almost doubled, I think.

Gordie Dutfield
Yeah. I’ve been doing really well with the rent to rent strategy. Doing well. Yes.

George Choy
And you know, we’re coming up to the end of the end of the year now. So what do you think your property portfolio will look like next year?

Gordie Dutfield
So I am going to still be building service accommodation units not as aggressively as much as now. I will be more focusing and putting their cash into more assets. So we’re aiming to buy 30 more Buy To Lets next year. Wow. Which more than achievable with finances? Do you need to go and do it? And the goal is to do two commercial to residential conversions as well.

George Choy
Okay, so you want to do like two a month or something like that?

Gordie Dutfield
Yeah, can get two a month, we are looking at buying a housing estate just now. So it’s a housing estate where the builders went bust. So myself, Abi, Paul and Aniko are all trying to get her hands on that as well. So that would be a great start as well. So yeah, so keeping up with the service accommodation, but not as aggressively more buy to lets, a couple more HMOs and then a couple more commercial to resi conversions.

George Choy
So change changing strategy then from just pure cash flow to now assets. Exactly. Okay, perfect. And, you know, obviously you meet, we both meet a lot of property investors, and we see a lot of common mistakes again and again. And if you if you just commented on one that you see the most often what would you say

Gordie Dutfield
Not having clarity. So when I speak to people on a daily basis, they’re trying to do commercial conventions, residential serviced accommodation, rent to rent, and developments, new builds they’re trying to do every single strategy. What everybody is trying to do is find that one strategy that’s gonna get them financially free. And that’s not going to happen. That one deal is not going to set you financially free. So the big mistake I see is people focusing too many things and not doing anything. Listen, I’ve done that. The start with this Q1 I wanted to get purely into commercial to resi at the same time as buy to lets, at the same time HMOs and was it the same team still do my SA business? I sat there at the end of Q1. I’ve done nothing. I’ve done nothing! I sat down I said Why am I doing nothing? Because I was trying to do everything. I said to Abi, listen my team just build the service accommodation business without me. Let’s just focus on buy to lets and HMOs and let’s just start buying. And that’s what we’ve done since the start of Q2. We’ve been continuously buying throughout the year. So top tip, get clarity on what you actually want to do.

George Choy
I like that tip. Now thinking thinking more about your personal life. So what would your dream home be like? What would Gordie’s home be like?

Gordie Dutfield
Can I choose to two? Can I choose two? Great because I want to live six months of my time in the UK and I want to live six months abroad. Is that okay? So I want to homes because I hate winter. So me and George are currently sitting looking at the window from Doncaster and it does not look too delightful. And that’s not just because it’s Doncaster, that’s because of the weather. So I want two homes. My dream home, in let’s say in the United Kingdom, would be a beautiful old barn conversion. I love it. You know the old barn conversion lots of land. So I just love old, old houses with the modern interior. Okay, I love lots of land. With kids so obviously they’re out playing all the time. I would like to live somewhere close to a pub. Because when I want to get away from the kids, or to football want to be able to walk. So a little country village with a local pub shop and just living on the outskirts of it.

George Choy
That sounds nice. I like that I can get behind that.

Gordie Dutfield
I love it. And then I want a house…I can’t decide. It’s either going to be marbella, or Ibiza. So the issue that we’ve got with Ibiza is I can’t fly direct from Manchester or Glasgow. I’ve got to go to London to fly directly to Ibiza which is a bit of a pain. So let’s just say it was in Marbella – a three beds town house next year, you know we’re looking at a pool will do me just fine.

George Choy
Lovely. So that one’s gonna happen?

Gordie Dutfield
That one’s, we’re already looking. We are already on the hunt for that house in Spain, yeah.

George Choy
Fantastic. So one other thing I talked to people about is creating a dream board. If you have a dream board, it creates you know, a complete vision is beyond the vision board because it’s the Dream Do you want to achieve in your entire life. And Sarah and I we look at our dream board every single morning so that we make sure we focus towards our dreams. And we tick them off as we go along. So if you…Is there anything you could share from your own dream board?

Gordie Dutfield
Yeah, of course there is. Let’s stay away from the money side of things and stay away from the Ferrari and the nice houses. One of…me and Abi’s big passions is we always want to give back in some way. So I would love…and this sounds crazy, I’ve never said this before in front of the camera. I’d love to go into Africa. Okay, I hate poaching. Okay, I hate when rhinos and all are getting poached. So I would love to spend a lot of my time out in different countries being able to give back to feel good — feeling doesn’t come from money from me. Yes, it’s nice to have. But I would like that money to be able to be used in a different way that I can actually give back. Because the feelgood factor for me is giving back to other people. Because it does feel good, doesn’t it? Yeah. So for me, I’d like to spend more of my time doing different projects, and I’m off to prison in a couple of weeks time to spend a full day with inmates and to give back to them. So for me, I would love to be able to be able to just go to Africa for a few months and be able to do charity work, out there, and be able to just to think for myself. My dreams are very focused around being able to give back. I’ve been able to do stuff that I enjoy. Yeah, I mean, I am fairly happy every single morning. Waking up, going to the gym. Playing squash. Getting stuck into training and teaching. And then having time with the kids. It’s very simple. Yeah. But for me, just having a bit more free time to be able to give back to charities would be phenomenal for me. Yeah, that’s a buzz. You know, it’s a buzz.

George Choy
I don’t know if any of you have read? Um, Bronnie Ware’s book Five Regrets of the Dying. But there are a couple of a couple of points in there. One is sort of living a life true to yourself, having the courage to do that. And it sounds like you’re already doing that. And he’s also not working so much that getting some of that free time to be able to do the things you want.

Gordie Dutfield
It’s difficult, because when we train, everyone sees training as working, and neither will you.

George Choy
Teaching for me, teaching is enjoyment. And it’s giving back at the same time.

Gordie Dutfield
That’s very true.

George Choy
it’s good. So last last question. So if you could have a billboard put into every city in the entire world with one message to the world, what would it be?

Gordie Dutfield
You’re not here for a long time, you’re here for a good time. So that’s been my theme for years.

Gordie Dutfield
I see so many people living life just average unhappy, miserable. And you’ve not got a lot of time in this planet. So you need to enjoy it and I get this point across people…what I’m feeling. You can make all the money in the world. But if you’re working 15 to 18 hours a day for the next 20 to 30 years and not having any time to enjoy yourself we’re giving away 30 years your life yeah, got to bloody enjoy yourself as well. So I still enjoy myself. Maybe more than I should sometimes. I still enjoy myself. And for me, I think you’ve got to understand you are here for a good time. So go and enjoy it.

George Choy
Yeah, yeah. Okay. Well, thanks very much, Gordie.

Gordie Dutfield
Perfect, thanks so much my friend. Alright, much appreciated.

George Choy
See you next week.

Gordie Dutfield
Cheers. Bye for now, everybody.

Transcribed by https://otter.ai

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