Gordie Dutfield explains why 'no money down' doesn't work for traditional house purchases, but does exist in serviced accommodation through rent-free periods and turnkey deals. He targets areas with major development, like Greenock's 10,000 new houses, and warns that training won't be a magic wand.
So when you're going to a new area, say to speak or just an area, just you've seen some places that you like and say these nine ones that are going to be coming into your portfolio very soon. So what is the sort of checklist that you go by? What do you look for? What is your target niche? Like, how do you come up with your target niche? I mean this would be a real.
Good route to go down. So I operate everywhere and my model is very simple. I target where the big developments going on. So I'm taking on another nine units in a place called Greenock just now. The reason I'm taking nine units on there is 10,000 houses getting built. I am constantly looking for developments.
Can you please explain to me, number one, what is no money down? How is it achievable, how is it that people can get away with saying that this service accommodation lack or this property lack is passive income, when we all know hospitality is not passive income, it's anything but. So can you just sort of share your views on it if you think it's achievable, if you think it should be said and just sort of give your overall opinion on those two things, please.
If you're buying a house, can you buy a house? No money down. Bollocks. You cannot buy a house without any money. So there's two terms here. Can you buy a house using somebody else's money or using a loan or 100%? Of course you can, but can you buy without any money? No, you need bloody money. So. But within the service accommodation side, so there's two angles. I'm going to go at this number one angle. I have got properties that are fully set up for service departments that I've had to spend no money on, that I've had to not take a deposit and I've got a rent free period. That's a no money down deal.
You've built a really good online brand. I see you everywhere. Instagram, Facebook, I see you. So how much of your sort of success that you've had can you attain to building a personal brand alongside your portfolio business brand as well?
When you're building a personal brand, what a lot of people do, they think this is what the audience will want to see and what the audience will want to hear. I am not a professional guy. People mold themselves into something different when they get in front of a camera and they'll think it. Because I need to come across this way because I'm selling this or I'm doing that. What a Lot of shit. It's nonsense. I am never. No one's ever going to succeed and try to mold me into something different. I am who I am. I am comfortable in my own skin and I am an excitable, hyperactive. People call me about crazy about that. I am fun and I'm doing this for the fun stuff. Listen, I'm here for a good time, not a long time. So I think building a personal brand along with your business is important as long as you've got something to offer.
I totally agree with that. You got to be who you are. And at the end of the day, doesn't matter whether you're speaking in front of one of these cameras or whether you're speaking on stage, which is literally one on one. If you're trying to put on something that you're not, people can smell it a mile off. And as soon as you start doing that, people won't trust you and then people just will not want to do business with you if you lose that trust factor. What is the one mistake that you see your delegates make when they. When they first get started into this world of essay?
The one mistake people make when they come to do any sort of training course, specifically essay, is that there's a magic bloody wand and you're going to wave it and it's all going to happen for you. People are scared of work. People want a magic solution. One mistake people make as they come mentally unprepared, thinking that they can come in, learn the knowledge, get three or four properties, become financially free and sail off into the sunset. I hate to tell you, but you will fail if you come with that mentality.
So you obviously coach. There's loads of people who now coach Sa. What is some advice that you seem given by your peers that you just simply don't agree with?
Areas is number one. Strategy is number two, people always think that you need to go for the big penthouse apartments in the city centre of Manchester, but Birmingham, York, whatever it may be, and that's how you're gonna get your bookings. That is fairly niche. You know, I work with Abbey, who's got beautiful units in the Peak District in Whitby, a fairly niche market. That's not how it should be done. Number one, the leases probably won't allow it as well. Number three, talking about you don't need any money to get involved in this strategy and you don't need any time initially. There's time in this business, you need to put time in to get it up and running. I put a lot of time into it. I was working full time when I got involved, and I put all the time in the evenings because I wanted it to work.
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