Welcome to Boostly Podcast Episode 408. This is a recap of my Facebook live where I talked about how Dave Goodfellow got started in property.
Here's the audio for this episode:
Here's the video for this episode:
Timestamp
00:00 Start
00:40 About Dave Goodfellow
03:00 About Rent to Rent
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Transcript from the Episode
So when I personally think of clubhouse in 2021, I think of Mr. Dave Goodfellow. And what I loved about the clubhouse room was we were able to get Dave in the clubhouse room. And we were able to get him in and just find out his story and his background and how he got started in property. This is a little segment of our 24-hour clubhouse room that we ran back in 2021. It was one of the highlights of my years one of the free 25 clubhouse rooms that we did. So listen in. And this is how Dave Goodfellow got started in property. Take it away, Dave.
About Dave Goodfellow
I've been a property investor for about 10 years and but I did it as a side hustle as part of as kind of a side hustle to a job that I was in. And I started off with flips and then I went into a small buy to let portfolio everybody knows you buy selects over in the UK that you know, you make a couple of 100 pound per lead per month. The boiler goes, you know, you wipe out your profits in a year. So I was working away lots of hours, I was leaving home on a Sunday evening and coming home on a Friday evening. Not spending any time with the family and being a zombie for a day and a half and then getting back to normal and then going off against the work and I thought This just can't be the way that I want things to be this is not the way I want things to be. I want the missus to fall pregnant. And I was like, you know, what can I do to get myself out of this, this maximum and by accident, and one of my tenants in one of my buy to let properties in Chester it's a three-story townhouse. She stopped paying her bills. And she'd been she stopped paying for about three months. I managed to get her out. And I thought right. If there's anywhere that's gonna work centre, Chester's a lovely little Roman city, three storey townhouse or give it tarted up a little bit. I'll try this Oh call over here serviced accommodation. I'll give that a whirl and see what happens didn't really know what I was doing to be honest, got it on Airbnb got it on booking.com.
And I had somebody else managing it for me at the beginning. In the first step, the first week of it being similar to Ryan, I took a booking for three and a half 1000 pounds in its first week. And I was like, you know, my, my rent for this property normally is about 1300 pounds. And I'm going to clear, like 1500 quid on this property net profit this month, which was like, was just crazy, crazy money.
So that was in November 2018. In December 2018, I bought another one. So I bought an old Mason at the centre of Chester, three-bedroom and turned into a four got that on the market as well. But that kinda was taken too long, you know, to buy a property, refurbish, refinance it, and then get it on the market. So I thought there must be an easier quicker way of doing this.
About Rent to Rent
And there was so I got into to rent, rent to rent or rent to serviced accommodation started growing, taken on properties there because we the demand that we have in the city was just great.
We still had somebody managing it for us at that time. And then we went we got to a point where we were paying the management company about 2000 pounds a month in fees, and we thought, You know what, that's a wage for somebody else. So I left my job. I got into it full time. My business partner and best friend got into it with me. We then started building really smart systems around our business. So we could use sort of VAs in the Philippines and all that sort of stuff. And then we use that on our rent to rent and owned properties first meet it, made it tweak and brought in all the really cool systems that could be run from our phones. We call our office in our pocket. And then yeah, went from there and started taking management clients on. And yeah, we're kind of expanding right across the UK at the moment. So looking forward to this year. It's going to be a big year for us looking to triple our business. And yeah, that's it for me.
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