00:00:00:00 - 00:00:16:09
Matt Haycox
In the press, we kind of hear impending doom and gloom in the property market. As someone who works in it day to day as a lender, I can completely agree that consensus is that doom and gloom is around the corner. But then on a day-to-day basis, agents still seem to be selling properties. People still seem to want to buy properties.

00:00:16:09 - 00:00:34:26
Laurie Duncan - REWD Group
To be honest mate, I just see opportunity, right? Because for everyone that's kind of suffering, there’s somebody out there making a bit of coin off it. I mean, we in Scotland have rent freezes. We’ve got eviction bans. We've got the base rate up like everybody elses, so of course the finance is affected. But whilst they are challenges in the environment, well, there's always somebody then

00:00:34:26 - 00:00:58:03
Laurie Duncan - REWD Group
that's maybe going to be looking to sell and we are always going to be looking to buy. We are certainly not going anywhere. We love what we do, we’re very passionate about it. We really believe in it. Look, there’s challenges but I mean, all our growth came during COVID. It's not like that wasn't a challenging time, you know. We’re used to riding the waves, and I think this is just another one.

00:00:58:09 - 00:01:24:12
Matt Haycox
Guys, Matt Haycox here. And welcome to another episode of The Matt Haycox Show, where today we have our rudest guest to date. Not rude in a naughty way. Well, actually it is rude in a naughty way, but it's rude as in R E W D. I've got Laurie Duncan with me from the Real Estate Wealth Development Group. Laurie is gonna tell us all about how in the last three years they've gone from 0 to 220 properties, built a massive buy to let portfolio.

00:01:24:13 - 00:01:43:23
Matt Haycox
They've got a training business, construction company now to watersports resort and a development business too. I'm really interested to hear their story. Undoubtedly there’s going to be loads of nuggets of property information, I guess their information on multiple streams of income development, pensions and everything in between. So Laurie, thanks a lot for being here buddy, and looking forward to hearing your story and picking your brains.

00:01:44:03 - 00:02:03:08
Laurie Duncan - REWD Group
Aye, no, awesome. Thanks for having me on. It's really cool to be on here and even have a chance to speak to someone like yourself you know, it’s a true privilege. So I appreciate that. We started REWD Group about three years ago now. Alex and I had kinda of been working together for about a year before that, but we started Real Estate Wealth Development three years ago and in that period of time

00:02:03:15 - 00:02:25:12
Laurie Duncan - REWD Group
we’ve got this residential buy to let portfolio now we've got 220 units. Built it all up with none of our own money, really working with private investors. It started off 50 grand here, 100 grand there. And we were doing one by one deals, secured the investments. As we've scaled, as you mentioned, been working with pension funds and loads of different combinations in terms of finance to get us to where we are now.

00:02:25:15 - 00:02:40:13
Laurie Duncan - REWD Group
Ultimately, residential buy to let is the backbone of REWD Group. We really, you know, when we started the logic was ‘let's get loads of properties, have loads of passive income, go play golf every day.’ As it happens, that's what Alex does. I'm the only one kicking about in the office

00:02:40:28 - 00:02:44:06
Matt Haycox
That's why I'm only talking to you right now.

00:02:45:11 - 00:03:15:28
Laurie Duncan - REWD Group
Exactly. He's on the course. Yeah that was the original idea and it kind of quickly grew, mainly through frustration slash opportunity of other angles we saw, you know, the reason we started the building company is because we couldn’t find a good refurb team to deal with the maintenance and all the kind of property upgrades and all that. The reason we started the developments business was because we saw an opportunity on the high streets in commercial and residential and really for the training and sourcing business, you know, we create the story really by achieving massive growth in such a short period of time.

00:03:15:28 - 00:03:21:06
Laurie Duncan - REWD Group
So ultimately now, that's what we teach our guys how to build a business like we have.

00:03:21:06 - 00:03:44:12
Matt Haycox
Well, let me let me pause and back track just to the beginning of your story. I mean, opening not only but, you know, buying and owning 220 properties will be no mean feat in any amount of time. Never mind doing it in three years. What were you doing? Whether you sell whole or both, you and I know what we both think before this, did you did you own any property in your own life as well?

00:03:44:12 - 00:03:45:04
Matt Haycox
This business stuff?

00:03:45:17 - 00:04:12:04
Laurie Duncan - REWD Group
I we had a you know, I had a few properties. Alex had one and Alex's was his old house. He was going to go on board the and I wanted another house. I had an appetite for property so but I ended up a couple city units really just by the other end we end up with the town was up actually find another one really you know it was it was the frustrations of our corporate careers, you know, Alex, as a qualified project manager, I was always in sales and business development.

00:04:12:09 - 00:04:33:07
Laurie Duncan - REWD Group
We were both working in international roles in what want to travel all over the place on the someone else's control. When we got really excited away from that. So it was really through that frustration that we started talking a lot. We thought we'd start making a bit more serious moves. Really. That's what led us to start a good group of us through that, the communication shift and a lot of ideas bouncing off each other.

00:04:33:07 - 00:04:52:14
Laurie Duncan - REWD Group
And so we just decided, you know what, one day we'll just go for it, we'll do a first do and then quickly just kind of spiralled. We got to something like 40 units in 18 months. Just by working with these private investors and working a lot with Conar Tracey actually, he was the guy we were buying the deals with before we started working together in REWD group, you know. again, just to be working together, albeit separately.

00:04:52:16 - 00:04:57:03
Laurie Duncan - REWD Group
It made sense through conversation to work together in business and that's with him next.

00:04:57:05 - 00:05:13:24
Matt Haycox
And during those first 40 properties, was that all you were doing insofar as you were only buying the properties at that point? Or had you always started out planning to do the training, you're planning to have the construction company? Or were these things that just kind of came as an accidental byproduct of the business group?

00:05:14:03 - 00:05:34:19
Laurie Duncan - REWD Group
You know, I guess we always had ambition to have a group operation rather than just the residential buy to let. In fact, one of the first businesses we started, you know, after the basic buy to let stuff was a holding company. And we always had ambition to, yeah, I guess get into other things, but we didn't really know at that time what we were going to do.

00:05:34:19 - 00:05:57:09
Laurie Duncan - REWD Group
I guess, you know, you go along this entrepreneurial ride and you're always looking for these other opportunities and yeah, I guess we just saw we saw opportunities and that through frustration. Like I mentioned, you know, we've got a new company, a lot of boats out there in the fold. But as a finance company, ultimately as an acquisition production facility, we can provide the training clients and the whole model of a green group negative always around.

00:05:57:21 - 00:06:17:06
Laurie Duncan - REWD Group
But I mean it's IT and clients and we have paid for the education paid to supply them the investment opportunities got paid to do that information. The only thing we've ever doing is supplying them with finance. So that's a new business we've not yet launched. But again, it's just another opportunity to. We've got an existing client base already working with us, makes sense to monetize it, you know.

00:06:17:06 - 00:06:20:27
Laurie Duncan - REWD Group
So yeah, I guess it's just yeah different ideas along with.

00:06:21:00 - 00:06:37:26
Matt Haycox
So so a lot of the things we were going to talk about what's the benefits of working with the group to build your own property portfolio? I mean is that something that falls on the training for you, as in are you training people to build their own or somebody if somebody doesn't want to learn anything, they just got some cash.

00:06:37:26 - 00:06:44:11
Matt Haycox
They want to be completely passive. I mean, can they have that money over to you and your on you'll go and build a portfolio for them.

00:06:44:19 - 00:07:02:05
Laurie Duncan - REWD Group
Yeah. I mean open to all Oh most people that comment it's quite interesting I see a lot of guys come in to the training company because I want us to provide the training class with all these different products like it was mentioned. But a lot of people come and of course they learn the strategies, they understand what can they do?

00:07:02:05 - 00:07:25:22
Laurie Duncan - REWD Group
You know what, Actually just take my money. Look, I'll be happy with what I've done there. Let me go 100 grand in the bank for the bank or whatever. And when they recognize, you know what? Stand up, offer and stand for unsecured loans, Right? So somebody comes in and warns us, quote, I know they can make £25 a year for just going to kick it back, you know, And it's like how long would you actually take to get to that level to buy it?

00:07:25:24 - 00:07:37:26
Laurie Duncan - REWD Group
And which is why we are very focused around raising finance, right? We sell everything that we have, use in other people's money. That's what we we teach. But no, I haven't got an appetite to do that. You know.

00:07:38:05 - 00:07:47:29
Matt Haycox
How do you go about building of your investor base with these people you knew before you started? Was this been a particular challenge and skill set in growing the business model?

00:07:48:12 - 00:08:11:24
Laurie Duncan - REWD Group
I guess... No. I mean, initially the first investor was was one of a mix. You know, it was a 25 yard property. He had some cash in the bank. He just gives it we give him a first charge security on it. You know, the deal was solid. Bought it for 25, it’s maybe worth 60 something like that. So the kind of the level of security we were able to provide because of the quality of deals Conar was presenting to us made it quite a safe solid, you know, investment opportunity for the investor.

00:08:11:28 - 00:08:37:19
Laurie Duncan - REWD Group
Initially it was, you know, so that was a mate of ours. Then it was like our next colleague from Alex's work. Then yeah, it just kinda grew organically because, you know, we were, we were posting about what we were doing on social media with a building of credibility. We had a guy rock up their office one time, just after we opened, which must be maybe a couple of years ago now. Rocked up, but just seen us posting some stuff on social media, liked what we did. Had some cash in the bank, dropped 200K there and then unsecured.

00:08:37:20 - 00:08:58:27
Laurie Duncan - REWD Group
And I was like, Whoa, cool! you know. So I that was one of the benefits I think of when we decided to move out of the office. People could come and see us, check us out on the table with us. We could show them the portfolio. So over time, you know this, the capability grew. We found more and more investment just kind of flowed towards us because because people kind of like what we were all about.

00:08:58:29 - 00:09:24:28
Matt Haycox
I mean, there's something magic about properties. And I think, you know, I don't know whether it's a global thing. It's a particular very British thing. And we all like to think we understand properties, whether or not we do under the question. But it's always something that people people have a natural, natural affinity to. And that's part of my personal day to day life is spent raising funds from investors in which we which we deploy not as property developers or property investors ourselves, but into secured lending.

00:09:24:28 - 00:09:48:26
Matt Haycox
And, you know, I'll present deals to our investors from property. I mean, is always asset backed. There could be property, could be plant machinery, vehicles, debt to books, whatever it may be, no matter how secure or well packaged. And the other type of deals, nobody likes anything like the properties. There's just this magic attraction that they going to be safe houses as the expression goes.

00:09:48:26 - 00:10:08:09
Laurie Duncan - REWD Group
Well, that said, I mean, you know what you're going to do with your cash stick and it always stocks and shares like people like the Brexit model. when when when the when they've taken security relative LTV at like 50% and again very safe solid return. that was in the early stages we got a lot of people asking us this question like you know why is anybody going to give me the money?

00:10:08:09 - 00:10:24:13
Laurie Duncan - REWD Group
So it was like a question. Everything the client asks and like, you know, why would anyone get us the money? And this follows the same deal. How good is the quality of the deal with your presenting to an investor? You know, and then you all brings the money. So yeah, yeah, that was part of it.

00:10:24:22 - 00:10:44:07
Matt Haycox
And I think it's like anything until you've asked that question, you never know the answer until you've done it. Once you think, you think it's an impossibility. But as much as there's a borrowers out there desperate to borrow, those investors out there desperate, desperate to lend to everybody who's stuck an opportunity with no cash with somebody else up in cash opportunity.

00:10:44:07 - 00:10:47:06
Matt Haycox
So. Right. So it's about getting out there, you know, pushing those folks.

00:10:47:06 - 00:11:09:18
Laurie Duncan - REWD Group
Absolutely. And, you know, there's always like Alex and going on my business partners, you know, they often take over me because there's this running joke about, you know, when we walk in a bar, you know, I'm running around the boss and hey, who's got money? Who's got one? Who's got money? Just ask an African-American. I know that's not exactly true, but we do like to be very vocal and just talk about what we're doing and explain and how it all works.

00:11:09:18 - 00:11:32:12
Laurie Duncan - REWD Group
Because at the end of the day, if you're not talking about anything, people possibly expect to know and understand that, you know, and there's a degree in the sales pitch there. But as I say, as we've grown the market value of what obtains, you know, most people know lending deals on an unsecured basis because we pay a higher rate, they get the model and they just prefer to hire a thug, you know, But we do have some secured investors, but it's going to off Now.

00:11:32:25 - 00:11:53:09
Matt Haycox
When you say it's on an unsecured basis, I guess put asking this more from your personal inquisitiveness or a selfish perspective. But when you say a loan secured by are you so totally unsecured or just not on the on the first charge early on you've been mentioning that first job sales up 50% or whatever. I mean, what's what's happening with the balance of that equity?

00:11:53:21 - 00:11:56:10
Matt Haycox
You're not doing second charge is equitable charges along the way?

00:11:56:15 - 00:12:18:00
Laurie Duncan - REWD Group
No, we've only ever done a second job once we I'm looking up I got through late November looking for a second job. So we have to just pop up. I got move looking to make up and that with days like every investor that came on board was looking for a first job. As we move forward, more people went unsecured and know, as I say, most people are terms of what security not.

00:12:18:03 - 00:12:24:13
Laurie Duncan - REWD Group
That is not to ultimately in the case of default it would come up to an unsecured benefit and the you know.

00:12:24:16 - 00:12:26:09
Matt Haycox
What you would you pay you investors.

00:12:26:15 - 00:12:28:12
Laurie Duncan - REWD Group
For unsecured that's 10% if you.

00:12:28:28 - 00:12:30:10
Matt Haycox
And to secure.

00:12:30:20 - 00:12:47:00
Laurie Duncan - REWD Group
Secured. As I say we don't really have any but what we used to do was if it was a single razor unit, to be fair or not buy and so many single razor units. Now what if we are what combining an unsecured lending with so inside so means we don't need to even involve minimum really and the stock.

00:12:47:01 - 00:13:05:23
Laurie Duncan - REWD Group
It was a 6% APR that we covered the legal costs as well and they got us minimum six months maximum or something like that. So from that, from our point of view, we were broadly speaking with a paying roughly the same kind of cost, even if it was a low interest rate, we were covered in the least. So what those are for the same cost.

00:13:05:23 - 00:13:09:08
Laurie Duncan - REWD Group
So it just meant that the investors would make a bit more money from us. Actually.

00:13:09:08 - 00:13:14:03
Matt Haycox
What does it tell me is all the property deals that you do with the All of Scotland.

00:13:14:11 - 00:13:30:27
Laurie Duncan - REWD Group
Yeah, yeah. Current. Currently our growth has only been in Scotland then we had looked at when Conar joined the bit maybe 18 months ago, we started working together one of the original targets was to expand that north east, north west thing. But the reason we've not done that is because we just find we have an abundance of opportunity up here, right?

00:13:30:27 - 00:13:49:21
Laurie Duncan - REWD Group
And it would be crazy for us to take an eye off both again, you know, we've got our own direct vendor player marketing campaigns going out ten, 12 weeks on average out. Dave I know. And that's before with not just our own direct market, nothing to do other other channels that didn't sell. So we're just not ready to make that move yet because of the many opportunities we have in Scotland.

00:13:50:07 - 00:14:18:12
Matt Haycox
Is quite, is quite refreshing that from my perspective to hear that because I always feel a mistake is far too many people making property is going far and wide, far too early on. And you know, you'll see you'll see people with a, you know, a pulse out of whatever, five, six, seven properties. One is, for example, in Scotland where they live close to home and then they've seen a deal in the newspaper in Birmingham and then one in Southampton, and it's an off plum property in Portugal and something in Marbella.

00:14:18:12 - 00:14:42:28
Matt Haycox
And on the face of it, you know, they think they're really different diversified deals. But, but the reality is, you know, by the time you take into account the headache, the travel costs, you know, the fact you've got no men on the ground in these towns, if things go wrong, I mean, never mind. I don't think you're even at the same the same return as you would be who you probably actually are after a negative return.

00:14:42:29 - 00:14:57:04
Matt Haycox
I just think, you know, with property, there's so much property out there that if you prepared to put the effort in, there was so much on your doorstep. But you can get a portfolio like yourself with 220 properties, enormous portfolio with without even needing to leave your local area.

00:14:57:09 - 00:15:16:15
Laurie Duncan - REWD Group
I and you know I guess with great fortune up in Scotland there's never really to you know, we've got like you know, 40 units in a place called Campbeltown, which is like, you know, probably more the West Coast know. If you can have me question that, check out all in Campbeltown, maybe step in out of the 80 across Lanarkshire and into that country.

00:15:16:15 - 00:15:42:06
Laurie Duncan - REWD Group
But even to get the competence, only a few of us drive somewhere. We've actually got team of guys down there this week. Just get some of the flats, maybe bring back to the rental market. But again, that's all guys from the building company sent for a we thought they might get them, they, they passed away and they just you know, become very systemized I guess as we've grown because that's that's the most passive element of good is the by the trade and businesses, you know, we're very much involved and spending a lot of time and effort on.

00:15:42:17 - 00:15:45:01
Laurie Duncan - REWD Group
But the by itself just kind of runs itself Now.

00:15:45:11 - 00:16:04:06
Matt Haycox
What challenges are you finding in the business or the property market? A lot of these are, again, just a sub context to the question. I mean, anyone listening to this or watching this in the future, I mean, we're recording Nation in the beginning of March 2023 and you know, in the in the press, we kind of hear nothing but doom and gloom and impending doom and gloom in the in the property market.

00:16:04:20 - 00:16:29:15
Matt Haycox
As someone who works day to day as a lender, I mean, I can completely agree that the consensus is that doom and gloom is around the corner. But then on a day to day basis, agents still seem to be selling properties. And, you know, people still seem to want to buy properties. However, you've got mortgage companies obviously offering to increase the interest rate, which then means even though the length of all these maybe that's I'm finding it to a stress test of the modern mortgage, the amount of lending.

00:16:29:26 - 00:16:42:23
Matt Haycox
And I don't see how much longer it can go, but it's just it feels completely unsustainable yet everybody out. And that still seems appealing to that. I mean, as somebody who's doing this day in, day out, what's your what's your take on that?

00:16:42:29 - 00:17:07:05
Laurie Duncan - REWD Group
Yeah, I mean, you know, we've we to be honest, I just see opportunity, right? Because for everyone that's going to suffer under some of this making of going off that I mean we in Scotland have great these eviction bonds. We've got the base rate up like everything I would say. So of course, the finances affect. But whilst they are challenges and the environment, well, there's always something that is maybe going to be look at south and we are always going to be looking to buy.

00:17:07:06 - 00:17:23:15
Laurie Duncan - REWD Group
Right. We've we've got commission funding lines note both for acquisition and for exit. So we tend to find that we can have a lot of good opportunities because a lot of people are about to get in the market because of the challenges. Let me just fend off that. You know, we have still managing to secure really, really good deals.

00:17:23:15 - 00:17:39:08
Laurie Duncan - REWD Group
I mean, an average, but probably 70% that's going to pay off. Do you and we're buying from sale for buying for clients. We are certainly not going anywhere. You know, we love what we do have a passion about it. We really believe in it. So I don't know. Yeah, look, challenges. But I mean, all of our growth came due to COVID.

00:17:39:18 - 00:17:51:17
Laurie Duncan - REWD Group
It's the way that wasn't a challenging thing. You know, that's the last three years of of seven. The first two years of our growth was all due to our global pandemic. You know, so what I used to write in the waves and I think this is just another.

00:17:52:09 - 00:18:01:13
Matt Haycox
On your construction company I mean, do you only are you your own clients and not you build everything for yourselves or do you actually do construction work now as well?

00:18:01:19 - 00:18:22:25
Laurie Duncan - REWD Group
We did that. We did do some homeowner stuff for a while. It was a business move. We made the last year actually. But now we've refocused streamlining and this new model that I mentioned for the next financial year. And we're just going to focus on simple residential refurbishments. But I will stuff I'm sort of training clients. We just found that the homeowner stuff was very difficult that one make any money and make to get paid.

00:18:22:25 - 00:18:34:26
Laurie Duncan - REWD Group
And so we decided to just going to focus where we know we can do much of that easier less headaches. Whilst it was something we kind of went after in the last year, we're refocusing though for next year.

00:18:35:02 - 00:18:46:09
Matt Haycox
So you've got a book coming out, the first chapter, Property Millions. Tell me tell me about that. I mean, is that something you've written, written from your training experience over the last three years and I mean.

00:18:46:22 - 00:19:05:24
Laurie Duncan - REWD Group
That was an experience, right? You know, we are now off those. If we look, that's between Alex going out and I and it was a great experience ultimately, that tells the story of how we've been able to achieve what we have. Right. So it's energy. The idea is there's looking for the knowledge strategic information about of story as well.

00:19:06:00 - 00:19:24:08
Laurie Duncan - REWD Group
And it's available on Amazon as well as audible in fact. So we've got the audio, we've done the paper. It's really cool. There's a Golden Nugget Senate. We're getting a lot of good feedback from it. So yes. And PS Latin and is interested in learning about our strategy and our first works of protocol should be the fast track, the property.

00:19:24:22 - 00:19:46:10
Matt Haycox
Well, what we'll put we'll put all the, all the show notes together when, when this goes live, we'll put the, you know, put all the links to this kind of stuff for people to be able to access. And what just I guess, from a marketing perspective, what would your logic with the book is? It's something that you're actually hoping to make profit out of the book or is it a fancy business card, you know, a lead to bring people into the group?

00:19:46:14 - 00:19:58:09
Laurie Duncan - REWD Group
I think so. You know, we're certainly not making any money off like I did understand the whole books like what phrase or post experience. But I think we get something like one IP and royalties we sell.

00:19:58:18 - 00:20:01:02
Matt Haycox
So did did you self-publish and.

00:20:01:06 - 00:20:20:18
Laurie Duncan - REWD Group
No, no, we done it through our companies. Well right know I mean so they've basically taken yeah you have got really basically yeah look it's really about like opportunities that go, you know what looks like more it's going to get about more exposure. The book was just another thing you know again I think it gives us the visibility and allows people at the top.

00:20:20:18 - 00:20:36:06
Laurie Duncan - REWD Group
And as clients, I suppose, you know, from from reading the book. And so it's really a marketing thing and ultimately the angle for us as fuck for anyone that's really serious about trying to grow the property business, then that's how the comment funnel ultimately.

00:20:36:15 - 00:20:39:28
Matt Haycox
And you've, you've got a podcast as well. Is that, is that going to live. Yep.

00:20:40:05 - 00:20:59:15
Laurie Duncan - REWD Group
So the podcast that what actually running two podcast one is the new wealth podcast Alex is leading up and that's all about wealth generally. It's not specific to property, you know, and it's really trying to simplify your understanding of wealth because certainly we were never educated about wealth when we were growing up. And I think that's still quite true.

00:20:59:16 - 00:21:15:26
Laurie Duncan - REWD Group
You know, I think you need to kind of go specific places to try and learn about how well this stuff works. And Alex is trying to do with podcast to try and I guess put that in layman's terms, but a lot to do. I guess I kind of recorded maybe five or six episodes by then, I guess launched it the second.

00:21:15:26 - 00:21:23:00
Matt Haycox
So I was just going to say as I shows with Guest as well, is it you guys don't know for yourselves what's guests.

00:21:23:00 - 00:21:41:13
Laurie Duncan - REWD Group
Yeah, so this is bringing then young entrepreneurs, experienced entrepreneurs, just, just business people from different backgrounds. They've got good stories to tell and yeah as no just does Alex is the host. I think I'm on the first one or the second one. I think you've done this. I think he's done the first one himself. And while me on that one, obviously it.

00:21:41:13 - 00:21:44:18
Matt Haycox
Was breakfast and it was building up the.

00:21:44:18 - 00:22:06:01
Laurie Duncan - REWD Group
Exactly. So they'll be coming out soon enough. Like I don't know exactly when the second podcast as the real property train and podcast and honestly did not up and that's more specific to property examples of clients that we've worked with that come and come and learn from us and start to grow the portfolio using all the different services that we provide to this group.

00:22:06:01 - 00:22:13:25
Laurie Duncan - REWD Group
And it hasn't explained. So two different types of podcasts. We've never done them before by excited to see how we go and morph. We think.

00:22:14:03 - 00:22:28:10
Matt Haycox
Oh, what's the plan for the group that I mean, obviously, you know, not to three years from not 220 properties. I mean, are you are you planning on holding these properties forever? I mean, is there going to be a plan to be able to build up to X amount and sell them? Or, you know what, what's the future going to say?

00:22:28:13 - 00:22:50:16
Laurie Duncan - REWD Group
Yeah, I mean, we're really we're really diversified again and we continue to diversify. We continue to look at these new businesses we can bring into the synergy of the group we operate. And actually when we started out, you know, it was we want to get to 50 units, then it was 100 units and it's the under and then it was a thousand and it was all of I think we've diversified really no end to exploring all assets.

00:22:50:16 - 00:23:17:25
Laurie Duncan - REWD Group
They were not necessarily buying to sell vinyl. They were not necessarily buying to hold everything or doing a bad trade. And so, John, still through the auction, just for a quick buck, there's some kind of a that's to sell on the open market when it makes sense to do so. But, you know, more recently we've been looking at these these can buy go finance news I think I briefly mentioned that let on and if we manage to secure this you could sell it we're looking at I think we'll be back on the the thousand units regardless I think now that will become a focus again.

00:23:17:25 - 00:23:32:03
Laurie Duncan - REWD Group
And over what period of time, I don't know. I mean, we've obviously done well in the short time so far buyback and probably within a few years. I'm pretty confident we'll be able to estimate those units again, as well as still doing all the other trading activity.

00:23:32:27 - 00:23:52:07
Matt Haycox
So I mean, people always talk about aspire to property. Is this passive income almost a magic thing that the alone all these properties never have to work again? But I mean, how realistic do you see it? I mean, even when you own the properties as a as a property owner myself, there's always something breaking. There's always a tenant leaving.

00:23:52:07 - 00:24:05:24
Matt Haycox
There's always somebody who doesn't want to pay the rent. Did you think the words passive income are a bit of a misnomer with it? I mean, I mean secure income, lifetime income I would go with, but I mean, how passive do you really find that?

00:24:06:00 - 00:24:22:18
Laurie Duncan - REWD Group
I mean, really, we don't have with any of the policies of the stock, right. So we don't mind. That's the only thing. We don't really do it and we do we don't monitor wouldn't start because I it's it's a lot of time for dealing with tenants so we don't manage our own stuff. The only thing we really get involved in as the refurbishment site.

00:24:22:18 - 00:24:42:27
Laurie Duncan - REWD Group
So yeah, I do think it is as quite passive. I think I was talking a bit, that's what's going on the other day because, you know, we, we could of not stop it, we could of just continue doing what we were doing, continued buying up units as a second unit 18 months. We couldn't just continue to scale and not Alex and I, you know, that could just be our income whether it was possible or not.

00:24:42:27 - 00:25:11:09
Laurie Duncan - REWD Group
I mean, was it really going to kind of be back in us? And I think it was. That's why we started the group. That was a thought process. We wanted to get involved in all these other things that we we want you to create multiple income streams, you know, So even if it was passive, I mean, and even if we had the opportunity to play golf every day like we talked about, I just don't think without you know, what what both can a relatively young global study you know what what kind of highly ambitious driven guys in fact there's only 20 right.

00:25:11:09 - 00:25:21:19
Laurie Duncan - REWD Group
And it's just like we've just Right. Stop this month. We don't get started. So I think it could be passive. But hey, even if you've got all this passive income and you live in this life of freedom, you just got to sell both it.

00:25:22:02 - 00:25:30:12
Matt Haycox
AT Exactly, exactly. I mean, if you're a true entrepreneur, you know, once you've once you've built anything up to to become passive, you're moving on to the next project. Anyway.

00:25:30:14 - 00:25:31:22
Laurie Duncan - REWD Group
That's it. That's it.

00:25:32:18 - 00:25:49:04
Matt Haycox
Well, listen Laurie, It's been a pleasure having you here mate. Been a pleasure listening to all this stuff. And like we said, we're going to get to put some stuff in the show notes so people can find the book and find the podcast and find it, find everything else. But just before you go, it's you know, one last shout out. Any Instagram handles, any other channels.

00:25:49:04 - 00:25:52:10
Matt Haycox
People should come and find you once they’ve listened to this and wanna catch up with you.

00:25:52:15 - 00:26:06:03
Laurie Duncan - REWD Group
Yeah, I think they’re all @REWDGroup which is just REWD group. So search that, search my name Laurie Duncan there as well. Connect with us on social media. We love meeting new people, anybody interested to speak to us, just drop me a private message.

00:26:06:06 - 00:26:33:04
Matt Haycox
Perfect. Well thanks again Laurie guys, thanks for listening. Thanks for watching. As always. I'm TheMattHaycox that’s T H E M A T T H A Y C O X on all things social. If you've been listening to this on iTunes or Spotify or wherever you listen to your podcast, you can jump over to YouTube and watch the video versions too, until the next episode. Thanks again for listening and watching - cheers