Here’s the truth about getting started in property development
Sep 16, 2019
I’ve noticed a trend recently that more and more investors are looking to get involved in property development.
They want to “manufacture” some capital growth because the market has been a little flat.
So that’s what we’re going to talk about in today’s episode – how to get started in property development
But today’s show is going to focus on some real-world advice.
There are too many enthusiastic but inexperienced amateurs giving what is probably well-intentioned, but ultimately poor property development advice.
And even if you’re not ready to jump into property development yet yourself, listen in anyway, because one day you may want to get involved in property development.
During Our Conversation About Starting in Property Development, We Discussed
- Many developers start with renovations to mitigate risk and learn the basics
- The concept of Land Banking
- Waiting for the right time in the property cycle
- Buying the worst house on the best street
- Becoming an armchair developer by using Metropole’s development project management service
- The risks involved in property development
- The benefits of property development
- The equity that you need to put in to get started on a development project
- Servicing your debt
- Coming up with a finance strategy
- Why developing townhouses is a good strategy
- Characteristics of a good property developer
- The sequences that developers follow
- Who should manage the builder?
- What makes different developments different, even when they look similar
- Choosing a property that’s suitable for development
- Avoiding overpayment for a development property
- Buying at the right time in the cycle
- Knowing which costs to look out for
- Changes in laws and regulations that may affect your property development
- Delays that can occur during development
Links and Resources:
Join us at this year’s Property Renovations and Development Workshop – click here for more details and to reserve your place
Metropole Property Strategists
Metropole’s Strategic Property Plan – to help both beginning and experienced investors
Bryce Yardney - Metropole Projects
For the complete show notes plus more go to the episode web page: Here’s the truth about getting started in property development
Some of our favourite quotes from the show:
“Buying the worst house on the best street, that’s always been a really good strategy anyway.” –Michael Yardney
“Property development can be rewarding, but it definitely can be risky. But that doesn’t mean you shouldn’t consider getting involved in property development, it just means you have to go in with your eyes wide open.” – Michael Yardney
“You can’t allow the builder to manage himself; somebody has to direct that.” – Michael Yardney
PLEASE LEAVE US A REVIEW
Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how