I’ve just completed a one day property development workshop! This was the first time I’ve paid to attend a property investment type event.
So, it was a rainy Sunday morning when I took the trek over to meet with about 70 others who were also there to learn about the property development process and hopefully take away enough information and confidence to commence (and hopefully complete – successfully) a development project.
The main points that I got out of the day were something along the lines of:
- Anyone can do it.
- There will be issues, you will just need to work through and solve them.
- You don’t need to be an expert in anything – hire professionals when you need them.
- Do your research – know your area, know what the market wants, know what the market will pay for, know what your product will sell for in TODAY’s market.
- Do the numbers – feasibility studies.
- Fix as much of the building contract as is possible.
- Assemble a good team around you.
- Have a positive, can do attitude.
- Choose your starting strategy and get going!
I thought the day was pretty good value and it gave me some good ideas about what I want to do now. We have a rental property that has a reasonably sized backyard and is on a corner and I’ve wondered ever since we bought it if it has development potential, so my first job is to follow up and find out for sure whether the property is suitable for development or not. I’ve procrastinated for about a year on that one and made excuses about why I couldn’t follow it up so now is the time! Stay tuned!