Some time back, I wrote the first in a series of posts on successful property investors. In that first post, we talked about Rachel Barnes, who is one half of the very successful duo behind Property Women. You can checkout that post about Rachel Barnes here.
Although it’s been quite a while since that first post, I definately want to continue to introduce you to successful people in property – particularly noting how people can be successful in many different ways, using many different strategies.
Dean Parker – Property Systems
Today’s successful property investor is Dean Parker. Dean and his wife Elise have been renovating and developing property now for several years and have taken their passion for property and created a business that they enjoy and that provides them with a great financial future – and present! Although I don’t personally know Dean, I feel like I do as I’ve watched and listened to his renovation case studies over and over and over! As many will know I am just completing my first ‘real’ renovation project and I purchased Dean and Elise’s Complete Renovation System product and learned a great deal about renovation and management of a renovation project from this. Their checklists and renovation costing tool were invaluable in setting up my own management systems for the renovation project and really ensured that the renovation we undertook was done so with the best possible opportunity for success.
Over the next few weeks I’m going to be writing about the outcomes of the renovation project that I undertook, however, today, I wanted to share with you Dean Parker’s tips for beginner property investors.
Tips for beginner property investors
A while back, I wrote to Dean and asked him three questions:
1. What’s your top tip for a beginner investor?
It’s all about the numbers. No matter what property strategy you wish to pursue it is a good foundation of basic principles that will make the difference between one who succeeds and one who gets frustrated after one project because it didn’t go to plan. Over the years, we have developed a comprehensive and effective system around property renovations (The Complete Renovation System) and developments that allow us to make consistent profits over and over again. When we first started we leveraged information from people who had successfully done it before and this fast tracked and increased the chances of success. I’d recommend beginner investors to do the same.
2. If you were starting out now, what strategy would you employ to get started?
Although we do a even mix of renovation, subdivision and development projects, the clear choice is definitely renovations. They’re quick, easy and the lowest risk of all property strategies. Whether you want to hold as an investment or sell for a profit, there is no better strategy. They’re easy to finance, you don’t need to be or even know a tradie, you typically don’t require any permits and they’re super fast. And because they’re fast the returns you can make are awesome.
3. Who/what has been your biggest property mentor or influence in your life?
In no particular order, the four most influential have been Steve McKnight (general property principles), David Bradley (business, finance and cash flow), Martin Ayles (property development) and Brendan Nichols (business).
Dean and Elise have proven that they have what it takes to be successful in property – thanks to Dean for sharing these tips!
Complete Renovation System
If you are seriously interested in renovation for profit then I do highly recommend having a system to follow to ensure that you choose the right project to undertake, manage it well and create a successful outcome.
The Complete Renovation System was developed by Dean and Elise and includes a set of comprehensive checklists and master renovation spreadsheet. One of my favorite parts of the Complete Renovation System was the DVD and audio case studies and presentations. I must have watched and listened to these a dozen times at least!
I have included a detailed review of The Complete Renovation System here on our website, so if you if are interested then check it out.