There are a huge number of people that want to be property developers but don’t know how to get started.
Do you buy a property and build apartments, townhouses, villas, dual occupancies or do you extend and/or renovate? There is so much choice depending upon your financial capability or your ability to obtain capital to get started, but that’s what last week’s blog was about. Let me add another alternative to add some more stress to your selection process, what about taking out an option over a property or gaining legal control over a property and then on-selling to a property developer who has the funds to develop the property?
I think I’ve just described a number of ways to get started for people with various amounts of capital (i.e. deposit and cash available). But there is one major issues that stands in your way.
In my YouTube video below (click on the image), I discuss the issues facing someone looking to get started, and provide some solutions, which I think you will find handy.
Once you’ve watched the video I’m sure that you will see that like last weeks blog post, money is only one of the issues that a property developer has to deal with, education is another.
To be successful at anything you have to learn that skill. You have to be able to convince not only yourself that you are capable, you have to convince everyone else in the project. You have to learn how to BE a property developer. If you don’t learn before you try it you are taking a massive gamble and gambling is not what property developers do.
Everything that a property developer does is about risk identification, mitigation and management. There is no gambling whatsoever. If you want to gamble, go to the casino.