What do you really need to know before you start your first property development project?
The last thing you want to do is lose money therefore you need to approach your project professionally, calmly, and with a proven systematic approach.
The most important thing you need to know are your feasibility inputs. If you get your inputs wrong, your outputs will be worthless.
The trick here is that the inputs are many and varied. Knowing what they are is the first step; finding out what their values are is the next step; and feeding these into a feasibility study to assess them is teh final precursor to a project.
Remember, once you are in a project it is very hard to get out.
In my YouTube video below (click on the image), I share with you a question I received from a young man wanting to start his first project, a buy-renovate-sell project; and I share with you the response I gave him about what he asked. You will find this very helpful if you are in this situation.
It really isn’t that difficult when you approach it properly. You need to understand the five fundamentals of property development to be able to approach your project properly and professionally.
Always treat a project as if you were spending someone else’s money. This makes you look at things differently. Nobody wants to lose someone else’s money.
Property Development Institute is here to help you with your property development education though any one of our courses but probably best of all, we offer a limited number of 12 month mentoring places each year where you get to spend 12 months with me.