I have just embarked on my second inventment strategy. I am new to all this and wondered if I may get some help. I have a block of land that is R40, the town planner has emailed me letting me know I can build 3 dwellings on the land. What is the next step? Can I rely on Steve's book to help me work through the steps or should I be doing further study.
Any help is most appreciated
I have not done this yet myself but this is what I know about development !
I am doing a rookie developer course on Sunday 19 June to learn more
http://www.rookiedeveloper.com.auDesign – getting land surveyed – you need a surveyor
– getting dwelling plans – architect or designer neededneed to show how connections lik water, electricty, gas and phone are going to be connected also !
submitting plans – may wish to employ a private town planner it will make it easier !
waiting for approval
find a builder to build dwellings
You may wish to pre sell off the plan
get dwelling built
get connections connected
you should have all this costed before you purchase to work out profit margin
I recommend you at least read a book on development
as it can be easy to make a loss if you do not have good knowledge what you are doing .here is some books you may wish to read
http://www.businessmall.com.au/property-investing/property-development.htmlHi!
Good reads are the API small developments guide, Ron Forlee's book on residential development. Other ok reads are the Red Arm Chair developers books which are nice and simple, but you only get part of the process in each book.
As much as I love Steve's book it is not the be all end all guide to developing and you need to get it right first time.
Get the numbers right first, then get the rest of it flowing and you will have no problems. Funny enough banks wont lend you any money if you are going to make a loss.
Good luck it is well worth it. I am assuming you are in Perth?
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHi, and thanks for your tips.
DWolfe, yes, I am in Perth. I am looking at a block that actually belongs to my folks it has two dwellings on it at the moment, a house and granny flat. I do have a friend of a friend who is managing a development at the moment, his Dad has been doing it for 3 years now. Perhaps the best way is to contact him so I don't have to read 300 books before I know what I am doing?
Duckster – thanks for the information. Where is that course going to be held, I wonder? I better look at the link.
Duckster, had a quick look at the site. What I hate about those advertisements, and this site is no better, is they just go on and on and on. Why don't they just cut to the chase, if its a bargain we would know, surely they don't have to go overboard and repeat, repeat repeat… LOL, it really makes me skeptical!
Just saying…
Thanks again for your other tips, btw. Oh and I still coudn't work out where it was going to be held?
Hi,
The Rookie developer course is run by the same people that run the Active Property Network, which meets in WA too. That was started by people who completed Steve McNights Results program. Don't be too put off by the advertising, everyone is trying to sell something:)
I would still read the books. Who cares if you read 300 books if there is one thing in it that saves you money.
Good Luck
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeThanks D. I can't seem to find where they meet in Perth, do you know? I looked at the Rookie website but it indicated that the course was in Melbourne.
Cheers,
Marie.If you look at http://www.activepropertynetwork.com.au/ you can find the meeting for WA. You may meet some like minded people there who are doing or want to do what you are doing. Your friend's dad may be really good, but it doesn't hurt to talk it over with other people who know about developing. Plenty of people on here who will help you too!
Good luck.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeOk, looks like we don't meet until middle of July again. Would you recommend any other links for one day courses? I looked into REIWA last night, as that was most appealing in terms of information I could find. I have book marked your link. Thank you!
I will have to learn my way around this site and see if I can perhaps pick up some more pointers. Thanks D.
Carly Crutchfield also does free one day courses in developing just google her and u'll find her. Haven't been to one, she presented at the 3 day mega conference and was dynamic. She does deals with her students for a cut of the profit as a way to train, but if you go to the free course (that is if she holds it in WA!) then it may be worth while.
Good luck finding the right way to go, we can give u suggestions but in the end it will be you tackling the project
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeOh, lucky you! You got to go along to the conference this year. I was planning on going, but didn't make it, sadly. Did they do development during the 3 days, perhaps?
Thanks for the other pointer, you are most helpful!
Marie
Hey D!
Just got home from the one day course with Carly. Very inspiring and motivational – yet it looks like my potentail deal isn't much of deal after all.
I will have to do some more research.Hope you are working smart and not hard
Marie
I will have to do some more research.You must be logged in to reply to this topic. If you don't have an account, you can register here.
