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My first Property Development project

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  • My first Property Development project

    Hi there,
    I have decided it's time in my life for a career change and I am giving up my full time job to start a new career in property development

    Has anyone got any tips, advice etc for an inexperience property developer like myself, I am doing lots of research but anybody than can share real life experience advice with me would be great.
    thanks
    Eva

  • #2
    Re: My first Property Development project

    Well, you're going to need experience as well as capital - and do remember that because we're in the worse economic conditions for a century, this is an incredibly risky time to jump onto a business venture for no real reason that economic profit.

    Tread carefully, but best of luck anyway!

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    • #3
      Re: My first Property Development project

      I built my first house just outside Canterbury. It was a three bedroom council house originally, I was able to get planning permission to build an extension all around the property and ended up with seven bedrooms and two bathrooms, it took me and my sons two years to complete, so I fully understand the head-aches that folk have developing property.
      Danzo

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      • #4
        Re: My first Property Development project

        Eva I hope if works out for you but I would concur with Brian that you are probably doing it at quite a difficult time. I would suggest that probably the most important aspect in making a success out of this would be buying well i.e. buying the right property at the right price at the right time in the right area. The other bit of advice I would give is buy locally, somewhere that you know well and that you can get to quite easily from where you live.
        Northern Ireland Property

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        • #5
          Re: My first Property Development project

          I`d agree with Chris if your going to refurbish a property the nothing worse than having to drive more than an hour to it (believe me I`ve done it!).
          You make money when you buy a property, make sure it`s at the right price by comparing it to whats been sold in the road in the past few years.
          Try and build a team of reliable tradesmen up as it can be stressful if you have unreliable ones who turn up adhoc.
          Drop me an email if you need any questions answering I`ve completed 16 refurbishments over the past 3 yrs, so I can guide you in the right direction.

          Neil

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          • #6
            Re: My first Property Development project

            Just looking through old postings I wonder how you are doing?

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            • #7
              Re: My first Property Development project

              I have been in property development for 10 years now. never looked back. i would advise that if you are starting now, you really need to be a cash buyer. its too much of a risk otherwise.

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              • #8
                Re: My first Property Development project

                nice tips, thanks for sharing

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                • #9
                  Re: My first Property Development project

                  The day you buy is the day you sell.

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                  • #10
                    Re: My first Property Development project

                    Very true, you make your money when you buy, not when you sell.

                    I remember many of those people on Property Ladder with Sarah Beany who only scraped by due to a rising market.

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