As a rule I never buy at auction… in fact I’ve only ever done it once but in a situation where I had a distinct advantage because as a result of careful extensive research and concept evaluation before the day, we dug up some information which we didn’t even tell the agent! The information we obtained enabled us to propose the building of an…[Read more]
Hey Lisa, do you want to come and help me run a workshop??? Ha ha [tongue]
No seriously… your detailed information will really help those who are considering subdividing land and need to know what the breakdown of costs looks like.
I prefer not to make comments on using options as it is not a strategy that I have used. I certainly have bought a number of properties for development on “subject to” contracts.
I guess the key in all of this is finding the best way for you individually. I would like to throw into the mix probably my most powerful strategy… that is of joint…[Read more]
This is a tough subject!!
Having spent the last 17 years as a registered builder here in Victoria, I now find myself having to employ builders to build for me, as I have chosen to take on new ventures and multiple projects.
I understand that even in the short time since I have stopped building, there are significant cost increases caused in part…[Read more]
You need to have the property multi-listed… However, have you obtained a DA for the property? If you haven’t you may consider doing that first before you offer it for sale, as that will ensure you maximise your sale price.
Shoot me another question if I’ve missed the point of your question… it’s a little hard to know because you’ve…[Read more]
I have a lot of enthusiasm for property development and want to see other people successful… however it is important to understand that there are lots of things to be learned before you will be developing full time! I guess I don’t want to dampen your spirit, but you need to keep moving forward and acquire more knowledge of the…[Read more]
I guess I’m not able to give legal or accounting advice, but from the point of view of the developer, he’s trying to maximise his profit and he is looking to use other people’s money to do it!
If you are putting your hard-earned money into his project, make sure that you see the viability of the project via a feasibility. Make sure that your…[Read more]
I have only just started participating in this forum myself. I plan to encourage attendees from previous workshops to get involved in this forum. This will enable you to ask people who have attended my workshop to comment… as well as adding to the knowledge base of this forum.
You may not see their posts immediately, but look out for…[Read more]
I would definitely not bid at an auction for a property I had not fully analysed beforehand. It’s good practice to complete a financial feasibility on your concept ahead of time, so that you won’t make a potentially emotional decision in the heat of a bidding frenzy.
I still don’t think it’s good to buy potential development sites at…[Read more]
Keep it simple for your first project. You’ll want to carefully so the numbers and not forget various costs like transportation, re-establishment, warranty insurance (if you’re going to sell), etc.
Seek out someone with building experience to check your planning and numbers before you proceed. I personally have found the relocating of…[Read more]
The seriousness of the development finance issue is such that I have a specialist speak on the matter at my workshop. If you have already purchased the property, some things can’t be changed now. It is important to have the right structure or entity purchasing the property, for starters.
Lenders have pretty standard requirements… my…[Read more]
PeterComben replied to the topic [moved]How is one defined as a property developer? in the forum No Subject 17 years, 1 month ago
You can run a property development business for a whole lot of reasons… but for sure it is a business that you would take on with that level of seriousness and care.
If you’re an “investor” you can become involved in a development project, but if you continue in development you will have to make it a business. You’d then need to…[Read more]
Thanks for your warm welcome!
WAF, as far as developments go, I personally am involved in three states at the moment. I find the two states of Qld and WA are providing me with the best opportunities in the current market.
As courses go, we’re in Melbourne this Saturday and Brisbane next month, and hope to be able to include a…[Read more]
One of the challenges/secrets/skills in development is getting the information you need from your local councils!
The planning departments do have a responsibility to the ratepayers and others for providing the information and facilitating good planning in their municipality.
I don’t know you… but you really need to focus on the…[Read more]
Sonja and others,
Now that I’m here moderating this forum, I’m happy to answer any questions about the courses I run! Fire away or give me a call.
For each project I do (and we’re not talking insignificant projects here), I register separately for GST. This makes it much easier to manage this difficult tax issue.
By this I mean that the project has its own business name and ABN. Check with your accountant about this “”structuring”.