Forums / Property Investing / Value Adding / How do I start in Property development?

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  • Profile photo of PaleeniaPaleenia
    Member
    @paleenia
    Join Date: 2004
    Post Count: 8

    I am interested in Property development trade. I am a starter. I have read a lot of book and research in this area. But I still find it helpless. I simply think that I need more hand-on experience even that I have only reading experience. Therefore, I would like to know is there anyone could help me or personal guidance on this. As I believe that you guys have more experience than me.

    * How to select a site and where to start?
    * How to buy land in Perth with a wholesale price?
    * Who do I contact with?

    Paleenia

    [blush2]

    Profile photo of geogeo
    Member
    @geo
    Join Date: 2003
    Post Count: 1,194

    Hi Paleenia,

    – Begin by driving around some suburbs
    – Talk to agents
    – Talk to Property Managers
    – Attend Auctions
    – You can buy cheap land by buying off-the-plan or simply negotiating your offer.

    Regards,
    George.

    I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how

    Profile photo of Michael RMichael R
    Member
    @michael-r
    Join Date: 2003
    Post Count: 302

    To become a professional real estate developer [not referring to someone who simply builds the occasional low-cost spec home] you require a diverse set of skills, including; finance, negotiation, planning, legal, communication, analytical, team building – and attention to detail.

    Most importantly you require the ability to identify opportunities and ensure every project you conduct is profitable.

    Talking to agents/property managers, etc, will not help you become a successful developer. Reading books on the subject is a good first step.

    If you don’t have any experience in construction, planning or valuation – fundamentals of RE development, you should look for a job with a reputable company and specialize in one of these tasks.

    Find a smaller company where you are not overlooked – locate a mentor.

    At the same time undertake a University program to gain qualifications you can use – not a several day course offered by a supposed “guru”.

    If all you want to do is purchase land and build a house, then stick with the books and hire contractors.

    — Michael

    Profile photo of elika7264elika7264
    Member
    @elika7264
    Join Date: 2003
    Post Count: 160

    Hi Paleenia,

    I think you need to gain some experience in property before starting to pursue development.

    Have you purchased any investment property — if you haven’t then perhaps that’s where to start. Or you could consider starting with renovations. That would give you an idea of the type of problems you might encounter (eg coordinating tradesmen), budgeting, onselling etc.

    As Michael stated, you need to either develop your education (at a mimimum, perhaps a six to 12 months TAFE course); or alternatively, identify some joint venture partners with prior experience in development.

    Research is one thing — but going out there into the market is something else!!!

    Maybe you might even consider working as a builder’s labourer. I don’t know if this is an option for you, but at least you could get a grounding in building/construction.

    Hope this helps,

    Helen

    Profile photo of PaleeniaPaleenia
    Member
    @paleenia
    Join Date: 2004
    Post Count: 8

    Thanks guys for your advice as I am In Singapore and had been in this property trade for 10 years but only in Sale as to sell land in Canada and Austrian as an investment. I don’t have any experience in construction, planning or valuation – fundamentals of RE development as what Michael.

    Therefore I really need to have more experience. Even if I only buy land and build then where could I source for that land? I only look in Perth. Anyone could introduce any developer to me over in Perth? Thanks a million. I seriously am looking to be a developer.

    Paleenia[confused2]

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