Six-figure profits can be the norm in a solid development agreement – but with big profits, there are big risks. This special report outlines the steps you need to get started as a developer and offers expert advice to guide you on the most cost-effective way, while minimizing the risks and dangers that come along your journey. .
The experienced developer has a wealth of experience, many lessons and many obstacles. But every successful developer has to start somewhere – and there are many strategies you can use to use this profitable strategy early in your investment career.
That being said, becoming a developer "is a different way to start as a real estate investor," says Results Mentoring's director, Brendan Kelly.
"A development is primarily a short-term project. You must therefore treat your real estate business as a business because it does not invest in reality. You are in the process of developing yourself, so the state of mind is very, very different, "he explains.
"You will always have financial failures. There will always be something wrong, which you do not expect, and it is different for every transaction. "
Understanding the basics is essential for beginners, adds Damien Lee, head of acquisitions at Caifu Property, as well as choosing a project of very controlled scope. This is the best way for a beginner to learn the skills required, he says.
"I still see a successful developer like [being someone] who knows very well how to lead his team, very well communicate with his team and very well lead the team on the outcome of his decision," Lee shares
Regardless of how far a real estate developer has gone, they will always remember their first project – the one that taught them the most, and also opened the door to a new chapter in the progression of their property.
How do you start with this very first contract – and do you start your journey towards making big profits as a real estate developer?
Read our complete and comprehensive guide to for-profit development, with strategies tailored to novice, experienced and advanced investors, in the November 2019 issue of the magazine Your Investment Property .
On sale at press agents and at Coles from September 26 to October 31, 2019
– or download the magazine now.
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