Dear guys,
Last Saturday I went along to the Peter Comben development workshop with three other forumites/BIG members.
Some feedback:
1) Peter Comben:
Peter Comben is down to earth and quite genuine. He is not out there “overcharging” but he is trying to give some assistance in an area where there is limited information available. IE “Property Development”. A practical example of him keeping costs down was his selection of a quality suburban venue over an inner city one.
Peter has been a property developer for 17 years and is a registered builder who has completed over 40 developments. One key thing is that even though he has been a developer for this time it was only three years ago that he became an investor. It is clear that whilst he is a successful property developer, in hindsight he wished he had become an investor much earlier on as true wealth is created through combining “property development” with bread and butter “buy and hold”.
2) Some points to consider:
-You cannot learn how to be a property developer in one day. The same as you cannot learn how to be a successful businessman in that time. I went to the workshop looking for ways of saving 1-2 months in red tape. It exceeded these expectations.
-There are significant differences between interstate councils, and hence the difficulties in developers trying to give extremely detailed advice on interstate development matters. It is important to focus on the concept and process which is more universal as opposed to one exact recipe. Again teaching one how to teach themselves (including problem prevention/resolution) is much more important than only following one method that cannot be adapted to suit the local environment and market conditions.
3) Some useful comments on development:
-Try to make your development “unique” in some way. This will ensure that it has a higher valuation than just a “boxy” unit development.
-Significant trees add ongoing value to the development. There are a number of methods to utilise to save them including “shaping them” to reduce the bulk of the tree/s.
-Spend time with your local councillor going through your planned development. Providing information and spending the time to show them what you plan to do may assist in how a councillor reacts to objections/negative comments on a development at another time in the development process.
-The greater the area of “hard surface” the greater the amount of storm water run-off.
-Profit margins:
*Low risk 20% Small residential
*Medium risk 35% Commercial or residential with more than two levels.
*High risk 50%+ Land subdivision.
-Think outside the square. Peter has been very successful in unique win-win Joint-Venture ideas which would not have been initially obvious. Out of 100 people you ask about unique joint ventures about 5 will accept them. (Most sellers always want the money upfront, but the ones that don’t could end up with not only a far better solution but also a more financially attractive one.)
-A DA (Development Approval) increases the value of a property by about 15-20%
-Bigger builders typically have margins of 8-12% with smaller ones margins of 18-20%. He says some bigger builders have greatly improved their customer service levels in recent times.
-Considerably more was covered in the workshop but this gives some of the solid foundations.
4) Overall:
His workbook has some useful information but he sets a high benchmark with his “Development checklist”. There could have been more written information provided. However his next day personal 1 hour one on one is useful in asking and getting a third party opinion on development projects.
Peter’s course is worth up to $1,000. (My views on seminars in excess of this price I have previously expressed elsewhere.) And up to this level I believe it provides value for money. In a group or at a lower price it provides even better value for money.
I did get an attractive return on both my time and my funds that I had invested by going along. For others considering his course you will not get all the answers (No-one has ALL the answers), however I would recommend this seminar as one that delivers value for money in the area of property development.
Cheers,
Sunstone.
Last Saturday I went along to the Peter Comben development workshop with three other forumites/BIG members.
Some feedback:
1) Peter Comben:
Peter Comben is down to earth and quite genuine. He is not out there “overcharging” but he is trying to give some assistance in an area where there is limited information available. IE “Property Development”. A practical example of him keeping costs down was his selection of a quality suburban venue over an inner city one.
Peter has been a property developer for 17 years and is a registered builder who has completed over 40 developments. One key thing is that even though he has been a developer for this time it was only three years ago that he became an investor. It is clear that whilst he is a successful property developer, in hindsight he wished he had become an investor much earlier on as true wealth is created through combining “property development” with bread and butter “buy and hold”.
2) Some points to consider:
-You cannot learn how to be a property developer in one day. The same as you cannot learn how to be a successful businessman in that time. I went to the workshop looking for ways of saving 1-2 months in red tape. It exceeded these expectations.
-There are significant differences between interstate councils, and hence the difficulties in developers trying to give extremely detailed advice on interstate development matters. It is important to focus on the concept and process which is more universal as opposed to one exact recipe. Again teaching one how to teach themselves (including problem prevention/resolution) is much more important than only following one method that cannot be adapted to suit the local environment and market conditions.
3) Some useful comments on development:
-Try to make your development “unique” in some way. This will ensure that it has a higher valuation than just a “boxy” unit development.
-Significant trees add ongoing value to the development. There are a number of methods to utilise to save them including “shaping them” to reduce the bulk of the tree/s.
-Spend time with your local councillor going through your planned development. Providing information and spending the time to show them what you plan to do may assist in how a councillor reacts to objections/negative comments on a development at another time in the development process.
-The greater the area of “hard surface” the greater the amount of storm water run-off.
-Profit margins:
*Low risk 20% Small residential
*Medium risk 35% Commercial or residential with more than two levels.
*High risk 50%+ Land subdivision.
-Think outside the square. Peter has been very successful in unique win-win Joint-Venture ideas which would not have been initially obvious. Out of 100 people you ask about unique joint ventures about 5 will accept them. (Most sellers always want the money upfront, but the ones that don’t could end up with not only a far better solution but also a more financially attractive one.)
-A DA (Development Approval) increases the value of a property by about 15-20%
-Bigger builders typically have margins of 8-12% with smaller ones margins of 18-20%. He says some bigger builders have greatly improved their customer service levels in recent times.
-Considerably more was covered in the workshop but this gives some of the solid foundations.
4) Overall:
His workbook has some useful information but he sets a high benchmark with his “Development checklist”. There could have been more written information provided. However his next day personal 1 hour one on one is useful in asking and getting a third party opinion on development projects.
Peter’s course is worth up to $1,000. (My views on seminars in excess of this price I have previously expressed elsewhere.) And up to this level I believe it provides value for money. In a group or at a lower price it provides even better value for money.
I did get an attractive return on both my time and my funds that I had invested by going along. For others considering his course you will not get all the answers (No-one has ALL the answers), however I would recommend this seminar as one that delivers value for money in the area of property development.
Cheers,
Sunstone.
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