New Member Intro

[ProjectCM]

Hi All,

I just joined the forum last night, and I have to say that I'm quite impressed with the amount of information on this site and the willingness for people to help.

The reason for joining is to learn as much as possible about property development before I get started in a couple of years.

For the last 6 years I have been involved in developing in some form or other - previous jobs have been working at a building design office, civil design (stormwater and earthworks specialty), and have taken courses in building design. This whole time I wanted to get into developing property, it's what I feel I know best, and I find it quite enjoyable.

I'm currently at Uni studying Construction Management & Economics, with 2 years to go (hence 2 years until I can get loans and get started developing). I have also setup a small business where I consult to developers and builders to help with estimating, project management, construction management, etc.

So I have good experience with the building aspect, ie the practical side of developing, but I need to learn the economical side of things. This is where I hope to learn from you guys, and I should be able to help many of you with practical advice from the building point of view, as well as a few tricks depending on whether you're investing in development and/or rental markets.

I'm 24 so I feel like I should be getting started soon, but it's frustrating I can't get any loans until I have full time employment, even with my part-time business. Is anyone aware of any options to this?

What do you guys think about this approach?

I hope to talk to as many of you as possible during my time here and look forward to learning what I don't know, and teaching what I do.

Thanks,

Sam.

 

[skater]

Welcome to the forum Sam. You will find there are a lot of knowledgeable people here in all areas.

 

[Perp]

I'm 24 so I feel like I should be getting started soon, but it's frustrating I can't get any loans until I have full time employment, even with my part-time business. Is anyone aware of any options to this?

Welcome, Sam. I would use this time to start building a team, and in your case, a good first point of contact would be a mortgage broker. You may find that there are finance options available to you.

I don't know any brokers in Adelaide, but 1) I don't think it matters if your broker is interstate, and 2) if you do want a broker in Adelaide, do a search and I'm sure people will have asked for MB recommendations in Adelaide before.

I would also invest some time (and some money) into property investment education. Again, there have been threads about recommended property investing books. There are also a bunch of free property newsletters that I think are worth signing up for. Yes, they usually have ads and marketing, but still often contain useful tidbits. I've started a composite list of these here.

I also go to as many free seminars as I can, many of which will be advertised in these newsletters. Yes, they'll also have marketing (probably selling an expensive, longer seminar), but I find that even the free seminar contains useful information, and you meet interesting people that may be useful contacts. And some of those expensive longer seminars are well worthwhile - you'll get a feel after a few of these free seminars whose strategies most appeal to you.

Good luck!

 

[ProjectCM]

Thanks for your advice and well wishes guys.

One of the things I am thinking of doing is using a real estate agent to advise what the best building type would be for a particular area. They would know what is in demand, and this way there will be a good chance it sells quickly - you know, kind of like making to market order. If some land becomes available, I can contact an agent in the area who knows what is is demand there. Then proceed with the feasibility studies, etc.

I will be looking more at developing to sell, rather than to rent - The construction and design side of things is what I enjoy most, and what I know most about already.

But as suggested the next 2 years is a good chance to learn about the economical side of property development.

I pretty much have the construction team assembled through what I do on a daily basis, so now I'll concentrate on the financial, and professional advisors. I'd rather spend a bit more money on good advice rather than try and do everything myself.

Thanks again, and good luck with your own property investments!

Sam.

 

[aaarghhh]

Welcome to the forum Sam

I like your small business idea consulting with the relevant development parties. Sounds good.

How's the business going? Do you specialise in anything? I learnt most of the economics by talking the ears off a bunch of town planners, surveyors & designers and the odd accountant.

Aaron