Path Into Property Development

I have been doing a little bit of reflecting lately, looking at my short, medium and long term goals and I have decided that as a long term goal I would like to get into property development. I would like to start small and as I become more experienced slowly build up.

I am 22 years old and I have just purchased my 2nd investment property which are both joint shared with my brother. Our combined portfolio is worth aprox $950k. My short – medium term plan is to branch out on my own and build up my own portfolio with my medium goal to have about $3m worth of property (in my own name) by the time I am 30 (8 years).

I was hoping those of you that have ventured into the world of property development can give me some information or maybe some mentoring on how to get into the industry. From what I have read most people start out by buying land successfully submitting DA approval and offloading the property, to get a feel for what is involved in property development?

From your experience can you get into property development through buying cheap land? If so where would be a good place to look? (I am not asking for specific places but types of areas). I am guessing regional areas would be a cheap place to buy land. Or is is better to seek and buy more expensive land to begin developing?

I understand that Property Development is not an 'easy' process and I know it takes alot of time, effort, patience and dedication however I belive that if I spend a few years learning about property development first, start off small and seek expert help by assembling a strong team anything can be achievable.
 
Hi mate,

These are all just my thoughts so take them all with a grain of salt...

I'd suggest starting with the simplest type of development which is a reno. At least then you understand what its like to deal with council with the DA process and then how to deal with trades and banks etc. Do a few successful renos and you'll have a good grounding to step up to more complex developments. You could then try your hand at a duplex or splitter block. Once you've done that a couple of times successfully you might want to think about bigger developments like townhouses or units.

The best bet though would be to get your hands dirty doing renos first so you get to know the game and the trades. It will be an invaluable grounding.

Cheers,
Michael
 
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