Residential Renovating/Investing, industry related occupations beneficial?

[dynamite]

This is topic is generic.

Just want to know what people think.

I am planning to exit the IT industry and take up drafting (its the only profession I can see myself happy in).

I have over the years been interested in residential renovating (started from being a builders labourer), I am wondering if being involved in the industry also has financial benefits when it comes time to develop?

ie Draftsman develop their own plans and know the building process from a high level, builders know how to build and save costs this way.

My thoughts are, that when an architect, draftman, builder etc walk into a potential development site (low rise single dwelling) they have a greater idea and appreciation of what can and cant be done. Obviouslly there are those whom have learnt these skills over time without working in the industry.

I guess the real question is, do people in these occupations make money on the side using their skill in property investing?

 

[Mrs Bird]

Hi Dynamite and everyone,

IMHO

As a draftsman you will be in the very enviable position of meeting and networking with 'like minded people' who make the deals.

This can also be applied to occupations such as developers, lawyers, stock brokers, Bankers, buisness people and so on.

As I have been told by a few of the above, in order to create wealth, the most important ingredient needed, are the contacts you have.

If you are in a occupation that involves networking with people in the property game, opportunities will come flooding your way.

Good luck with your new venture!

Mrs Bird

 

[dynamite]

Im not sure what this thread has to do with investor pyschology?

Is there a guide line to the forums, because I dont think this thread fits in the investor psychology "brief" under its title?

Thanks.

 

[gecho1]

I believe working in the industry does have substantial benefits.
for example being a shopfitter with hands on experience in all aspects of residential developments, has enabled me to overcome problems and situations that at times could have been costly. In short it enables you to think outside the square!


gecho