Wanting to get into property development

[Dirtfairy]

Hi everyone i'm a bit of newbie on here but i was hoping everyone could give me some advice

I have wanted to get into property for atleast 2 years now, I am 19, so i bought my first house with my boyfriend about 2 months ago. My only problem though is i have researched and researched and i understand some of the fundamentals but i just don't know where to start.

I want to get into development and have looked into property options. My question is though a) is an option a good idea if you have no real capital and b) what do you do with the option once you are legally binded to one. Can you onsell to someone else at anytime??

I have tried to get a job in property development with no such luck at the moment as i don't have atleast 12 months experience and i have spoken to a couple of developers who were less than happy to speak to me one even stating that he wasn't just going to cough up his "secret"... i think he was a touch paranoid =)

Any help would be greatly appreciated.
Kind regards
Nicole.

 

[Ridin-High]

Maybe you could start with a small renovation on your current place and that will be your first foray into developing property.

An Option i believe is usually what 1% of the purchase price and if u don't take the option in the time period eg. 3 months you lose your 1% thats the legal implications.

Eg. 300k property 3k option 3 months as you want to get council approval to build something, you take the option because your prilimary research has confirmed that approval is highly likely and you dont want to have a massive loan while doing that process.

How ever some sellers i have talked to and selling agents ain't interested in this.

Their is probably some formal education on developing property @ tafe, maybe have a look into that.

Its a learning process and you can't do it all in one day, if the fire continues to burn for you, you will hunt down the knowledge you need.

Maybe troll through some of the threads on here, their are people that have been their and done that and posted experiences.

Regards,

RH