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Best resource/s to learn about Development

Discussion in 'Development' started by Sashatheman, 9th May, 2016.

  1. Sashatheman

    Sashatheman Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    132
    Location:
    Sydney (West), Australia
    Hi everyone

    I looked at this sub-forum to see if I can find any guides on what is required to get into a simple development but didn't see any good posts.

    How to people get into doing developments. Something small such as buying land and building a duplex on it, then either selling or keeping.
    - Do people provide mentoring and how much does that usually cost?
    - How much funds would one need for something like a duplex?
    - What are some things a person looks for in a vacant land? Do you guys read into the councils requirements for building a duplex to understand if the land is large enough?
    - How do people choose a builder?

    Basically should I just keep reading more threads to piece together what people do?
     
  2. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,718
    Location:
    Sydney
    [QUOTESashatheman, post: 211714, member: 737"]Hi everyone

    I looked at this sub-forum to see if I can find any guides on what is required to get into a simple development but didn't see any good posts.

    How to people get into doing developments. Something small such as buying land and building a duplex on it, then either selling or keeping.
    Could be a vacant lot, or a lot with a house on it then demolish.

    - Do people provide mentoring and how much does that usually cost?
    Some on here do.

    - How much funds would one need for something like a duplex?
    How long is a piece of string.. Will depend on the total development cost. Say the TDC is 800k then you will need roughly 25-30% equity.

    - What are some things a person looks for in a vacant land? Do you guys read into the councils requirements for building a duplex to understand if the land is large enough?
    Many familiarize themselves with the broad frontages/sizes/zonings needed to undertake various developments. Town planners can also be engaged to get detailed site options when your abit further along.

    - How do people choose a builder?
    Recommendations, Tenders, building brokers.

    Basically should I just keep reading more threads to piece together what people do?
    IMHO if its something you plan to do on a continuous basis and adopt as your main investment strategy, then its a good idea to get 'paly' with one of the developers on here who you like their style and have a chat with them. Perhaps they might take you under their wing however keep in mind that there is a lot involved so having to pay some fee along the way imo is normal and can be more than worth it. Imo this is also probably 1 of the best ways to reduce your risk as well.

    When you are purely a property investor you don't necessarily have to have a business mind but when you get into development, don't be afraid to spend $5 in order to get back $50,

    Just my 2 cents
     
    Sashatheman, albanga and Tranquilo like this.
  3. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,300
    Location:
    Perth, Melbourne, USA
    I see you are from Sydney, why not start researching this forum, there are some developers who have poted their projects.

    There are also meet ups which I think may be held monthly in Sydney, this could be one way of networking with investors/developers.

    MTR:)
     
    Sashatheman likes this.