First development site journey - Victoria

Development journey 101

Purchased land back in 2013
First development site
Land size 670sqm
4 x townhouses development
Northern suburbs of Victoria, approx. 17kms from Melbourne CBD
Great location, close to amenities
Target market, FHB and investors, low entry price points
Slab was poured earlier on the year, currently putting frames up (some photos attached)
The plan, a mixture of sell / rentals, hopefully Melb market will tank until next year, fingers crossed
I don’t intend to share any financial data

Some of the things I have learnt along the way as a Learner developer

It’s harder than you think, if you are starting out new, don’t think it’s all about smelling the roses, It’s easier hearing about other’s success, but always harder when it’s your turn, believe me
Take control of the controllable, don’t expect things to just happen, as it may not
You need the right guidance, but do it yourself

Some of the things you would need

You need CASH, if you ain’t got it, I would suggest you to think twice before dipping your toes on this journey
Support, you need all the support that you can get
Ability to handle stress, both financial and emotion stress (there are times where I may have fallen into temporary depression/anxiety)

In short, I am creating this thread because there are many on this forum that has helped and shaped my journey, I owe it to them.

• Marisa: your guidance was more valuable to me compared to everything else along this journey, I personally cannot thank you enough
• Chirag: thanks for the guidance

Summary

Have I got all the answers to development, absolutely not, but I intend to find out a step at a time.
I did learn a lot on my journey to date, and the process of creating assets for me and my family.
I hope this thread has helped you in some way, just like how other's have helped me when I first started out.

Have a great day!

 

Some really great points and tips. Thanks for sharing. Best of luck with the rest of the build. Hope you do very well.

 

Goodluck with the build! Interested to know for your target market how many beds/baths/cars you included and what spec you are going with.

 

Awsome Lee, stepped outside your comfort zone and you are doing it.

 

Just an update!

Very pleased that this project has finally come to an end.
Great result, despite the numerous challenges that came along the way.

Learnt a lot on this journey, and I am happy that I was able to put a full stop to this. Thanks so much for the support along the way

If I could do it, so can you!

 

Brilliant work