First time development and resources

Hi all,

What are your guys thoughts on doing a small development as a first property purchase and using development as a strategy to amplify my wealth base? I still live at home and are looking to move out into my own place in around 2 or so years, my thinking is that if i could buy a place and build one or 2 townhouses at the rear while keeping the existing property i could effectively ''house hack'' by living in one and renting out the others, that way i'd be providing a PPOR while also investing and generating wealth without just waiting for generic growth.

I know developments aren't straightforward and even small ones can be a headache and very time extensive but can be rather lucrative provided you've ran your numbers and know what you're doing. Hence why I would also like to ask if anyone could recommend any Australian property development books aimed toward beginners as well as any other resources related. I have a good idea of the general process of how it works but would like to learn more on how to analyze potential sites and work out if a deal is likely to be profitable.

Also would like to hear anyone's thoughts of me enquiring in the services of a third party development manager to help guide and oversee the project. I have been looking at companies like Little Fish property developments and they offer a range of services to help people.

Thanks

 

Hi,

Check out Ron Forlee’s development books and also Peter Koulizos has a development series on YouTube that may be useful.

I’d be interested in what other experienced developers think about the strategy you’re considering too.

All the best