Join Australia's most dynamic and respected property investment community

Hello everyone

Discussion in 'Introductions' started by Mirafeli, 16th Dec, 2015.

  1. Mirafeli

    Mirafeli Member

    Joined:
    27th Jul, 2015
    Posts:
    7
    Location:
    VIC
    Hi, I am an unconventional architect working for one of largest highrise developer & builder in Melbourne CBD, highrise means something around 40-75 storey to contribute for oversupplied apartment market.

    I'm not doing design but project management and coordination to provide extreme cost saving for construction stages, therefore a 400 mils project can be built with 150 mils budget.

    However my portfolio only have 4 small developable sites that I intent to design and build multiunits but never got time to start. Just wondering if I should stop building other one dream to focus on my development and setup a business.

    What you do next if you're in my shoes?
     
  2. monalisa

    monalisa Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    314
    Location:
    Sydney
    Hi Mirafeli
    Welcome to PC.

    It all depends on your goals and aspirations.

    What keeps you in your day job? Do you think you could go better developing your own IPs? Where would you like to be in the next 5 to 10 years?
     
  3. Mirafeli

    Mirafeli Member

    Joined:
    27th Jul, 2015
    Posts:
    7
    Location:
    VIC
    Hi Monalisa,

    Thank you. Your story is so inspiring and giving me a lot of lessons.

    I do ask similar question myself many times. I used to have a liquidated startup oversea ten year ago and still remember how hard to run a business. Now I have a large family to support and they scare of living without monthly paycheck and wary about difficult time in the past.

    I'm in the industry and confident that I would be in better position to do development. However the scenario of pressure from family members if business hit hard time make me stress even not start yet.
     
    MsAli likes this.
  4. monalisa

    monalisa Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    314
    Location:
    Sydney
    Hi @Mirafeli

    Thank you!

    Understandable with having a family, things change, and you need to think about them, and not just yourself.

    In terms of development, if you left work, have you considered how you will fund the developments?
     
  5. Mirafeli

    Mirafeli Member

    Joined:
    27th Jul, 2015
    Posts:
    7
    Location:
    VIC
    I got enough fund in offset account for construction, but someone said it's not wise to use cash, hence another dilemma. However if I don't have to get construction loan with signed builder contract and manage myself, it may save 20-30% total cost. This amount will be my extra income and that's why I would like to quit job for my own development. However, tax in this case maybe very complicated, I reckon.
     
  6. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Reach out to some of the folks on here with some development experience @Mirafeli – they might have some valuable input.

    I prefer using other people's money but it sounds like you have a mountain of your own :)
     
  7. monalisa

    monalisa Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    314
    Location:
    Sydney
    @Mirafeli
    There are a few successful developers on the forum - they may be able to shed light on their experiences.

    Definitely using other people's money is the preferred approach.

    Good luck :)