My not so successful first development project

Thanks BD. All valid points. Certainly taking them into consideration for next one.

 

Rooky

What I have noticed with my last 4 developments is that in each case the land was rising when I was buying.

When I started building there was at least 20% in it....higher value of the land, therefore you have already made your money.

Perhaps this is less risk because you can always sell the land with or without plans and permits if you see signs that the market is changing

Does not mean its always going to happen though, damn it...

 

Now thats what I call sexy timing.

 

If you agree I would like to use your development as a case study to see how accurate/reliable is the feasibility calculator that I'm using. May I send you a PM to discuss please?

 

Sure, why not ? Thats what this forum is about.
Sent you reply to your PM.

 

Thank you Rooky. As a new member, this is valuable learning for me. Thanks also for candidly posting the numbers. I hope your new development goes better.
I have a question about NRAS> How did you manage to get approval as a participant. Currently their website states "NRAS aims to encourage medium to large-scale investment in affordable housing (usually 100 or more houses). This means it is not generally available to small-scale, private, individual investors in the rental property market."

 

Hi MM65,

i got it from secondary market i.e. from consortium which has got NRAS incentive from government. I doubt if any more are available. But euro73 who ia also forum member can arrange that if they are available.

Rooky

Rooky.

 

Good too see an honest post !

And also good because I won't be building anything for a long time where I am.

Too many variables in a flat market.