Basic common sense rules apply.
Like getting into a relationship for the first time.. it’s love that doesn’t always last. It’s the same with becoming a developer, NEVER fall in love with the first project.
I always advise homework first and if you are not an accountant, planner or solicitor – get one of each.
Once you have a team of experts around you, then you are ready start looking. And what will this team of experts cost you? Surprisingly, nothing until you proceed. They are just as invested as you are, the more you develop the more they make.
The next equally important asset is the agent, build a relationship with agents that you can trust, they are the people who are in the marketplace 24/7. A good agent will often have a developer list that they contact first before going to market.
Keep in touch with your agent and make them your friend, because you always look out for your friends.
You don’t want your time wasted and neither does the agent, so be upfront about you budget and expectations. Make sure to ask if there is anything in the marketplace at your budget that they think you can make money from. Real estate agents are on the inside, constantly receiving information from buyers, sellers, developers and other agents.
Everybody has a different reason for selling eg: to upsize, to downsize, reduce their loan commitments, to retire to invest somewhere else, some developers become overcommitted and have to sell.
Don’t overextend; this can mean money you borrow or a property that is a fixer-upper or the time you spend doing it all yourself. If you reach too high, it can be a long way to fall.
Start off with a manageable investment, it doesn’t need to be the Taj Mahal. Believe it or not a car park in the city is a property investment, a block of land away from everything, a small block in a big estate – all good examples of sound real estate investments.
From pyramids to parking spaces they are all blank canvasses waiting for the right investor.