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Tips for building successful property business

Source: Daily Mail http://www.dailymail.co.uk/femail/article-4929420/Mum-went-stay-home-parent-120m-property-mogul.html?ito=social-twitter_dailymailUK

 

How to start: Nicole's eight essential property tips

Start small

My first project was my own home and really gave me a taste of the experience. You'll learn a huge amount from even a small space renovation and discover that you either love it or hate it!

Get creative

Perhaps the most fun part of property is the transformation. Be involved in the planning, architecture, financing, everything - even if you outsource these skills. You'll want to put your stamp on it.

Budget

Budgets have a tendency to go over but if you have good builders they will find bargains for you. Keep your eyes on those numbers throughout and take time to make crucial decisions.

Get a partner

Things are so much easier in twos. Find someone to work with who has different skills than you that you can use and vice versa, then share the journey and the profits

Speak to friends

My first property development investors were friends who liked what I was doing and wanted to be involved. Ask around, draw up agreements and get going.

Work with your builders

Consider doing a joint venture with your builder. They will have the onsite experience and will be incentivised to do it well and on time. If it goes well, do another one.

Manage risk

Property development is always a risky business but you can choose how much you invest or borrow, build a prudent reserve, and always have a plan b if the market is slow, like renting it out.

Plan and let go

Plan as much as you can, then just take each week as it comes. Property is not without surprises but you can take each challenge in your stride and benefit financially and creatively from the process.

 

 

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