How to start: Nicole's eight essential property tips
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!
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.
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.
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.