Calling all property developers. Here at Startups, we're doing a major update of our ‘How to become a property developer guide’ and are looking for expert insight into this area. We're looking for people who have been there and done it, and can offer advice on the nitty gritty of property development and the pitfalls to watch out for. If you can help, please jot down your advice and thoughts/tips.
1 responses from the Newspage community
"When starting as a property developer, one of the most important things is to partner up with someone who has the experience for you to learn from. This will help you avoid the inevitable pitfalls, provide a catalyst to your learning, and may even assist with initial funding for that first deal. "It's also vital to figure out what your speciality is going to be. It's easy to be distracted by all different types of opportunities in the property market but at least initially, you'll need to focus on one area. This could be a geographical area, or a sector of the property market, or a combination of both. Taking this approach will enable you to build up sector-specific knowledge of what is a good deal or not, understand the challenges, and complete detailed due diligence and research in the the sector/area you've chosen. "Also, build a 'power team' to support you. Most importantly, work with an experienced mortgage adviser who knows property development. A great adviser will not only broker the finance deal, but will also act as a guide, mentor and coach, helping to shape and structure your business. "As a specialist mortgage adviser to property investors both in the UK, as well as overseas, we often introduce new developers to our network of trusted accountants and property consultants, to provide invaluable support, and help them get the knowledge and advice needed to get started."