Is fear holding you back from getting started in property development? Engaging with someone who already has experience in the industry might be the place to start.
Many people fear losing their money, whether they invest it in the share market or property. Yet, more people are willing to spend their money on luxuries they want (not need) and don’t seem to have an issue with this.
For many years I have been asked: so when is a good time to buy a property, develop it and make some money? My answer has always been: it is always a good time to buy property, regardless of what the property market is doing. Let me explain.
Over the course of the last 20 years I have been involved in buying property and developing these properties, I have always found myself in a position to generate positive returns on my investment. This is easier said than done.
My qualifications, street smarts and extensive experience has enabled me to identify the right development potential, buy the property for the right price, create a clever design for the site, maximising the site potential, obtaining necessary planning approvals (whether that be from council or by way of successful VCAT/Tribunal judgements), control the build cost to reasonable levels, deliver completion of the project to the desired timetable and sell my development for a profitable value.
Many people too often do not succeed with their endeavours in property development because they do not have the necessary knowledge, experience and understanding of all the particulars involved in the overall process. Everything in life is simple, if you are not feeling well you first see your GP, if you have an issue with your eye, you see the eye specialist, if you have a property law issue, you see a specialist property lawyer; hence, if you would like to get into property development you must consult with a specialist in property development.
A lot of potential clients I have come across do not take the next step in property development because they believe it is too risky and too expensive. Well let me shed some light on this. If you have read the book “Rich Dad’s Guide to Investing” by Robert Kiyosaki, he mentions the '90/10 Rule of Money'. It's a rule that states that, in today’s world, only 10 per cent of the population holds the 90 per cent of the wealth and 90 per cent of the population shares the 10 per cent of the wealth.
By engaging with a property development specialist, you take a calculated risk, (let's face it, walking the dog is a risk), and what we do is bring to the table our intellectual property. There is definitely no quick way to make money, but I believe in the three Ps: patience, persistence and passion. These are my three qualities, which enable me to succeed.
Peter Bozinoski is a Licensed Real Estate Agent and Founder of Vertical Real Estate. He has a string of impressive qualifications earned over 20 years. Clients have benefited enormously from his in-depth understanding of real estate sales and negotiation, building construction, town planning, building regulations, project management and property development as well as his effortless ability to bring buyers and sellers together.