Property development is a career path that has become very popular in recent years. A huge number of people aspire towards it, it’s kind of like Instagram influencer or YouTube creator
I believe the reason for this is because people see it as a fast track to getting rich quick. There is no end of people who are very happy to tell you that they earn huge sums of money from doing next to no work, through property development
I have been doing it since 2012, in my experience, I can confirm that yes you can earn a very good living from it but, again, in my experience, you need to put A LOT of work in upfront. If it was easy then everyone would be doing it, if everyone was doing it, then it would be much harder to earn good money
The first question I always ask someone is “why do you want to become a property developer?”
It’s always important to start from the why of something, the reason at the core. Once you have this information you can work out which aspects you especially enjoy, or you are well suited to. When you know this, you can start developing a strategy, with that strategy you can plan, this positions you perfectly to start taking action
Il give an example;
For me, I HATE the thought of being stuck in a job working for someone else, on a fixed salary, this is literally my idea of hell (pretty much regardless of the salary)
I love to work hard but I also enjoy being able to take months at a time off (essentially work hard and play hard)
Rather than get paid every week or month I would rather go without for a while and let it build up to one BIG pay day
I have a love for design and creative thinking, being able to do something innovative that will be appreciated for decades or even centuries to come
It more recent years I have become a big fan of creating systems, thus meaning, relatively passive income can be achieved from putting well thought out ideas into practice
Taking all of these factors into account is what has helped me build the strategy that I now practice;
I still renovate property, but I take a very relaxed approach to it now. I am in the fortunate position where I can afford to sit back and wait for the right project to come along. I own two very successful holiday lets that are managed by excellent teams. This allows me the time to help others and work on any projects that I have in the pipeline
I see so many people go into property development without any strategy. Often, they will watch tv programmes like “homes under the hammer” and just think “oh if we buy a house that needs work, we will earn loads of money”
In my experience, this can often end very badly, some people lose a lot of money in property
Instead, a much smarter approach is to take some time looking through the above points and working out what it is you are looking to achieve? What work life balance do you want in 2,5,10 year’s time?
By taking that information and creating something that will allow a sustainable and enjoyable life going forward
For those who are keen to start their journey I have created a Free mini course, its packed full of useful info
By the end of the course, you will be able to;
- Get yourself in the perfect position to invest in your first property
- Understand how to minimise risk with your first property investment
- Point out what REALLY adds value to any property renovation
- Maximise the end sale price of your first investment property so you don’t leave any money on the table
>>> Click here to sign up and get started on the journey >>>
As always, if you have any thoughts or questions on this or anything else property related, I would love to hear from you?
Cheers George B
