Becoming a property developer in today’s market can still lead to wealth, but in a climate where surging house prices no longer exist, any old fool cannot be guaranteed success.
Just like starting any business, a property developer needs an education in the property development and the funds to get started. So, here we take a look at two things you need to know to become a property developer.
Property training events
You wouldn’t start a career as an electrician without the proper training and if you truly want to become a successful property developer, then you too need proper training.
Property training events are one educational avenue that can be explored and are possibly the most valuable resource that you could explore, before getting started. Many property training events around the UK are delivered as free seminars and will cover every aspect of property development.
You should look for a training seminar that is run by a successful property developer and one that is still actively investing in and developing property. This will ensure that you get training that reflects the current state of the property market, giving you insider knowledge on what works and what doesn’t.
Look for a property training course that covers property sourcing, negotiating, marketing, buy-to-let, HMOs and title splitting.
Development finance in some form or another is almost always required. To acquire the financing needed to purchase your first property and develop it, explore these options fully:
- Joint venture investors – If you attend a property training course then don’t forget to network with other attendees and the course tutor. It is most probable that there will be investors attending who are looking for joint ventures. The training course tutor may be a mentor offering a variety of joint venture financing options.
- High street banks – The high street banks may offer you the option to finance a property development project but in the current climate this is far from guaranteed.
- Principal lenders – Principal lenders are experts in providing property residential development finance and will likely offer better terms than a high street bank and offer financing to those that banks will not lend to.
If you want to avoid the pitfalls and become successful in months and not years, then ensure that you get educated in property development and secure your financing first.