Cash Hash » Cash Hash » Money Cash » How can i get into property development?

  #1 (permalink)
: Im 18 years old and want to get into it. Ive set my future goals to become fairly wealthy and i will achieve them. Im hard working and i know its not impossible for me to do this.

Help/advice would be great!
Thanks, im currently training to be an electrician if that helps at all?

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  #2 (permalink)
: At 18 years old, by getting into construction so you know what you are doing if you ever actually own a property.

Without a few hundred grand laying around, you aren't becoming a property developer for a long time.
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  #3 (permalink)
: Firstly you need to learn about house construction. Once you understand how houses are built and what can go wrong you are half way there. Then you go to auctions to see what others do. You start looking through estate agents literature, until you have a good idea of values. Then you visit your bank manager with a business plan. You convince him that to lend you the money to buy property is a good risk. You will need to be in employment to do this as they will want a guarantee of repayment.
If you can land a job in an estate agents it would help, though that's not essential. A qualification in surveying or lands management would also be an advantage. But again, not essential.
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  #4 (permalink)
: My son started by buying his first property at auction and renting it out, then selling it
He now has 3 houses and he's 30
To get there you need money -in cash -earned from sheer hard work
My son also owns two businesses, so that's where his money comes from

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  #5 (permalink)
: Save enough money to put a deposit down on a property plus a bit of cash to work with. My first property was bought with a 10% deposit, but you obviously need to be able to afford stamp duty, searches and legal costs and also your mortgage costs.

Depending on the properties condition you will need money aside for works too.

Watch the values of properties on right move over a few months and see how quickly the sell. Try to estimate how much you could make on sample projects. Each property should release you more equity and the success won't come over night.
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