Big vs Small Developments
Meet Ben! He's going to give you his insight into big vs small developments. Having worked with Russell and Samuel on both, he's very experienced. Ben is great at managing development deals so when it comes to hands-on development. He knows how to get in there and bring home the profits.
What's the difference between a small and big development deal? The rewards are greater from the bigger deals. The amount of effort is the same but you gain more. For a big deal, you are looking at making from £750K and more. You'll make less profit with a smaller deal but still exert the same amount of effort, due diligence and the principles are equivalent. Of course, there is more pressure and more at stake with a bigger deal.
Another key to being a successful property developer is having a power team. Having a power team is even more important when there is more money on the line and the deal is bigger. More money in means more risk and it's easier to manage that risk with a power team.
How to find development opportunities
For the most profitable development opportunities, it's better to go off-market and have a secret society approach. That means building good relationships with agents. Once you see a piece of land with great potential, you need to keep it under lock and key because if the word gets out, someone with bigger financial backing will snatch it from you. You can start by developing relationships with agents, networking and meeting people. See what's out there and approach the opportunities under the radar. The same applies for smaller deals, don't wait for Rightmove to show you what's out there, go to your agents directly for maximum profits.
How do you source deals if you are just starting out? Find out by watching!