Are you ready to start your first development?

A question I get asked but a lot of my students is...

Am I ready to do a deal?

This is SUCH an important question!

It's also one that many don't consider before jumping into a development.

If you're new to property development, one of the biggest challenges you'll face is understanding if you're financially ready to take on a project.

With so many different costs and expenses to consider, it can be hard to know where to start.

To be ready you must have a strong understanding of your revenue streams, expenses, and debts.

It's important to understand:

• your lifestyle
• family financial commitments
• the impact it could have on these things.

When I started out I spoke to professionals, banks, financial advisors, and friends who had experience on where and what these impacts might be.

As detailed below, the common advice I received was to consider the following five areas, and to understand a resulting financial position.

I hope t...