I have read a lot recently about carrying out development using other people’s money. It all sounds so easy and profitable. I am not saying it cannot be done, but it is extremely risky especially for a novice. How would it make you feel to lose Granny’s life savings or your mates hard-earned cash. Would you be able to pay it back?
Development for the novice is an extremely risky business. Yes of course there are success stories, but luck plays a large part in that, and if you are going to go down that road pay for the right advice. If you cannot afford the advice perhaps you should think again about whether this is the right time for you to be developing properties?
Do not believe you have learnt everything from watching 20 episodes of Homes under the hammer back to back. Just think; if you were on that programme and made a thumping big lose would you own up to the fact on national television or would you massage the figure you give to make it look better? I have seen a few episodes myself and it is funny how everyone makes a profit.
Look at Grand designs; it would appear most of these novice builders go way over budget.
Find someone with experience that can assist you on your journey and take their advice from the very start before you buy a site.