The Property NomadsTop Tips for Property Development and Conversion success - with Tina Wenham of Target 5
In this podcast, Rob speaks to Tina Wenham of Target Five. Tina has worked in the property industry for more than 20 years and has been the president of Brighton and Hove estate agents since 2018. She shares examples of the 400+ development projects they have completed themselves and for clients.
Explaining the process that they use to ensure that each project is profitable. Tina covers funding, planning, and problem-solving. As well as how to spot and respond effectively to trends at an early stage.
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KEY TAKEAWAYS
- Everyone makes mistakes when developing properties. Learn from them and move on.
- You need to build in contingency. Otherwise, unexpected problems and rule changes can catch you out.
- Get your services connected early in the project.
- When developing properties for the rental market, use products, and techniques that create durable finishes that are easy to clean down.
- There is no point in coming up with a beautiful design that is not going to get through the planning process.
- Proper research will save you time and money in the end.
- Know your target market and research what is already available in the area so you can match or beat that standard.
- There is now a market for young professionals who want to live in shared accommodation.
- Understand that the market is always shifting, what works now may not work in a few years. Spot the trends early and adapt.
- Even if you can look at a property and more or less know the numbers, fill in the spreadsheet and double-check your instinct is right.
- Think about whether you can get finance before pursuing a property.
- Don´t overstretch yourself.
- Once you have done a few projects, you will have knowledge that you can share as a way of generating more wealth.
- Creating win-win situations for you, tenants and investors is a highly effective way to make money.
BEST MOMENTS
‘We always look at how we can mitigate and pivot on problems...to make sure it (a project) makes money.’
‘Do your research and employ professionals to advise you.’
‘It is about leveraging your cash, time, and experience.’
EPISODE RESOURCES
VALUABLE RESOURCES
Buy to Let: How to Get Started – By Rob Smallbone (Amazon)
ABOUT THE HOST
Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.
Buckle up, sit tight, and enjoy the ride that is life.
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