Hi everyone,
Hope you are all enjoying the course as much as I am. I have also branched out and attended a Property Development course and my partner and I have now paid for mentoring by an expert developer. We are on the lookout for money partners. We have some money and good servicability but generally will need around $400K + to do a 4 townouse development which is a lot. If someone was able to put in the full amount we can offer a 50% return on the profits and you can learn about development along the way. We are currently looking in the Brisbane market.
Alternately, we would be keen to do a joint venture with someone who has a development they wish to go ahead with, who needs a bit of help and some $ to inject into it. Prefer Sydney or Brisbane but open to other areas.
Just thought I would put it out there and see if there was any interest. We are honest people and are keen to get started on our first development project.
Kind regards, Janice
Hi Janice
i am currently doing a development in Sydney for 6 townhouses. I have 3 money partners which i will be using on this project. what i am planning to do is give 25% of the profit and i get 25% too. But i no money so the project will be funded by the money partners. I think the easiest would be for you to is find two money partners so each one has to come up with 200k rather then 400k and they both can have a 25% of the return of the profits. This way you will find more money partners out and willing to provide the sum as this will divide the risk for everybody. As you guys are the first time developers and i am in the same boat but i havent done any property development.
I think just speaking to people in general and you might find someone out their. Please let me know if you want more information or i can help you in any other way.
Thanks
Ron
Hi Ron, I would love to hear how your project goes, keep us updated! Yes I agree with you, not many people would have a spare $400K lying around. We did find a money partner but due to not being able to find a site in Brisbane have decided to look for a small project we can do ourselves. That we way we can show a bit of history that we know what we are doing before taking on money partners. All the best with your project. With sydney going great guns you certainly have timed it right to do a development there. Cheers, Janice