Property development reading list
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Okay - so I'm planning to leave my career and start out in proeprty development and with he current timing, this will probably be considered mad by most!
But, I've decided on this career change with all its pros and cons and would be very grateful if any of the professional developers on here could advise the names of any books theyve found particularly useful on any aspect of developing.
Thanks!
But, I've decided on this career change with all its pros and cons and would be very grateful if any of the professional developers on here could advise the names of any books theyve found particularly useful on any aspect of developing.
Thanks!
Lamentations. It's between Ezekiel and Jeremiah in the Old Testament.
You may also find it useful to set aside a darkened room in your house. On return from the standard 12 hour day it can be comforting to lie on the floor in said room adopting the foetal position, rocking gently backwards and forwards whilst crooning Ukrainian funeral poetry to yourself.
There are also some good days. Usually when the Council offices are shut.
You may also find it useful to set aside a darkened room in your house. On return from the standard 12 hour day it can be comforting to lie on the floor in said room adopting the foetal position, rocking gently backwards and forwards whilst crooning Ukrainian funeral poetry to yourself.
There are also some good days. Usually when the Council offices are shut.
was for the OP, between me typing and posting selmahoos has got in there and his post gets' another Potentially it is a good time to get in the market as prices have fallen, and property has a limited supply so prices will increase at some point. Also some companies will be forced to sell some of their land bank.
However whether prices have bottomed, and when they will go up is a different question!
However whether prices have bottomed, and when they will go up is a different question!
Well I'd suggest that developing a property is a project, so a sound foundation (!) in project management will really be helpful some thing like PMI or PRINCE2 would be a good place to start as they will ensure that the business reasons for doing each stage are carefully monitored and costs, time and the end result are properly controlled.
http://en.wikipedia.org/wiki/PRINCE2
http://www.ogc.gov.uk/methods_prince_2.asp
http://en.wikipedia.org/wiki/PRINCE2
http://www.ogc.gov.uk/methods_prince_2.asp
Hmmm, isn't the property market going to fall an awful lot further?
My theory may sound nuts, but here we go.
Back before the big boom of recent years, an 'average' house would cost an 'average' man roughly 3x their salary.
Today, even after the falls, an average house costs an average man around 6x their salary.
Personally, I don't see how this can be maintained on a long-term basis, so some 're-adjustment' of the market is needed.
Some may say I'm talking rubbish, but surely there is some basis for this theory?
My theory may sound nuts, but here we go.
Back before the big boom of recent years, an 'average' house would cost an 'average' man roughly 3x their salary.
Today, even after the falls, an average house costs an average man around 6x their salary.
Personally, I don't see how this can be maintained on a long-term basis, so some 're-adjustment' of the market is needed.
Some may say I'm talking rubbish, but surely there is some basis for this theory?
Are you mad??? There is a glut of empty property out there right now, be it new developments or repos. A friend of mine was a very succesful developer, but even she's having problems as it's so hard to raise finance at the moment - and she has a proven track record and a squeeky-clean credit rating. Say you do find something to develop, and manage to raise funds, who can say that you'll manage to find a buyer who can secure finance to complete the purchase. The only real option at the moment is to buy, update and rent (not easy either at the moment), then sit on the "investment" in the hope that things will improve in the not too distant future.
Don't do it! At least, not at the moment! BTW has anyone noticed the cheesy, cheery property programs (Homes Under The Hammer and similar crap) are actually filmed around 2006 / early 2007? Be warned!
Don't do it! At least, not at the moment! BTW has anyone noticed the cheesy, cheery property programs (Homes Under The Hammer and similar crap) are actually filmed around 2006 / early 2007? Be warned!
ShadownINja said:
Berserker LM said:
A friend of mine was a very succesful developer,
Everyone was successful about 3 years ago. Just like everyone was an amazing stock trader in 1997.The remaining flats are a major worry of course. I wouldn't want to sleep on a £600k debt at the moment!
ShadownINja said:
Ouch. I know of someone in Ireland staring £2m property debt in the face. Not seen him around in a while.
I sympathise. It was all so tempting, even up until very recently. Had a chance to do a place myself, but decided to cut my losses and live afloat instead. Never been happier BTW, but straying away from OP here. Edited by ShadownINja on Sunday 15th March 23:07
What annoys me now is the stupid TV programs still trying to persuade people to invest everything in bricks and mortar, then showing auctions from two years ago. I'm not addicted to property programs BTW, but have caught a few of these recently when my Dad was ill, and totally horrified that the TV companies still spew this totally misleading info. People can, and still are getting themselves into deep s
t with property. It's a hideous business at the moment, and one I'm very glad I stayed well clear of in the current climate. Edited by Berserker LM on Sunday 15th March 23:20
ShadownINja said:
Ouch. I know of someone in Ireland staring £2m property debt in the face. Not seen him around in a while.
And as a less scrupulous business man once told me: If you owe the bank £200,000 you are in the sEdited by ShadownINja on Sunday 15th March 23:07
t.... if you owe the bank £2,000,000 they are in the st.Steamer said:
ShadownINja said:
Ouch. I know of someone in Ireland staring £2m property debt in the face. Not seen him around in a while.
And as a less scrupulous business man once told me: If you owe the bank £200,000 you are in the sEdited by ShadownINja on Sunday 15th March 23:07
t.... if you owe the bank £2,000,000 they are in the st.
Nice one. Reality is they hike up taxes on the pleasures in life (wine, petrol, etc) with lame excuses (it's Green, it's gonna save more chavvy livers so they can live long enough to breed more unwanted ferral chavvy sprogs), just to bail out the poxy banks. 
Berserker LM said:
What annoys me now is the stupid TV programs still trying to persuade people to invest everything in bricks and mortar, then showing auctions from two years ago. I'm not addicted to property programs BTW, but have caught a few of these recently when my Dad was ill, and totally horrified that the TV companies still spew this totally misleading info. People can, and still are getting themselves into deep st with property. It's a hideous business at the moment, and one I'm very glad I stayed well clear of in the current climate.
Not only that but they only ever gave half the true picture even in the days that anyone could be a developer,I try not to watch them but the times I have there is always the "They paid 150k it cost 20k to get it up to scratch and now it is could be worth 200k,giving then a profit of 30k"t with property. It's a hideous business at the moment, and one I'm very glad I stayed well clear of in the current climate. No it doesn't as they never mention stamp duty, legal fees in and out plus agency fees to sell it oh and the all important mortgage fees that go out every month
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