A Master Builder "Q & A" Series Five

    

A Master Builder Answers Your Questions

"If You Could Learn "How To Be A Developer"
And Do Real Estate Development Profitably

How Often Would You Do It?"

     From the desk of Colm Dillon ...

    Author of "Residential Development Made Easy"

    

        

Hello Colm Dillon here ...

A few months ago I conducted an interview with a Master Builder in the USA.

All the questions I put to him were yours - questions my "Residential Development Made Easy" e-book readers sent me as being of Top Priority.

Question 1.

I was wondering what is the best strategy for getting a good price for building when the market favors higher building costs. How does he analysis what home/unit buyers want?

Answer:

In the last year we've all seen the price of steel, lumber and concrete skyrocket. This makes the cost of homes to artificially climb.

The strategy I would recommend is do your home work.

* Know how much you have to budgeted for the project.

* Know the fair market value.

* Know the appraised value.

* Know your profit margin.

Once you know this, then conduct a Comparative Market Analysis. This will tell you exactly what square footage, style, bedrooms, baths, etc… are selling.

It doesn't take very long but it is a very important step. (Colm: In Residential Development Made Easy I place great emphasis on Market Research - here's another professional emphasizing the same thing.)

Answer: (continued)

This way you know with reasonable certainty what your profits are going to be. This is what separates the successful from Speculators.

Speculators are gamblers that build on what they "think" will sell. You should know what will sell before you build.

******************************

While this Q & A email is brief, it is a wise person who reads it several times - thinks about what is said - relates it to their personal situation and puts in into action.

Bye,

Colm Dillon


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