I have read your ebook a few times now, great info.
A few things I have learned about the Development Bizz is, Networking.
Do what you say you are going to do. Meet as many people as you can. And try not to make anyone mad or burn any bridges.
People tend to remember all the bad things that happen and forget about the good. You never know, you may run across them later down the line. It is almost like being a Politician.
I take it you do mostly commercial development projects.
Do you ever get involved in single family residential developments?
What Proforma software do you use for your Feasibility Study?
Do you ever keep any of the projects you develop or do you sell them off?
In your part of the world, what is the hottest thing going these days?
What are the 3 Top money makers regarding Cash Flow and Return on investment there?
I am in xxx USA. The Top 3 in our area are Mobile Home Communities, Car Washes, & Mini Storage Warehousing.
Talk with you soon,
From the desk of Colm Dillon ...
Author of "Residential Development Made Easy"
I am very pleased that the ebook is working for you.
I couldn't agree more with you about not leaving enemies behind - I've always lived by the motto - if you lose your cool - you lose the argument. Yelling and beating your chest is a majot NO - NO!
My Rules Are ...
. I always let my opposition have their say - in full ...
. I alway see their point ...
. I always think their ideas are inciteful ...
. I always thank them for their contribution ....
And after so many ALWAYS from me ...
. THEY ALWAYS SEEN TO THINK MY COUNTER IDEAS ARE inciteful ...
. I am never interrupted ...
. And somehow they manage to understand my point of view and I am continually amazed at how reasonable they are in giving me what I want.
Confrontation is such a waste of energy and totally non productive ...
Another phrase I love is - Be Reasonable, Eee It My Way - and to achieve that, I happen to think that it's my job to ensure they understand why they should see it my way ... enought of the philosophy.
My project break up is roughly Commercial $800M and Residential $400M.
Frankly I am at a stage of my life now where I am enjoying myself, rather than being actively developing.
I have had several "work lives" in my life's journey and the stage I am at now is passing on my knowledge.
I get more pleasurte in my day at this old PC of mine, meeting people like yourself through email - thinking up new ideas.
I've got this theory that the brain is the sexiest organ in our bodies and if we want to keep it fit, we gotta exercise it and challenge it every day - just like pumpin' iron for the rest of the body ... so that's what I do now and it keeps me very fulfilled and at peace with the world.
Early on it was develop and sell; but as you increase your equity, retain the best "cash flow" developments - the increasing underlying value of the property should grow - against which you can borrow conservatively to develop your next project.
It is hard for me to give you a guide as to the best investments down under in Australia - we are a market of 22 million people, in a continent that you could fit many countries into several times.
We have cattle stations that are as big as some countries.
You, on the other hand, live in the most dynamic market in the world with upwards of 250 million people.
Next point, Queensland, where I live, is a bit like your California in the 70 - 80's; the population race for the Sun Belt is on.
Queensland is called the Sunshine State and our internal migration last year from other States was 86,000; add to that, migration and business migration from overseas, say 40,000 - so right now the production of developed residential land is King.
Next best development option is the actual residential development of Units, especially in our Central Business District (CBD) of which I've done a thousand in high and low rise buildings.
After that shopping centres would be high on the list - but I think we are getting 'over-shopped.'
Industrial development is going like a rocket - again land availability is the key.
Oh yes, I almost forgot the software question.
I don't use any - I am somewhat unusual. But you see I have a love of mathematics and so like "handling" figures. When I have done my basic feasibility study, I always transfer the figures to a simple XL spreadsheet.
This allows me to cross and down add easily and calculate my interest costs on a cash flow basis.
I always feel that you get to know the figures better with a sheet of paper - must be the way I was taught.