When you're starting out, the sheer amount of information to learn can be overwhelming. And the fact is, almost any property development strategy can make money for you in the right place at the right time. But remember - just because it's developable, doesn't mean it's profitable!
This sheer abundance of opportunity tends to lead to something known as "shiny object syndrome". This generally takes the form of someone spending countless hours on realestate.com.au hopping around looking at anything and everything with development potential. You just get focused on one deal when *sparkle* another deal catches your eye and you go off to investigate it.
Now, at first glance this might actually look appealing. After all, the more deals you look at, the more likely you are to find a good one, right? Up to a point, yes. The problem is that for every deal you find, you have to do your due diligence.
If you're doing it properly, you need to understand the area the deal is in, and what the rules are so you feel confident about what can be done to develop the property. Is it in a good part of town or the "wrong" one? Do the demographics of the area support the type of development you're planning? And that's only the start.
In my Property Development Formula program I teach students how to do a 10 minute check so they know whether to keep or discard a potential deal right from the get-go. But for that to be effective, you need to already be an expert on that Council and in that Suburb.
If each deal you find online is in a different area, then you're going to spend a big chunk of time trying to get rapidly up to speed about the Council and Suburb every time you find a new deal. Time that's wasted if it turns out the deal isn't profitable in that area. Essentially, you're on a giant wild goose chase, and you'll burn a lot of effort in the process.
