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Do You Feel the Need ... For Speed?
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My Favourite ‘Quick Cash’ Deals
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A lot of Property Developers can empathise with Dom, from The Fast & The Furious movie franchise, when he says "I said a ten second car, not a ten minute car!"
The reality of property development is that deals can take a while. And there are periods where there's not a lot going on, because you're waiting for "stuff" to happen.
Alternatively, you may be ready to step up to bigger deals, but need a little more cash in the bank to make that happen.
Either way, maybe it's time to consider a quick cash deal to fill in the gaps of time, money, or both. So let's take a look at my 3 favourite ways to earn Quick Cash using your property development skills....
The reality of property development is that deals can take a while. And there are periods where there's not a lot going on, because you're waiting for "stuff" to happen.
Alternatively, you may be ready to step up to bigger deals, but need a little more cash in the bank to make that happen.
Either way, maybe it's time to consider a quick cash deal to fill in the gaps of time, money, or both. So let's take a look at my 3 favourite ways to earn Quick Cash using your property development skills....
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Splitters
In its simplest form, a ‘splitter’ occurs when one property already encompasses two lots, and all you need to do is submit the paperwork to separate those 2 lots onto individual titles. On planning maps, these often look like a dark border around the complete property, with a fainter grey line down the middle.
In its simplest form, a ‘splitter’ occurs when one property already encompasses two lots, and all you need to do is submit the paperwork to separate those 2 lots onto individual titles. On planning maps, these often look like a dark border around the complete property, with a fainter grey line down the middle.
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When all you're dealing with is land, these can be relatively quick and simple. If there's a house on the property, there are three possible scenarios:
- the house is already to one side, and ends up on one of the new titles, this is called a “unicorn” because it’s rare to find, and the simplest to execute
- the house is across both sides, and you need to "slide" it across the block so that it ends up on one of the new titles
- the house is across both sides, and the only feasible option is to remove it completely
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The first scenario can certainly deliver Quick Cash, but options 2 and 3 are going to take a little longer and will require more cash to implement.
Still, splitters definitely fall into my top 3 favourite Quick Cash deals.
Reno & Flip
Now, anyone who's been following me for a while knows I'm not a big renovation fan. But sometimes it's a worthwhile thing to do, for example, if you're doing a splitter and renovating the existing house on the property, it’s likely to bag you a much better sale price.
There are definitely plenty of people who make good money buying properties, renovating them, and selling them again. As a general rule of thumb, it’s not the strategy of choice if you're time poor, as renovations are very hands-on deals. That doesn't necessarily mean you have to do the work yourself, but even if you're coordinating a team of tradesmen it takes planning and time to run the project.
Still, splitters definitely fall into my top 3 favourite Quick Cash deals.
Reno & Flip
Now, anyone who's been following me for a while knows I'm not a big renovation fan. But sometimes it's a worthwhile thing to do, for example, if you're doing a splitter and renovating the existing house on the property, it’s likely to bag you a much better sale price.
There are definitely plenty of people who make good money buying properties, renovating them, and selling them again. As a general rule of thumb, it’s not the strategy of choice if you're time poor, as renovations are very hands-on deals. That doesn't necessarily mean you have to do the work yourself, but even if you're coordinating a team of tradesmen it takes planning and time to run the project.
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And if the reason you're keen to make Quick Cash is because you don't have much money of your own, then partnering with property owners who want help renovating their property for sale can be a great way to build up some chunks of cash in a relatively short space of time. It’s a great win-win scenario for you and the property owner.
In both cases, a well-planned and executed renovation and sale is a great way to earn some Quick Cash.
In both cases, a well-planned and executed renovation and sale is a great way to earn some Quick Cash.
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Deal Finding
If you've already done the work and learnt the skills required to find profitable deals, then deal finding might be the Quick Cash strategy for you. Basically, you find good deals and pass them on to other developers for a fee. This fee is usually around 1-2% of the purchase price for the property.
The paperwork required for the process of securing a property but passing it on to someone else to settle varies from state to state, so I highly recommend having a chat to a local property lawyer as a starting point if you're serious about deal finding as you’ll want to make sure you don't find yourself in a double Stamp Duty situation.
Alternatively, it may be worth getting your Real Estate Agent/Agent Representative's Licence if you’re planning to do more than one or two of these. Many of the educational requirements around obtaining a licence have recently become a lot more prolonged than they used to be, with most states moving towards requiring a Certificate IV as a minimum. So check your local criteria.
It can also be worth striking a deal with a friendly Real Estate Agent, allowing you to find deals using their licence, with an agreed split of the deal finding fees.
As well as earning you some quick cash, deal finding is a great way to earn as you learn. Every time you find a deal you’ll need to practice your research and due diligence skills. If you’re struggling to on-sell your deals, listen carefully to the feedback you’re receiving, as it can help in highlighting gaps in your knowledge that you need to rectify.
So there you have it – 3 ways you can use your property development skills to make some Quick Cash. And because the only thing better than one quote from the Fast & Furious movies is two quotes: “Life’s simple. You make choices and you don’t look back.” – Han Lue.
Pick a Quick Cash strategy, work it hard, and you might just surprise yourself with how much cash you find in your bank account before not too much time has passed.
If you've already done the work and learnt the skills required to find profitable deals, then deal finding might be the Quick Cash strategy for you. Basically, you find good deals and pass them on to other developers for a fee. This fee is usually around 1-2% of the purchase price for the property.
The paperwork required for the process of securing a property but passing it on to someone else to settle varies from state to state, so I highly recommend having a chat to a local property lawyer as a starting point if you're serious about deal finding as you’ll want to make sure you don't find yourself in a double Stamp Duty situation.
Alternatively, it may be worth getting your Real Estate Agent/Agent Representative's Licence if you’re planning to do more than one or two of these. Many of the educational requirements around obtaining a licence have recently become a lot more prolonged than they used to be, with most states moving towards requiring a Certificate IV as a minimum. So check your local criteria.
It can also be worth striking a deal with a friendly Real Estate Agent, allowing you to find deals using their licence, with an agreed split of the deal finding fees.
As well as earning you some quick cash, deal finding is a great way to earn as you learn. Every time you find a deal you’ll need to practice your research and due diligence skills. If you’re struggling to on-sell your deals, listen carefully to the feedback you’re receiving, as it can help in highlighting gaps in your knowledge that you need to rectify.
So there you have it – 3 ways you can use your property development skills to make some Quick Cash. And because the only thing better than one quote from the Fast & Furious movies is two quotes: “Life’s simple. You make choices and you don’t look back.” – Han Lue.
Pick a Quick Cash strategy, work it hard, and you might just surprise yourself with how much cash you find in your bank account before not too much time has passed.
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"I've set myself a personal goal of setting 1,000 people financially free by the year 2030 through my education and mentoring programs.
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