Are you interested in getting into property development? If so, the insights in today’s episode can help you on your journey.
And even if you’re not planning on getting into property development yourself, you can still learn a lot about property selection and how the mind of a successful property developer works by listening to the interview in today’s episode.
In this special bonus episode, you’ll hear Dan Gold of Long Property interview my son, Bryce Yardney.
Bryce has been overseeing and the property development arm at Metropole for many years.
This interview will provide some interesting and useful insights into how successful property development works.
Highlights from Dan Gold’s Interview with Bryce Yardney
- How Bryce got into property development
- How the property development division of Metropole works
- What Bryce would recommend for an entry-level property development
- Why the overarching strategy is buy, develop, and hold, rather than buy, develop, and sell quickly
- Why Bryce focuses on capital growth
- How Bryce finds a good property for development
- Why you need a development-friendly council
- Types of financial metrics people should be focused on when they do due diligence on a potential investment site
- How to size up a good deal versus an average deal
- Holding costs through the development period
- Tips for people who are considering a substantial renovation or development project
- What happens after a successful development project
Some of our favourite quotes from the show:
”I got involved in property development in the 1980s, and I made lots and lots of mistakes, but a rising market carried me through. If you make those mistakes in today’s current flatter market, you’re going to get yourself into real financial trouble.” – Michael Yardney
“Getting through is the hard bit – you’ve got to have the financial buffers, but once you get to the end, it’s surprisingly easy to hold onto the completed development. And then, you profit from the strong cash flow and capital growth over the long term.” –Bryce Yardney
“The more inexperienced you are, the more unsure you are, the bigger contingency you have to allow the bigger the risk margin you have to allow, because you’ve got to assume you’re wrong.” – Bryce Yardney
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