Property Development Mistakes You Don’t Want To Make.

3 Property Development Mistakes You Don’t Want To Make.

Property Development Mistakes You Don’t Want To Make.

I don’t know if you read the story about me and Danny O’Neill and the whole strawberry stealing incident and if not, you can read about it here.

But to follow on from that story, it reminds me of 3 mistakes Property Developers often make.

Before we get on to the rest of the story, if you’re busy and on the go, click here to listen to the audio file.

To continue reading, see below:

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I ditched Danny in the street that morning as I made what turned out to be a cracker of a decision to not go ahead with what eventuated be the most disastrous strawberry heist of the year. Turned out that Old Mrs. Bateman had the nose of a hound and was poised and ready to pounce on who she had nick-named the Smith Street Strawberry Stealer’.

Danny, thinking he was in stealth mode snuck through the fence and as he inched toward the strawberries, heard a snap and felt a massive pain shoot through his toes. ‘Sh#t’ he screamed. He looked down to see the jaws of a rusted mouse trap gripping to his toes with mighty pressure.

Within seconds there stood Old Mrs. Bateman, at her back door, rolling pin in one hand and Danny was pretty sure he could see smoke shooting from her nostrils.

“Huh,” she huffed, “Got you!” She stormed over, grabbed Danny by the ear, and dragged him to her kitchen table.

Needless to say, Danny was in a world of both pain and trouble. Old Mrs. Bateman called up Mrs. O’Neill and the two women decided Danny was to be given the hefty punishment of mowing Mrs. Bateman lawns for the next year. “That will teach the boy,” scoffed Old Mrs. Bateman.

So now you are wondering, hey Bob, where are the 3 property development mistakes you lured me into this blog for?

Well, here they are…

Number 1:

Thorough due diligence is one of the most important things you can do when it comes to property development. Had Danny done his, he would have known that Old Mrs. Bateman had set the mouse traps to catch The Smith Street Strawberry Stealer.

Number 2:

There should always be a fair trade. Nobody should feel ripped off. Be that the landowner, a joint venture partner, or your builder. Danny was in this for himself and that is never a good strategy.

Number 3:

At the end of the day, if you don’t want to end up mowing lawns it’s best to walk away from a deal that does not sit well with you. I was onto it and walked away that day. Just like bad numbers if something doesn’t stack upright. Don’t go ahead.

 

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