59 – Finding unique ways to develop property


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By Justin Gehde. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
There are many ways to develop property, some straight forward, some very unusual. How about shifting your planning application from units to a boarding house? Or rezoning a street? Or using options to lock up parcels of land? My latest guest has done all this and more, so tune in as we explore the many unique ways that property can be developed. Davina has certainly taken a different approach to developing property and has cleverly worked a number of different angles in terms of project types and how you make them work. Forget about sticking to one project type and stay with it for a few projects... Unusual property development projects I think you will enjoy how Davina isn’t afraid to try new things, how you can pivot if something doesn’t go the way you planned, and how she negotiates her way through challenging situations like securing an option agreement with neighbours. Keep an ear out for how Davina explains the importance of understanding your limits and risk tolerance, and how you can still achieve results through partnering to mitigate the risk. Don’t forget if you are interested in learning how to develop property then email me about the property developing mentoring program that is available to help you get started. There’s nothing like a guiding hand to show you the best way when you are starting out, so email Justin@propertydeveloperpodcast.com and I will send you some further information. Lessons for real estate developers What an unusual range of projects she has tackled! I enjoyed speaking with Davina and here’s three things I took away from our chat: 1. Don’t be afraid to pivot if things change in the property market. I thought it was great that Davina was prepared to change her approach when she decided that the market had shifted and units were no longer the right product type, and she pivoted to getting a permit for a boarding house. A completely different project. This shows a willingness to be flexible and adapt to what the market wants. 2. Understand your risk tolerance when it comes to developing property Davina discussed how she is looking to partner with a more experienced developer to help complete one of her projects because she understands that she doesn’t have the experience to comfortably complete the project. I think it is a wise move to partner up and mitigate the risk. This shows an awareness of your risk tolerance, but is also a clever way to learn how a project is completed but in a safer way. 3.Be prepared to try new things if your project doesn't stack up anymore You certainly cannot accuse Davina of sticking to what she knows best! She has been prepared to try new strategies, work the angles and explore different options if Plan A doesn’t work out. It certainly shows that there is more than one way to develop property and lots of opportunities exist out there if you are prepared to go looking for them. Alright, if you enjoyed that fascinating conversation, then why not delve back into episode 27 of the show [https://propertydeveloperpodcast.com/2017/01/11/27-tales-from-a-canadian-property-developer/], where I spoke with Canadian based developer Dan Borona, about some of the unique challenges he faces developing in Ottawa. Dan also shares how he moved from renovating properties to doing multi unit developments. So tune in to episode 27 of the show. Don’t forget to catch me on Insta [https://www.instagram.com/property_developer_podcast/] and Facebook [https://www.facebook.com/propertydeveloperpodcast] for all my latest project pics and videos, industry news and other fun tidbits. You can also post a comment on iTunes if you are enjoying the show. So, until next time, keep your options open for that next sweet property development deal. Links http://faveladevelopment.com

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