#010: Have You Thought About Residential Lot Development as Your Next Investment Strategy?
Real estate developer and author Darren Standish, from Adelaide Australia shares his advice on starting in real estate and how education can assist in the process. Discover how to avoid expensive mistakes by leveraging the experience and resources of other people. Darren shares details on how proper preparation and communication with the zoning offices is the first step in successful land development, and discusses the value of having an experienced developer on the team when it comes to the details within the due diligence process.
0:39 – Information on Darren’s background, his path to where he is now, and his business.
4:28 – Making his move into real estate developing, influenced by books like Rich Dad Poor Dad; background on his first project.
5:56 – How the global financial crisis affected the way Darren works.
7:02 – Darren’s advice for people looking to get more information on starting in real estate and how education can assist in the process.
10:22 – Leveraging the experience and resources of other people to help in the learning stages.
12:38 – Context for the kinds of deals and projects that Darren normally works with as well as why he focuses on the kinds of projects that he does.
16:55 – Working with zoning for developments and Darren’s process for moving through a project.
22:31 – Talking with the offices involved in zoning approvals as a first step in a development.[Text Wrapping Break]
23:30 – Emphasizing preparation and communication with the zoning offices to help the flow of a project.
26:14 – Making expensive mistakes and learning from them until you run out of mistakes to make, mitigating the expense by leveraging help from more experienced people, and understanding that the income only comes when the property sells.
29:13 – Darren’s approach to infrastructure in bigger developments and different ways to go about things like roads.
35:25 – Briefly walking through the due diligence packages that Darren creates and focusing on what the market wants, rather than just what can be done with a property.
40:54 – The value of having an experienced developer on the team when it comes to the details within the due diligence process; Darren’s advice to make sure you get all the pieces of the puzzle.
42:56 – Background on Darren’s books.
44:32 – Darren’s advice that he wish he could have gotten when he was starting out.
48:02 – Getting in touch with Darren online.
Resources and Links Mentioned:
Rich Dad Poor Dad by Robert Kiyosaki
January 7, 2018
December 19, 2017