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Running your own toy store is not exactly how you would imagine most real estate developers would start their property career. How can you go from selling toys to doing projects? Well Troy Harris did just that. He went from retail operator to property renovator and finally developer.

Troy has gone on to do a stack of development projects, set up a property developing training program and learnt a lot along the way.

I first spoke with Troy in 2012 about doing his property developing mentoring program, and after signing up and starting the program I secured my first development site and eventually completed my first project, which as you know ended up being a 20 townhouse project that was way bigger than I ever intended, but I successfully got there in the end and it was a terrific experience. And I couldn’t have done it without Troy’s help.

When I started the podcast, Troy was on my early list of people I wanted to have on the show, so I’m excited to be finally bringing him to you. We ended up having quite a long chat, as we meandered down memory lane, and cover how Troy started off doing a couple of renovations, before starting his development career in Ballarat in regional Victoria. Since then Troy has completed a stack of projects, and set up a program to help wannabe developers.

People often think it is easier to develop in a hot market but it is challenging to acquire profitable sites. – Troy Harris

I have broken the conversation into two parts, so in part one, we cover how Troy went from owning a retail shop to developing, the biggest obstacles he had to overcome, and what he has learnt along the way. Keep an ear out for Troy talking about what holds people back from taking on developing.

Property Development Training

If you are interested in learning the fundamentals of property development, in your own time and at your own pace, then be sure to head over to www.propertydevelopertraining.com and take a look. I take you step by step through the development process so you know exactly what is needed to find a site, run a feasibility and complete a small scale property development, be that a duplex or 3 or 4 unit site. The training includes a bonus program called Taking It To The Next Level for people who may want to go into developing full-time, along with another bonus course called Raising Capital which covers how to raise money for your projects.

So head over to propertydevelopertraining.com and take a look… I would love to see you on the inside…

Property Developer Quiz

Keen to find out how ready you might be to become a developer? Then take the Property Developer Quiz (https://www.propertydevelopertraining.com/quiz) and get a sense of where you are at…

Become a Million Dollar Property Developer

Grab my book Become a Million Dollar Property Developer about my journey into property development. This book is ideal for anyone who intends to get into small-scale property development and wants an insider’s guide to successfully obtaining wealth, fulfilment, and glory.

In this book, Justin will share how he succeeded in delivering a 20-townhouse project on his first property development project and what he learned along the way.

Many people have a dream of becoming a property developer. They aspire to build properties, grow portfolios, and amass great wealth. However, many people often struggle with making the leap into property development.

This book has the answers for how you can make the leap into property development. Grab your copy now.

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Tips for real estate developers

Make sure to tune in to part 2 to catch the rest of the conversation. Here are three things I took out of my discussion with Troy:

1. Your mindset helps decide your life

I know people keep banging on about having the right mindset, and it is almost a cliche, but it is actually true. We live in the world of our own making, and the funny thing is, is that you can create the life and world that you want. Not just by thinking about it, but working on it. The key is deciding what you want, and then putting in place a plan to get there, and importantly getting help along the way from people who have done it, or know how to guide you. When you decide that nothing will stand in your way, then you just get on with it. Your brain has the amazing capacity to believe or be programmed, and coupled with your heart/desire, you can achieve incredible things. So if you are sitting there thinking about all the reasons why you can’t do something, try flipping it around and asking about all the ways that you can.

2. Early success can be a curse

I have been down this path before. Sometimes having early success can lead you to be complacent about what you need to do to continue being successful. Troy talked about how he did well out of his first renovation, and he thought it was because of everything he did, whereas he found a buyer willing to pay a great price for his homestead, which was a little unique, but when he did something more conventional, he came up against the weight of the market. I found that with my second project. I thought that since council supported, in fact pushed, for a more dense project, they would do the same on my next project, but they didn’t and it was a costly lesson.

3. Identify your perfect site

This is a good tip from Troy. Once you identify your perfect site, it narrows your search parameters and focuses your effort. You are less likely to go down rabbit holes chasing potential development sites of all shapes, sizes and locations. It also allows you to be clear with agents about what you are looking for, so they can help find it. Troy gave a few things you can consider to identify your perfect site – the location, the project type, and the likely cost. As Troy advised, start off doing something you are comfortable with, so that you can sleep at night. Obviously, I was day dreaming when Troy had that conversation with me all those years ago…

Alright, if you enjoyed that conversation with Troy, then why not delve into the archives and take a listen to episode 13 where I speak with developer Matt Jones about how he went from being a postie to becoming a property entrepreneur. Matt had some great advice on how you can achieve phenomenal results and I’m sure you will enjoy that chat, so go back and take a listen to him in episode 13.

Don’t forget to email me if you are interested in learning how to become a property developer justin@propertydeveloperpodcast.com

And check out my Instagram (https://www.instagram.com/property_developer_podcast/) and Facebook (https://www.facebook.com/propertydeveloperpodcast) pages for my latest developing videos, photos and news at Property Developer Podcast.

Links

HQ Homes – www.hqhomes.com.au

Rookie Developer – www.rookiedeveloper.com.au