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Joint ventures are a great way to do more projects and reduce risk. Property development can at times be a lonely game so if you have other people to talk with about issues and solve problems it can really help take your developing to another level.
Valerie Smith from Valsco Property Group has harnessed the power of joint ventures to enable her to take on bigger projects. Valerie and her husband have travelled the well worn path from property investors and renovators to property developers. They are now focusing on some niche disability accommodation projects to provide much needed dwellings for many Australians.
In this discussion with Valerie we cover:
– How more women can get into property development
– the power of joint ventures to accelerate growth and reduce risk
– the value of focusing on a niche product for a specific group
Keep an ear out for how a shift in Valerie’s thinking around money and skills helped take her to the next level.
Link – Valsco Property Group – http://valscopg.com.au
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.
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.
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Episode Summary
In this episode of the Property Developer Podcast, host Justin Gehde speaks with property developer and joint venture expert, Valerie Smith. The episode focuses on the power of joint ventures to accelerate your property development projects.
The conversation begins with Valerie sharing her background in property development and how she became involved in joint ventures. Valerie explains that joint ventures are a powerful tool for developers, allowing them to access funding, expertise, and resources that they might not have otherwise. She also stresses the importance of building strong relationships with potential joint venture partners, and being transparent and honest in all dealings.
Spread risk and maximise returns
Justin and Valerie then delve into the specific benefits of joint ventures, including the ability to spread risk and maximize returns. Valerie explains that joint ventures allow developers to pool resources and share the risk of a project, while also sharing in the potential rewards. She also emphasizes the importance of selecting the right partner for a joint venture, and ensuring that both parties have a clear understanding of their roles and responsibilities.
Managing financials risks
The conversation then turns to the topic of financing joint ventures, and how developers can effectively manage financial risk. Valerie explains that developers should have a solid understanding of their financial position and be transparent and proactive in communicating any potential financial risks to their joint venture partners. She also stresses the importance of building strong relationships with lenders and investors, and being creative in sourcing funding.
Building trust in joint ventures
Justin and Valerie also discuss the importance of trust in joint venture partnerships, and how developers can build trust with their partners. Valerie emphasizes the importance of being honest and transparent in all dealings, and building a track record of successful projects. She also stresses the importance of communication and being proactive in addressing any issues that may arise during the course of a project.
The conversation then delves into the specific challenges and opportunities associated with joint ventures in different types of property development, including residential, commercial, and mixed-use projects. Valerie explains that joint ventures can be particularly effective in mixed-use development, where partners with complementary expertise can work together to create a successful project. She also emphasizes the importance of selecting the right partner for a joint venture, and ensuring that both parties have a shared vision for the project.
The conversation ends with Valerie sharing some of her top tips for successful joint ventures in property development. She emphasizes the importance of being honest and transparent in all dealings, building strong relationships with potential partners, and always focusing on the end goal of creating a successful project.
Overall, the episode provides valuable insights into the world of joint ventures in property development, and offers practical advice for developers looking to accelerate their projects and maximize returns.
