I signed up for the Bootcamp and the rest is history! I currently have 3 boutique developments in the pipeline including a three townhouse development and a 2 luxury townhouse development. – Fiona, QLD
Location: Southport, Gold Coast
Time: 11 months
Description: 3 townhouses
Education: Fiona had always been interested in property and did our development course in May 2009. She says that the rest is history and she has been involved in a few different projects so far. “The strategies that I learnt at the Bootcamp have allowed me to be able to achieve this. I learnt how to think outside the box, the importance of perseverance and problem solving.”
Finding the site: Fiona wanted to buy this block a few years ago and missed out to a cash unconditional buyer. A year later, in April of this year it was up for sale again – this time with a complete DA for 3 townhouses and building drawings – for the same price of $450,000. The owner was relocating up North to build in the boom mining towns as he was a builder. Opportunity always knocks twice!
Construction: Construction on this site cost $620k. Fiona put no cash in this deal, she was able to get it totally bank financed and she also got a line of credit. She didn’t hire a project manager to do the site, instead she liased closely with the builder at all stages and they shared the role of Project Manager. Being a smaller development this was workable. She was very involved in this deal as she wanted to learn the entire process. She did put a lot of time into this deal and was onsite weekly as small problems arose. In development there will always be issues and problems, that’s just how it goes. You need to expect this and be willing to roll with the punches and work out the solutions.
Hardest thing: Sewer dramas with council involved digging up the entire driveway of the block behind and laying new pipe.
Best thing: ”The sense of achievement at the end and seeing it all come together”
Expectations: Fiona educated herself and set herself up for what she was about to get involved with. ”I went in with realistic expectations of the potential problems. Probably more decisions happened on site than I would have expected”
Determination: Fiona says thatBootcamp and not only the strategies she learned there but also the people she met and the determinism she developed there have completely changed her life. At that time, Fiona had lost her career due to injury and had to sell her business due to a family tragedy and was unsure what to do next.
“This inspired me so much that I went on to write a series of books after Bootcamp. I realised that everyone had a story and you can stay there in the victim mindset or you can pull yourself up and go for your dreams. I wanted to bring the seminar to people and be able to inspire others. Writing my Book “Property Millionaire” coincided with the first development I had out of the ground so the synergy and timing and knowledge I was gaining around property was incredible.”