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When it comes to building a home, one of the most important steps is to know the risk associated with your builder. While it is common for builders to go bankrupt in the good times, it can be even more devastating if it happens in the bad times. It is important to be aware of the risks associated with any builder and to take steps to mitigate them.

 

When choosing a builder, it is important to do research. Ask for references and read reviews. Make sure the builder is licensed and insured. Ask questions about their experience and the types of projects they have completed. It is also important to ask about their financial situation. Knowing the builder's financial health can help you determine whether they are at risk of bankruptcy.

 

In this week's episode, Bob and Hilary talk about what to do when your builder goes bankrupt. They discuss why more building companies go bankrupt, what questions to ask potential builders and the importance of speaking with a lawyer to  know and understand the legal implications of a builder going bankrupt. So if you’ve found yourself in this type of situation or you are looking for ways to avoid ending up in a situation like this, you won't want to miss this week’s episode! 

 

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Our FREE 4 hour Masterclass is on April 22nd at 9am (AEST). If you’d like to learn more about this free online event, click here:  https://www.thepropertyaccelerator.com.au/property-development-foundations-masterclass

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Episode Highlights:

• What to do when your builder goes bankrupt  [02:25]

• Asking the builder if things are fine  [09:48]

• Going to  your lawyer  [13:12]

• How do you have the conversation?  [13:47] 

• How long does it take to create a new contract? [16:04] 

1. Is there insurance that can help?  [17:34]
2. The difference between the coast of complete and what’s left on the project  [18:27]
3. At what point do you let your investors know what’s going on?  [21:39]

• Why is replacing your builder a problem? [24:41]

• Can there be a clause? [26:47]

• What about the emotional tool? [33:07]

• Upcoming event [37:19]

About Hilary Saxton:

Hilary Saxton is a performance and mindset strategist who motivates, trains, and coaches people who crave knowledge and success in their property and business life. Hilary has had a varied career in property and business spanning at around more than 25 years now. She takes an honest, upfront approach towards both people and process issues. Hilary provides solutions through incremental and transformational change that delivers the success her clients both want and need.

 

About Bob Andersen: 

Bob Andersen (known in the property industry as “The Deal Maker”) is a Property enigma. When it comes to creating financial freedom for his followers, his “thinking” is refreshingly simple. He has the ability to make the seemingly complicated, uncomplicated. Bob has changed the lives of so many people by training them to use property development as a vehicle to build substantial cashflow and long term wealth. This in turn, has given them control over their lives and a lifestyle they could previously only dream about. It has been said that Bob has created more property millionaires in Australia than any other educator / mentee out there through his highly acclaimed property development courses. Thank goodness for Bob! Because there are way too many so-called Property education experts out there. Several, even past students, have ‘borrowed’ Bob’s material in an attempt to ‘be Bob’. As Bob says, “I must have done something right, but you can’t ‘borrow’ over 35 years of experience and over $1 billion worth of projects spread across all states of Australia and in all stages of the property cycle”. 

 

Resources:

• To contact us about our investment opportunity, please email [email protected] or phone 1300 729 550
• If you’re interested in winning a free copy of the book “Secrets of Property Millionaires Exposed”, go ahead and leave a comment or send me an email. We’d love to hear from you!
• If you liked this episode, or have any comments and/or suggestions on how we can make this better, don’t hesitate to send us an email. For questions/things you’d like us to cover and discuss in this podcast, again, you can send an email at [email protected]
• If you’re interested in receiving a free copy of the book “Secrets of Property Millionaires Exposed”, send an email to [email protected]! 
• Or Subscribe and give us some great feedback on YouTube: https://www.youtube.com/channel/UCt31KlQu9azoojEHPLvXgmA

Connect with Hilary Saxton:

• Property Mastermind Facebook: https://www.facebook.com/PropertyMastermind
• Property Developer Secrets and Hacks Facebook group: https://www.facebook.com/groups/2581187315284341
• Hilary Saxton Facebook: https://www.facebook.com/HilarySaxtonCoach

• Instagram: https://www.instagram.com/hilarysaxtonproperty/
• LinkedIn: https://www.linkedin.com/in/hilary-saxton/
• YouTube: https://www.youtube.com/channel/UCt31KlQu9azoojEHPLvXgmA
• Property Mastermind Website: https://www.propertymastermind.com.au/

It has been a pleasure and we look forward to seeing you in the future episodes!

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