One of the most effective strategies in property is the new-build; a project involving the purchase of land, the obtaining of planning permission for that land, and the building of a new property there.

When it comes to this strategy, there are few people more experienced than Shaz. In this week’s episode, he talks you through a recent project he’s completed, including the pitfalls he wants you to avoid, and the lessons you can take away for your own projects.  

 

KEY TAKEAWAYS

• When you’re buying properties at auction, make sure you set your walkaway price before going in. If there’s a pre-auction asking price, your walkaway bidding price should definitely be no higher.
• When you have joint venture partners working with you on new build projects, it’s always advisable to keep their family or close friends out of it, as the relationship can become strained and imbalanced, and accountability becomes far more difficult.
• Always get three quotes for any work required, and make sure you practice complete transparency. This means the same terms and conditions, the same criteria and time-frames. 
• If you’re teaming with a joint venture partner, it’s vital to ensure that they have the necessary time and resources to put into the project. Remember that this is a business, and it needs to be fair. Don’t be the only one doing all the work. 
• Make sure you schedule in regular updates and/or meetings with any partners. Even a regular email between you can make sure that you stay on target.

 

BEST MOMENTS

‘I got a bit excited on the phone…'

‘You need to be dispassionate about this!’

‘It’s very hard to hold these people accountable’

‘It was friendship that got in the way’  

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to main stream media outlets.

 

You can find Shaz on:

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