I am going to help my family to develop a 7 level 50+ units building (retails + apartments) in Sydney. I've already got the DA from Council and discussed with a mortgage broker who said the financial should be ok.
I've a full time job in another industry and I don't have any experience in property development. To reduce the risk, I am planning to sign a lump sum contract with the builder and hire a project manager to make sure the project is on time, within budget and good quality.
I am just wondering what risks are involved and how to mitigate the risks?
Multi-unit development
I've a full time job in another industry and I don't have any experience in property development. To reduce the risk, I am planning to sign a lump sum contract with the builder and hire a project manager to make sure the project is on time, within budget and good quality.
I am just wondering what risks are involved and how to mitigate the risks?
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