10 Key ingredients for successful property developing

I have been investing in property for a big chunk of my life and I still get a buzz out of it. I have taught property investing to thousands of people from all over the world and it never ceases to amaze me that people still don't really think about what they are doing or how big a risk it can be when property investing.

I buy from all over the world and invest in many countries but there are still key steps to take when investing in the UK or abroad.

Here are my 10 key strategies for investing in property

Always start within your means. By this, I mean, only invest what you can afford to lose or make a risk assessment as ask yourself What is the worst that could happen'. If you ask this question, you will know how much you could potentially lose.

Buy a property that has a potential for a good sale and has a good potential for the rental market. This is a good idea if you are a beginner as you can potentially catch the two markets if one or the other doesn't work out.

If you are putting in a bid for a property be prepared to walk away if the bidding gets too high. So many times, I have seen people offering ridiculous prices for property because they had their heart set on it. You are going into business, always remember this. This game is all about the money. When I started in property investing, if I didn't think I could make a 25% return I would walk away from buying a house.

Use a good lawyer. This is a crucial piece of advice as they can save you time and money. You can check with the law Society to get details of a solicitor, or the best advice is to choose one who has been recommended from a trusted source. When you have built up a relationship with your lawyer and you are putting money their way they will do more work for you and do it quicker. Speed is of the essence when buying property so make sure you have a food lawyer.

You've seen the programs on TV when people decorate and renovate their development project to their own taste. NEVER DO THIS. Again, you are trying to maximise profit and renovating a house to your taste will not make you the biggest return. If you ever get on the program Property ladder, please listen to Sarah Beeny and take her advice always, I don't understand why first time developers don't heed her advice.

Always keep control of your budget and know where every single penny of your money is going. Is it easy to keep a spreadsheet nowadays so check it every day of your renovation and make sure you are on budget.

Have a contingency plan should something go wrong. When estimating the total renovation costs add 20% in case of emergencies.

Employ good builders. This may be difficult if you are new to the game of property developing, but look around and ask for references. Also, check to see that they are registered with a reputable agency. Ask to see their portfolio and ask to speak to the people who have hired the in the past, this can save so much hassle in the future.

Know the agency you are going to be working with to sell or rent your property. Do this well in advance of the completion of the renovation project. Again, this will save headaches for you after the completion of the renovation project.

Be willing to sell for a little lower than you had hoped if it is going to mean a quick sale and a good profit. There is no point in holding out for a few extra thousand if your project will not sell for another six months. Take the profit and move onto your next project.