“After many years running my own dress manufacturing business I decided to step down from entrepreneurship to focus on building my property portfolio. There are only so many hours in a day and I have a lot of other commitments that keep me busy so I was looking for a way to invest in some really solid property development projects on a passive basis.
The problem is, where do you find the right joint venture partner and how do you know the project is worth investing in? It was really timely that I spoke to the Beaufort Society’s Paul Kingston just as they were launching their Property Connections service. While I obviously did my own due diligence before deciding to invest, Paul had done a lot of the work for me by finding and researching the developer, visiting the site of the project and analysing the project appraisal.
Armed with Paul’s findings I met the developer onsite and agreed in principle to provide the equity for the project. Paul went to great lengths to make sure that
the shareholder agreement gave me as many protections as possible and educated the developer on why some changes were needed now that he was working with an equity partner. In a nutshell, I provide the equity on top of the development loan, the developer does all the work and we split the profits down the middle.
I’ve been really pleased to see Paul continuing to be involved in the project, visiting the site every month and sending me video updates. The offer is there for me to be more actively involved if I want to be, but right now it suits me to know that Paul is keeping an eye on everything on my behalf.
If you’re thinking of getting involved in property development but are not sure of the best way to get started, have a chat with Paul and see if Property Connections could work for you.”