DONT INVEST UNTIL YOU READ THIS!!!
About 15 years ago, my uncle had some few millions to spare. As at the time he was torn in between purchasing a car for my Granddad, but a friend of his who is a Real Estate Agent, convinced him to purchase a landed property. My Uncle has not been so big on investment, he had his ways of making money, so he cared less. He was a Big boy! Eventually he listened to his friend, made the purchase. A few years down the line of being an Investor, my uncle realized, his investor status was shaking.
He reached out to his friend, on how much his property was worth. It was a little above 20% ROI, after 7years. He had no knowledge then, no questions asked, he did not even get his documents until after 2 years of purchase. My Uncle screamed, with the knowledge he has now, he wouldn’t have made that purchase then.
Real Estate is a less risk investment, but the knowledge on how to make that investment is as important as the investment.
HERE ARE 5 BASIC THINGS YOU SHOULD DO BEFORE YOU GET STARTED ON THAT REAL ESTATE INVESTMENT.
1. EDUCATE YOURSELF: It is important you educate yourself on the market trends. You want to know where is the market at. Real Estate is not rocket science, equip yourself with the basic knowledge necessary to make good investment decision.
2. FINANCIAL PLAN/ BUDGET: How much are you willing to let go of. Don’t invest and go into debt. It is very important you have a budget, as this helps you not to over or under invest. Your income determines this. You cannot earn less than N500k and you are looking to get a property worth N10million.
3. LOCATION: Consider Emerging/trending locations. Don’t just invest anywhere. Don’t be like my uncle. Invest in locations that are making headlines. There are affordable properties in Big cities. Location is a key factor in Real Estate. You want to get it right!
4. ASSOCIATED RISKS: This is overlooked because majority of the time, after doing your due diligence, the associated risks are little or none. But no the associated risks that comes with a particular investment, if any.
5. MAKE A REALTOR YOUR BUDDY😁: An excellent Realtor will always put the interest of his/her client first. They will help you get a good deal.
If you are able to get No 5, half your Real Estate investment troubles will be solved. An Excellent Realtor will make sure you tick other boxes. Be Friends with one today!
About the author
Faith Alex provides Real Estate Education and Consulting. She offers trusted investment properties with genuine documentation process.
Her Social media handles