Finding success in real estate requires more than simply buying low and selling high. A significant number of Nigerian multi-millionaires made their money from real estate; some say that it’s the greatest way to create real wealth and financial freedom. One of the South and Sttes Properties Limited owners offers six tips as professional guides towards making a real fortune out of real estate business in Nigeria. Today, we will discuss the first tip and continue with others in our subsequent publications.
- Start small.
Although I am a businessman first, I have always been a part-time real estate investor. You can do both, too. Have a business or career that creates positive cash inflow, which you can diversify into part-time real estate investment. I have done it for many years. If you have never invested in real estate, start small and do not use all your money. No one has ever looked back and said, “My first deal was my best.” You have got to learn how to read the contracts, build your network of specialists — e.g: lawyers and realtors — which we all have at South and Sttes Properties Limited.
The beauty of real estate is that you can learn the ropes while starting small: find some cheap properties, like single-family homes, renovate-and-flips, multi units, or commercial properties. Try to commit as little as possible while you get some notches under your belt. It is always safe when you make your mistakes as small as possible without catastrophic consequences.