In our last blog publication, one of the South and Sttes Properties Limited owners offers the first of six tips on how to make real fortune in Nigerian real estate industry. In this publication, we will discuss the second tip and continue with others in our subsequent publications.
- Think big.
It is easy to give up on the real estate business when you do not have any money, but it’s the deal that matters, not how much money you have. Chase the deal, not your budget.
I know a guy who saved N10,000,000 and started chasing N80,000,000 deals. First of all, the guy is limited with that savings. If he works with his savings, the problem with properties that he can get with that budget is that it may not be able to produce a good cash inflow for him as yearly rents. And that’s only after he might have done hundreds of thousands naira repairs around the property to make it rentable in the first place. That math is not difficult — there’s just not enough money to make it worthwhile.
That is why he has got to go big beyond his savings from the start. Don’t buy less than what can be profitable for you. There are different ways of doing this while bargaining for the property that you want to buy. Rather than waiting to save more money, why not use other people’s money? You wonder how? Get in touch with us at South and Sttes Properties Limited and let us guide you, because you will need to learn how to buy and sell a property.