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It’s no doubt that the real estate industry is a wealth creating one. From time immemorial, landowners and estate lords have been the richest among the people.
In present age, the likes of Robert G. Allen, Robert Kiyosaki, and even Aliko Dangote made a large chunk of their wealth in real estate.
Irrespective of the era, race, beliefs, tongue or tribe, these five attributes are common to the great real estate investors around. You can also become just successful as they are if you acquire these winning attributes.
Great real estate investors don’t just put their money in every wishy-washy business proposal that comes their way. That would be suicidal, and they know it.
These days, every TV station and newspapers display ‘fantastic’ real estate opportunities whose profit margins have been watered down to a tasteless level.
A great investor though will be able to sift through the noise and uncover profitable investment cows, key in quick and watch the positive cash flow into their accounts for many years to come.
Patience is the most important attribute of every one who has ever been and who will ever hope to be successful in real estate.
Why? Real Estate is not a get-rich-quick market. It has never been and it won't start today.
You can't get in on it in the morning and get out in the evening with a million naira profit. If that’s what you want, then you are in the wrong place. I’d suggest you try the stock market or wait for the next pennywise tide.
Great real estate investors chose their investments wisely and then wait. The wait may last for years, or for legislators to pass an environmental bill, or for government to complete the construction of a nearby highway.
Then finally when the wait is over, the profit made would have been worth the wait. Everytime. Isn’t that awesome?!
While it is always good to have a short term plan handy a clearly worded long term plan is a great guide to have when making important decisions as the going gets tough.
Hon. Reuben Dawodu (not real names) constructed a state of the art 40-unit housing estate in a developing area in Ibadan. His plan was to leave the property as a legacy for his children, the proceeds from which would finance their education and weddings even after the Grim Reaper had claimed his life.
A few years later, praise-singers cajoled him into entering the governorship race of the state and he sold the estate to raise campaign funds. Although, he made huge profits from the sale of the estate, he lost the governorship race.
He realized quickly too that he had mortgaged his children’s future by not sticking to his long time plans.
Let me state clearly here: there’s a BIG difference between being patient and being financially foolish.
If you are 40 years old and you are being advised to invest in a property that would have returned all your principal and start yielding a size-able profit afterwards until you die or chose to sell it off, then there’s financial wisdom behind such move.
On the other hand, say you are a 30 years old investor whose billion naira investment will not break even for another 100, 150 years (that is two lifetimes plus more!), that, my friend, is not being financially wise except of course you are actually buying the Cocoa House.
Moral of the talk: No good father/mother leaves a lifetime of debt for his/her children.
After all has been said and done, we have to give it to savvy real estate investors as the greatest risk takers in history.
And contrary to what the doomsayers and self-acclaimed ‘experts’ are predicting, Nigeria’s real estate industry can only continue to grow in the coming years. And only the smart risk takers will create more wealth by positioning well.
Good risk takers calculate the risk involved, understand what it takes and don’t dilly dally on making informed decisions, for others to overtake them and seize their opportunities.
No risk, no reward, right?
If the real estate market offers a great reward, then it goes without saying that it comes with a great risk.
But smart investors don’t fear the risk. They embrace it. They love it. They revel in it. They know it’s what separates the very successful from the struggling. In fact, for them, the bigger the risk, the better.
So if you are averse to risk, maybe investing in real estate is not for you. But if you know how to manage the risk, calculate it in relation to reality and return on investment, then welcome to the league of the big hitters!
Thinking of investing in real estate but don’t know what to do or which step to take first, why not call our real estate investment expert, Wemmy, today.
23/24 Liberty Road,
Ibadan, Oyo State.
Call: 08065929190, 08074557330 (Wemmy)
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