July 13, 2024


Mad about real estate

How to Set Up a Real Estate Business:

Investing in real estate business, just like any other business that is profit oriented, has some principles which must be adopted in order to achieve success. You need to have adequate information that will guide you to success. The first step to take is getting instructions from professionals that are already in the field. You need their help because they have been there before you. Most real estate investments start with land acquisition, and there are lots of fraudsters out there to watch out for. Another thing that is waiting to confront you as an investor in this area of business is the problem of land owners commonly called “omo onile” in local Yoruba language. (Yoruba is a tribe in Nigeria.). These people can really be difficult to deal with. Also, know that if you purchase a land and leave it for a long time without developing it, these “omo- oniles” can resell your land to another person, which may end up in the law courts. Of course, you are not really sure that you are going to win the case because both of you have the original documents. These are just few of the many problems you have to watch out for in real estate investments, especially here in Nigeria, and if you are not informed, any of these problems can really be frustrating. So in order to be on the safe side, involve the professionals, get the real estate surveyors and lawyers before you drop your money for any property.

There are lots of opportunities in the real estate investment sector; it is left for the investor to find out the niche that best suits your investment goals. You can buy land and later resell it and make your own profits, sometimes more than 200{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} gain, you can equally focus on developing residential houses for rent or lease, your niche area could equally be targeted at ware housing, hotel, motel, office development, event hall, etc.

When you might have discovered your niche, the next thing to do is to select an investment strategy that you believe that it suites you best in getting to your goal. This is your own short cut to make money easily here. Do you have a land, but you don’t have the money to develop it? It means that you need a developer or a financier to execute your project. You can equally apply for mortgage loan, when you have selected your strategy, the next thing to do is to go into the execution of the project. Make sure that you involve the services of the professionals in this section. With care and adequate planning, together with proper execution, you will soon become another real estate millionaire.

Invest wise.