Here are some tips that should help you succeed as a real estate investor:
1. Don’t limit yourself to just one location or to where you reside. You can own properties in various states or provinces or even various countries. Don’t limit yourself to just where you reside.
2. Start with what you have. This is even more applicable to lands. Don’t wait until you have money to buy acres or hectares of land before getting into real estate. You can start by acquiring plots of land or half of a plot of land.
3. Be careful not to fall into the hands of the dubious property agents or dealers.
4. Make sure to do your investigation about the genuineness of a property before committing money to it.
5. Better to acquire lands with Certificate of Occupancy, sometimes referred to as C of O. This might not be applicable in your country. However, find out the government laws about real estates and land acquisition in your country and seek to abide by it.
6. If you are not within the vicinity of your properties (perhaps you stay abroad) it is better to contract real estate managers to help you manager your properties. Sometimes, you might not get the full returns or effective management that you need if you allow family members manage the business for you, if you stay abroad.
7. If you have a land and you are not yet ready to start developing it, you can use the land for agricultural purposes, pending when you get funds to developing the land. Leaving a property fallow might attract land grabbers or intruders.
8. Consider acquiring properties in an organised housing estate. Buying properties in an organised housing estate has some advantages which includes higher chances of genuineness of the property, security of the property and being able to pay for the property in instalments. There are many new housing estates coming up. Just inquire and you will find several of them.
9. Avoid buying properties in volatile areas. I mean areas that are prone to riots, religious or racial conflicts. In these areas, the value of a property can drastically depreciate when such conflicts occur.
10. Always use the services of real estate lawyers in your real estate business transactions. These lawyers help you to bring in the legal touch to your business, which is very vital to the business.
11. Have a well-defined plan in place for going into real estate investment. Your plan will help to keep you focused on what matters most to you. This is vital to your success in the business.
12. Do not over diversify in real estate investment. Do not invest in too many classes of real estate investments which might be difficult for you to manage. If you have the resources to acquire and manage residential or apartment buildings or lands or office buildings or other structures, just acquire as much as you would be able to effectively manage and make a business success out of them.
Conclusion In the early 1980s, Pastor E. A. Adeboye and his church started acquiring lands at the outskirt of Nigeria’s commercial hub, Lagos, Nigeria at a very cheap price. At that time, no one would agree to go to such a very underdeveloped place to buy land and so cost of lands there was very cheap. Now, that area has developed massively and is almost regarded as part of Lagos, even though it’s in Ogun state. The church now has many acres of land there in what is now popularly known as the Redemption Camp, which is worth millions of dollars. If you have neglected or avoided real estate investment in the past, now is the time to start shifting your attention to it. The best time to have started investing in real estate was about 20 or 10 years ago. However, another good time to start is just now. Those who heed to the advice in this article will be among the landlords of tomorrow. I hope you will be among them?
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