Start Making Millions with Real Estate Investments
Real Estate for Beginners: How To Get Started with Real Estate Investments
Real estate is property consisting of land and its natural resources.
Imagine that you bought a piece of land from the government, or a community, an agency, or even an individual; only to realize that the land harbors certain natural resources (eg. Rubies or diamonds, etc.); which weren’t discovered prior to when you purchased it!
Who do you think owns the resources? You guess is right – YOU!
You own the entirety of the land and this is backed up by law.
Money is made in millions through real estate business, yearly. However, one major challenge for real estate investors is how and where to get started.
This feeling of uncertainty is a major drawback for many, who desire to tap into the land and property business. That’s why this piece has been put together so that you can make informed decisions.
But before outlining the action steps for beginners, here are some facts that you need to know:
Let’s be real here!
*Don’t expect a quick spin of cash.
Realize that just as it takes time to add an inch to your height or for a seed to germinate and grow into a full tree, so it is with real estate. But that shouldn’t be a deterring factor.
We all want to cut that edge and take our finances up the roof. I do too. It’s important to be smart about our finances and investments.
I’ve taken conscious steps and deliberately sought after this knowledge from some of Nigeria’s top business experts who engage in real estate investment and found out that they had things in common:
- They own multiple ‘real properties within and outside Nigeria.
- They don’t leave any property dormant as they either lease or rent it out.
- They own more than one registered company in different industries.
- They are entrepreneurial minded (ie, always looking out for new lines of revenue driven businesses to start).
- They embrace partnerships and collaborations.
The list could go on an on because these people have refined themselves over time and have understood the rules or tactics of the game and apply them.
As a beginner, this isn’t your starting point, of course, you will eventually get there. But what you need right now is to understand how these gurus started out their real estate business and how to replicate these same steps and adapt it to suit your style.
You have to start from what you have. As the saying goes, “use what you have to get what you want”. This is most applicable here. Well, you surely have to ‘have something’ to get started. If you already have real property, maybe a land, a shop space, a flat, etc. Kudos to you. That’s a great start.
If you don’t have such properties, you’ll need money to get one. It doesn’t have to be in millions; start from a size of plot or a small shop space that’s affordable and within your present financial capability.
Then, you are set to take a plunge into the ‘money-making’ world of real estate investment.
Become a Landlord with 100K to 10 Million
Steps to Start Making Millions in Real Estate Investment business
Make your property a money-making venture
Your property is not for luxury, it should never lie dormant. Ensure that you engage that land, flat or house in a way that it turns over revenue periodically. There are several ways of doing this:
- Rents: Put it up for rent and active use. The sooner it starts generating income, the better. It is paramount that your real estate property is actively used because this helps grow its value over time.
- Lease: you can also lease it out for an agreed period of years. This can generate a large amount of money to reinvest in another real estate property.
Engage your land in agriculture use.
This is another form of making your land pay you. You don’t necessarily need to be the one farming on the land or using it for other agricultural purposes. You can employ someone, or rather offer the land on rent or lease for that specific purpose.
You can negotiate your commissions with discretion and based on information from others engaged in similar businesses. Ensure your negotiation with the client is clear, backed up legally and documented.
These few steps are the basic steps for beginners venturing into real estate to start making millions over time. As time and experience advances, more channels and networks will be added to your wealth of resources, which will, in turn, increase your scope on how to expand and get greater fortunes.
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