The day was May 23, 2016. Ogbes & Co. Crew visited a real estate mogul in his residence in the Government Residential Area(GRA). His company name is Patifin Nigeria Limited. If you are a residence at Ugbighoko quarters, Upper Ekenwan Road, you surely must be familiar with that name. He has a big property where his construction company was formerly located. To this day, his property and name is a landmark in that area.
As we walked into his sitting room, an elderly man with a white cap and T-shirt was relaxing on a sofa. I was excited to meet him. He offered us a seat and ordered drinks for the four of us. We had an animated discussion with him. Among others, here are some of the lessons I gleaned from his rise to fortune:
1. Develop a business acumen: just like a journalist with sharpened senses to detect newsworthy items, anyone that must excel in real estate must have a well tuned up nostril to sniff up investment opportunities. If you see a property, you should be able to know whether it will make a good investment or not.
2. Forecast future property value: don’t just put your money in any kind of property. Instead, invest in property that has a high potential for appreciation. If your choice is right the property must increase in value say by 50% or 100% within 2 years or so. For instance, if you bought the property for 1million naira, a 50% increase will amount to 1.5million naira. That is extra 500,000 without lifting a pin. Sometimes the increase could be 100%. To achieve this, you need to know areas where the value of properties will skyrocket within a short time.
3. Have a revolving capital or cash in hand: this cash should be for emergency purchase only. Close to the end of every year, many individuals run helter skelter to pay up their debt. Pressed for money, some who have property put it up for sale. Here, the investor exploits the opportunity to buy up the property with his strong bargaining power to drive the price down.
4. Do not resell your property under pressure: as a rule, you get more value for your property when you are not in a hurry to sell. Buyers will dance to your tune if possible
5. Protect or secure your property: make sure you have the right title documents to ward off intruders or greedy land speculators.
In fact, so much to learn within one hour of our visit to the real estate tycoon. To crown it all, he emphasized that these were the principles that brought him success. As we rose to leave, he enjoined us to work hard and achieve success.
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