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.
Call 07054107283 or 07031384722 for a consultation. View our listed properties for sale here:
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