As you make your bed, so you lie on it and a stick in time saves nine. These are old idioms that everyone learned while growing up. Nowadays, having affordable and comfortable accommodation is increasingly becoming difficult for most people; a side hustle/business to invest in has become a top priority for most people from different walks of life but the majority barely have the time, sizable capital, and right ideas to actually flesh out anything from their minds. I intend to enlighten you on the opportunities you can harness from real estate investments.
Based on the statistics of a recently concluded survey, I realized that 81% of tenants do not know where their rent for the next 5years will come from. According to these same reports, I realized that people desired to be landlords, including the beggars on the street and underage children. The fact is that many do not have financial plans for housing, being faced with an unstable economy. Today, real estate is one of the best businesses one can go into, but you have to learn and even continue to update yourself because of the constant changes in the trends and demand.
I recently had an opportunity to visit a property of a millionaire built in the late 60s at Sabo and late MKO Abiola’s house, and I smiled at the archaic designs and waste of space in the buildings. The era of estate development has come to bring sustainable changes and solve accommodation problems for many while creating investment opportunities. Estate developers sign lease agreements of 20years and above with owners of existing old estates to build ultra-modern residential and commercial blocks of apartments (based on popular demands in the area). Subsequently, the developers sublease the said apartments to raise the capital needed for the building construction.
Long lease apartments can help you save enough money over the lease tenure to purchase land and build your own house without worrying about paying annual rent. Alternatively, apartments can be sublet on an annual or monthly basis, you are sure to realize your capital in less than 5years and a minimum of 200% interest at the end of the lease tenure. I feel so pained for some people who have some savings that they can use to invest but prefer to keep them in the bank because they lack the orientation and information about real estate investments. A secret peculiar to great landlords is that they started with the little they had, and they focused on their dreams and vision, great landlords are also courageous, and determined; you can do the same.
Today, real estate is one of the best businesses one can go into, but you have to learn and even continue to update yourself because of the constant changes in the trends and demand…
The future is now, and new building developers are engaging with the little they have or no cash at all, but with courage and vision to build on. This is the time for people who do not have huge capital but wish to own a property to take advantage of this highly profitable investment opportunity and partner with developers. The right information and courage is the major key to success in life and achieving one’s greatest objectives.
Engr. Kayode Aluko ( Landlord Of Lagos)
Backup Property Consult
MD/ CEO.
