As you prepare to become a successful real estate investor, be encouraged and take the following tips into consideration.
They have helped many great successful real investors
These tips if adhered to will impact on your life as they have had on so many big players in the Nigerian real estate sector today.
1.CREATE A GAME PLAN
Decide what you want to accomplish and outline the steps that you must take to get there. Who will be involved? How will you meet them and gain their cooperation? How much time will it take? Where will you find this time? How much will it cost, and where will you get this money? What’s the risk? How will you handle it?
2.LET AN EXPERT REVIEW YOUR PLAN
“The first real estate investment plan I created involved me single-handedly buying 20 houses in a year. And it listed several different marketing strategies that were completely cost ineffective. I had a friend of mine (who isn’t even involved in real estate) review the plan, and he said it looked good. How silly of me! About eight months into working this over-reaching and misguided plan, I had an expert investor review it.
He tore it apart, and together we reconstructed a better plan with more realistic goals (buy 5 houses, not 20) and a more effective marketing plan. Shortly thereafter, I bought 6 houses, and I actually felt good about my progress”, a top Lekki real estate developer recently shared with me.
3.DON’T GIVE UP
The life of a new real estate investor is filled with countless highs and lows. You’re on a high when you think you have a property all locked up to purchase, and then you hit a low when it suddenly falls though at closing. Or you’re on a high when you finally do close on that house, but you hit a low when you hit a 3-week dry spell and it feels like you couldn’t get a seller to agree to your price–even if you paid double.
That’s probably the #1 key to success: Don’t give up. Even someone who’s as dumb as a box of rocks will eventually succeed if he doesn’t give up. Keep pushing on. There will some frustrating moments along the way.
4.BECOME COMFORTABLE WITH DISCOMFORT
“I was actually nervous at the first real estate investing meeting that I attended. I was wondering if I would say something stupid or if I wouldn’t fit in. After all, most of the investors in the room were 50 or 60 years old, and I was only 30 then. But by the third meeting I attended, I became comfortable with the crowd. Had I quit after the first meeting, I would have missed out on the very information that enabled me to buy so many properties. I’ve learned that one of the biggest keys to success is persisting through uncomfortable situations until they eventually become comfortable. This is where true growth occurs”, another big Lagos real estate developer told me.
5.DO WHAT YOU SAY YOU WILL DO
As a real estate investor, your reputation means everything. They say it’s a small world, but the world of real estate investing is even smaller. So be honest, be courteous, and for heaven’s sake, do what you say you’re going to do. If you say you’re going to buy another investor’s house, by golly, you better move mountains–if that’s what it takes–to buy it! Otherwise, your name will eventually become mud, and you’ll have a tough time buying from not only that investor, but just about every other investor in town.
There are some local investors that I know some big players have told me they avoid dealing with because their word means nothing. And I know several other investors who won’t deal with them either. You DO NOT want to be black listed.
6.BE ON TIME
Showing up late is just about one of the most disrespectful things you can do to another real estate investor, inspector, contractor, or anyone for that matter. It shows them that you don’t value them or their time, and time is MUCH more valuable than money. Money can be replaced. Time cannot.