Do you know that there are powerful ways to make good money in real estate business in Nigeria?
I want to bring to your knowledge that real estate enterprise is one of the most profitable business you can venture into in Nigeria.
Now, what is your understanding of Real Estate? In Nigeria today, because people have failed to understand what the terminology mean, they just hear it and they pass.
The Nigerian Layman’s belief about Real Estate business is that it only has to deal with being involved with some large hectares of lands.
They take Real Estate as something they don’t have to be involved with at all because it only involves the Rich men and multimillionaire Landlords.
Now, it simply means managing property that cannot be easily moved which usually has to do with a Land (the ground) and the building on it.
On the other hand, Real Estate, also means dealing with fixed assets like cars, jewelries and more.
If all that is in your possession or under your care is a house or shop that you have that power to give out for rent or sale either as the owner or as an agent, then you are already in Real Estate business.
Nigeria is a land full of opportunities. Vast lands and vast population every now and then, people are looking for solid shelter; ones to own and the ones to rent.
It will interest you to know that real estate business have produced more income for some set of people than other industry in Nigeria did.
The belief that Real Estate is only a deal for the Aristotle and Feuds has to be expunged from your mind.
You don’t have to be the owner of a property, being an Estate or Escrow Agent in the field is enough to earn more than the property owners.
Kent Clothier began an escrow for few dollars by finding a distressed home which the owner wishes to sell and links the home up with a motivated buyer who bought it and today, he is in control of thousands of properties.
A man named Graziosi too, found his way to stardom with the same procedure despite being a boy who grew up in a mere trailer park.
There are so many other examples of Nigerian who have become millionaires through this process.
You don’t need too much starting capital like you may naturally be feeling, in order to make money in real estate as long as you know what you are doing.
You don’t need credit, you don’t need significant capital and obviously, you don’t need large assets.
I want to bring to your knowledge that with little capital you can make good money from Nigerian Real Estate business.
Top 10 Powerful Ways To Make Money In Real Estate Business In Nigeria
Here are the top 10 powerful ways to make money in real estate business in Nigeria
1. Commercial Real Estate
This simply focuses on the flipping or development of an acquired property and reselling it quickly for profit.
Example, Mr. John learnt that a moribund house owner wishes to sell it at a very cheap rate of ₦2 million naira.
He quickly grabs the opportunity, buys the house, renovates and renews the outlook of the house to make it as good as new one with just ₦500,000 naira and resells it at the rate of ₦4 million naira.
So, you can see that Mr. John has made some real cash of ₦1.5 million naira. This is commercial Real estate.
Buying properties at cheaper rates and increasing their net value through renovations and pimps gives you good cash.
2. Hard Money Lending
It will interest you to know that one of the proven ways to make good money in real estate business in Nigeria is through hard money lending.
As a hard money lender, you are providing a short term loans to people who you know are not qualified for those loans from statutory loaning bodies.
On the other hand, you are giving the person anyway by attaching even higher interest rates.
You will need real capital behind you to be able to carry this out but what do you know, this can be your sure bet.
3. Vacation Rentals
Like the name implies, there are so many homes in localities that are close to areas of tourist attraction sites.
I want to bring to your knowledge that people come from different countries and different states to spend their vacation.
Some are not interested in looking for the nearest hotels but are looking to get the nearest residence closest to their area of vacation.
You don’t need to own the properties but by just being a middleman who can provide a high-end consumer experience or interlink the foreigners with comfy places to spend their vacation through this you can make a lot of money.
People have extra rooms/ boys quarters in their houses and wouldn’t mind renting it out for few days to make extra cash.
4. Contract Flipping
Haven’t you been seeing young people who you know can’t afford a room self-contain apartment, let alone have a three bedroom flat, always advertising sales of some flats and large apartments in Enugu, Lekki or Island of Lagos on their social media status all the time? Yes, they are merely acting as contract flippers.
All they do is find a distressed seller who needs to sell his or her property quickly because they need money badly and then, motivate the buyer to purchase the properties as an opportunity.
Sometimes, when these people succeed, you see the sudden change in their lives, just a single contract and they have earned hundreds of thousands or even millions.
It may not be easy to always find a distressed seller but adopting the systemized means of finding the right connection will guide you to these opportunities.
5. Home Renovation Flips
When you find a dilapidated and ugly home in a nice neighborhood, please, grab hold of the home and renovate it for resale.
I want you to not that some people value the location of particular properties than the property itself.
When you renovate the ugly home and set it to shape, you are calling the attention of prospective buyers because they are attracted by two things; the location and the renovation.
I know some people who have collected loans to purchase and renovate properties in good locations.
So, after resale, they earned more than double of loan they collected even after repaying the loan. It is worth the risk if you know what you are doing.
6. Long Term Residential Rentals
Here, you are looking to serve people who need a place to live especially by renting. Keep it at the back of your mind that god location is everything.
I want you to know that your ability to rent out a property to a long term tenant is applicable.
You can make down payment for a property and hold the property for a long term and agree to pay fractions from time to time to the main seller.
On the other hand, while this is ongoing you still hold the house which means it can be put for rental.
The tenant may be the one paying for the whole property as he pays the rent from time to time without knowing.
If it is possible he is paying high for it, you are settling the debts for the house and you are also earning the remnant fraction of the rent received.
7. Estate Agent
One of the powerful ways to make money is through estate agent and it is the most common form of Real Estate business in Nigeria.
Here, you are not the owner of the property but advertising yourself to potential tenants that you are available to be consulted on the issue of rentals.
Because you know several locations of properties needed like houses for rents and shops and you are ready to convey the prospective tenant to all the available properties.
On the other hand, if they find what they need and giving them the access to check out the properties and information about it.
This means that you have connections to other agents or to the owners or leasers of the property. At the end, your earning from this is called the agent fees.
Agents receive money for being consulted and then again, receive 10% to 20% of the rent as their own pay if a property is sold through them.
It will interest you to know that some people make hundreds of thousands from being estate agents.
8. Parking Lots
You may not find this particular Knowledge in any other place but you are very lucky to get it here.
Some commercial properties have been built already and nothing can be done to increase the space. Some public event centers, eateries, marts, etc.
The space allotted for car parking in some of these buildings are very small compared to the number of people who use the place. You might be lucky enough to have a free land near to these areas.
Wise people convert their own land space to car parks and each person who parks in there, pays per hour of parking time.
While it may be hard to find free lands near commercial buildings, some people buy uncompleted buildings or dilapidated houses from sellers and convert it to flat land.
So, the service of the plain ground is what is needed for this kind of real estate business. Free land spaces can bring much income.
9. Escrow Agent
I want to bring to your knowledge that one of the simple ways to make money in real estate business is by acting as an escrow on a property.
You are simply holding a property on agreement of the seller that he is ready to sell it and on agreement of a buyer that he is ready to buy it until the agreements have been confirmed.
You earn income by demanding little additional fee from the buyer and little commission from the seller after being paid for the property.
On the other hand, you need to be a trusted agent to be an escrow.
10. Pimp a Ride
As I said earlier that Real Estate business can be extensively connected to even other fixed properties like vehicles.
More than houses, there are distressed sellers of cars, who are willing to sell their vehicles for very low amounts because they need money at that time.
You can buy a car for example that is worth ₦2.5 million naira for just ₦900,000 naira.
So, with a hundred or two hundred thousand naira, the car is pimped brought back to shape and looking as good as new.
The car can be sold at the rate of ₦2 million naira and from this, you have gained more than or a little less than half a million.
A great deal! Most so-called car dealers are mainly into this and not really necessarily have to buy new cars for resale.
It is high time to stand up and grab hold on something in the real estate business in Nigeria.
You can see that even without cash, you can get involved in real estate business by through lease options.
you can also take over someone else’s mortgage payment who might be in distress or bring an investment partner who has the cash.
On the other hand, you can borrow from a bank or get a loan or utilize a peer-to-peer lending network.
Real Estate business is lucrative but you may need quite some grooming before diving into it.
Ask questions and do your own research before investing into any sort of real estate enterprise in Nigeria.
Well done, well articulated.