As a real estate investor (or a potential real estate investor, here are some quotes on real estate should know about which will guide you in your real estate investment decision making process.
- Understand the LOCATION you want to buy: Location is very important in real estate as it affects the value and possible returns on the investment. That is why Bill Gassett, a top American realtor said:“I have seen numerous buyers purchase properties without understanding the value of various locations. They think they are paying a good price based on square meters without having a grip on how an area can have a dramatic effect on value”.
- Do not let fear stop you from making a DECISION in a real estate transaction: Explaining this succinctly, Danny Johnson, a foremost American real estate guru based in San Antonio said “We all have fear when we doing something that pushes us out of our comfort zone. The only way around fear is to take action and find out there was not much really to be afraid of. It will be uncomfortable at first, but like anything else, you will become used to it and will most likely get excited about it. I know it did. You couldn’t shut me up when it came to seeing houses and making offers.
- Look for properties with HIGH return on investment (ROI): There are a lot of properties in the market but with the advice of your realtor, you can chose the one with the highest return on investment within the shortest possible time. Though you might need to pay your realtor for the guidance, it is always worth it. That is why Jerry Puckett was once quoted saying “Outsource as much as possible to maximize your time. Always shoot for a high return on your investment, but please don’t ever expect something for nothing”.
- Seek PROFESSIOANL advice when deciding to invest in real estate: There are a lot of people who will give you wrong advice freely. Some people (especially first time buyers) have taken such advice and ended up in disaster. No wonder Jeff Brown once said “You need to seek and get advice on what/when/why/how to buy your first investment property(s). It’s not that you don’t know the answers. It’s that you don’t know all the questions”.
- You need to have a PLAN for your property portfolio:It is not advisable to jump at all offers thrown to you. You need to have a plan on when, where, what and how to buy your real estate investments and how to build your property portfolio. As Amanda Ham puts it, “This means creating a plan of action, implementing those actions and growing your portfolio over-time. Don’t forget – always track your business expenses…these can give you big savings at tax time”
Written by Ayobayo Babade and Deborah Adeleke. (Adapted from Vafiero International Limited Publication of October 31, 2016.) Ayobayo Babade is the Legal Adviser & Head, Business Development of Tope Babade & Co (Real Estate Consultants). Deborah Adeleke is a widely trained marketing professional and a Marketing graduate of The Polytechnic, Ibadan. She currently heads the Online Marketing arm of the firm. We can be reached on +2348138344488 (WhatsApp enabled) or via mail on email@example.com;