How to build wealth with real estate

[Augusta]

The truth is that you can build wealth by indulging in real estate, you don’t only have to save or work to make wealth. You can make wealth when you have the right information on how to achieve this. So you can use the below points to create wealth.

• You can rent out your property: rent out your building or home to people that can maintain it and pay rent on time too. You would create wealth this way after several years
• Buy a real estate in a bad state, renovate to flip. You can put the house in order to increase it value and sell it. Continue this way for a while to create your wealth
• Buy property from distressed sellers to sell at your own price. You should look out for people that want to sell their property at a lower price and buy. You can keep the property for a while to increase in value before selling. Do this for a while to make good money
• House ownership: you can also use this method to build wealth, you can buy a home to use and live in it. When once the price goes high you sell and buy a smaller one. you can use the remaining to buy another real estate to sell for more money

What do you think?

 

[kayode10]

I like real estate for the fact that it is capable of building residual income. You only need to purchase the real estate property at the right location. real estate is one of the ways to create lasting work for yourself and generation to come. My plan is to make real estate a retirement plan myself did the residual income it generates.

 

[sincerem]

Real estate investment is wealth on its own for the owner, provided the owner is well knowledgeable around the niche, and invest wisely. Not just securing real estate properties alone. Those properties achieved such be in-demand to attract suitors, those suitors are the ones that will simply enrich the real estate owner. It requires better plan in order to turn the investment into huge money making venture, drive unending benefits. Such kind of investment is what everyone dreams of, a good retirement benefits. When it is presented to you, you shouldn't misuse it, rather utilize it to drive steady passive income.

 

[General01]

These are absolutely beautiful. However I would not love to carry out the last one .
Because it can be discomforting to me.
I so much cherish stability and comfort not minding the money I could make.

 

[Sotherefore]

Real estate is among the most profitable Investment but even though it is profitable it is not really easy as most people are thinking it is, because first of all it will require so much money to start up and maintain a reasonable real estate business, even some civil servants over here do not have the required money that is needed to start up a full real estate business because it will require millions of naira, it is people who are wealthy that can be able to afford to buy properties for the main purpose of selling it higher in the future, this is just one of the reason a lot of people are interested to invest in cryptocurrency because they understand that with cryptocurrency they can still be able to invest the little money they have and they can also decide to top up whenever an opportunity arises , but the same is not in real estate business and you can't even started with smaller capital, yes definitely real estate is profitable but the truth in real estate business is that it is only a few people that is capable of engaging in real estate that is why most people don't have interest.

 

[Alexandoy]

We have a family friend who is a contractor for construction of building and other structures. What he normally did was to scout for a house that is in bad order. His favorite is a house that is condemned by the government engineer. The cost of buying is very cheap. But his best bet is getting into a partnership with the owner of that condemned house. He would demolish the house and build a new one then will sell it. The proceeds will be divided 60% for the contractor and 40% for the owner. But the ration would, of course, depend on the location and the market value of the lot. Likewise the house also has its market value that also affects the ratio of distribution.

That family friend got rich with that business. He had contacts of workers and any time he can start construction. He is also well versed with the needed documents and permits. When the property is ready for selling he has some friends in real estate industry particularly developers and agents. It's really a good business that I saw.

 

[Setho]

It is very possible that you can be able to make a lot of money by investing in the real estate industry. For example if you can be able to buy land in the city centre where you are sure that development is going to come into place in the next few years , you can build residential houses and then rent it out to people. From now on you can only be renovating the house but then you are going to be getting a lot of passive income from the money people will be paying you as tenants staying in your house.

 

[Ayuba Ernest]

There are many ways to build wealth, but one of the most powerful is through real estate.

Real estate offers a number of advantages that other investments simply can't match. For instance, it can provide a steadier stream of income, it can offer the potential for appreciation, and it can provide a hedge against inflation.

Of course, there are also risks involved in any investment, and real estate is no different. But if you're smart about it and you invest in the right properties, real estate can be an incredibly powerful tool for building wealth.

Here are a few tips to get you started:

1. Do your research.

Before you invest in any property, it's important to do your homework. Know the neighborhood, the market conditions, and the potential for appreciation. This will help you make smart investment decisions and avoid costly mistakes.

2. Buy for the long term.

Investing in real estate is a long-term proposition. Don't expect to make a quick profit; instead, focus on building equity over time. This will give you the best chance for success in the long run.

3. Consider using leverage.

Leverage is a powerful tool that can help you increase your returns. When used wisely, leverage can help you buy more property and accelerate your wealth-building efforts. Just be sure to stay within your comfort level and always be prepared for the possibility of a downturn in the market.

4. Have a solid exit strategy.

Before you buy any property, make sure you have a clear exit strategy. This will help you maximize your profits and minimize your risk.

 

[Augusta]

Definitely, with real estate you are sure of a steady source of income more like a passive means of income where you can use money to make money. So it is always important to do a lot of things before getting involved in a property buying to avoid high risks had you already stated. Since getting a property always involved a whole lot of money it is also significant to be careful to avoid throwing away your hard earned money.

So you start with researching to be sure that you are buying a property that's devoid of issues that will bring financial or otherwise disputes. Infact sometimes it is good to find out the real 9wner of a property to negotiate that going through an agent that might complicates issues. The bottom line is that you can create with real estate but you should be careful with the dealings to avoid getting scammed.

 

[Sikapa]

There is no doubt that real estate business is so lucrative and people are making a lot of income out of it. Yes there are many rich people who are making this kind of money. I know some people who only build stores for people to rent. There are a lot of money in real estate development but one must also think it is not all that easy to start that business.

One has to check his or her self to see whether he or she is financially freedom before investing into a real estate project. If you are able to make this kind of business then it will be hardly to become poor because you will always receive a passive income. You point is good and clear and in fact that is also a best way to earn a passive income. I mean real estate development is one of the vest way to generate passive income.

 

[Augusta]

Yeah you got my points real estate is good one you can build wealth as it is passive income when you have been able to put the right structures to help you bring in income even while you sleep. If you have the money to invest in real estate that you have one solid real source of income that you would enjoy for a lifetime unless you decide to sell it off

I know of my father's house that we are still making money off it even till now. These are property that were built years ago but today it has made us the children land owners before the ownership have been transferred to us. so we are building our wealth from it too. So building wealth from real estate isn't only for a generation it outlived ones generation and can continue that way if the people inheriting them are sensible enough to preserve them.

 

[Suba]

There are many ways to make money from real estate, both from rents and from profits from buying and selling real estate, but you may forget that the most common source of real estate profits is an increase in land value, while the most obvious profit in real estate is raw land that has the potential to be purchased by developers so that it will get double profits, and we will also have rights if the land we buy turns out to contain oil or minerals.

 

[Shigobad2020]

Real estate is a good and lucrative business that will continue to bring in profits every day until the world comes to an end , I have seen people making huge amount of income every year from real estate business , I am currently staying in a mini estates that has 35 flats and the price of the costliest flat there is three hundred and fifty thousand naira while the lowest flat is one hundred and fifty thousand naira respectively , so the landlord is making over millions of naira in a year by just sitting down and collecting rent monies.
But before you can start an estate business , you need to make a thorough researc and investigation conceening the land and the location you are going build your estate on , it must be a residential area where workers resides and not in a rural area where nobody can afford the price of the apartment.

 

[Augusta]

Yeah real estate is a good way of making money. if you want to make money that might also be useful to the next generation then you should consider real estate.

it is good to make a good research too no doubt because like every business you need to know the intracacies to be able to get a positive outcome. This is why the rent estate agents exist they can help out when you need to invest in real estate. You would be able to know where to invest and especially the location to go for.

one thing with real estate is that if you buy a property in a good location and when it is about to he flipped you would buy it very cheap. And selling you after a while will ney you good money and cycles continues